Wednesday, December 12, 2018

Hurray for Bank Fees! (Said No One)

Remember the time when we were able to put money away in a saving accounts and actually make money off of the interest rates? In today's world, not only are interests rates a joke but you also have bank fees that are way higher than the interests you get from your savings.
Got 10k saved up but you made 3 transactions during the month? Well you likely made 25 cent in interest but had to pay a few bucks for those bank/transaction fees.

I once confronted my bank about this - asking them what were those fees. They said "It's to maintain the buildings, pay the employees and all sorts of things". The thing is, they are already making money from my money by lending it to other people. Why do they need to charge me, again, for the privilege of using their banks?
I also asked if I had any options, apparently, I can pay 20 some bucks a month for a subscription to the bank that would give me some free transactions. Wow - what a deal?

How much profit does a bank need to make in order for them to say "You know what? That's enough. Let's focus on making the customer happy now." Enough is enough!

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