Comments on: Are Banks really “ripping off customers?” http://blog.interimpartners.com/are-banks-really-%e2%80%9cripping-off-customers%e2%80%9d.html Encouraging debate and discussion within the interim management sector Wed, 01 Feb 2012 18:48:20 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Scott Hill http://blog.interimpartners.com/are-banks-really-%e2%80%9cripping-off-customers%e2%80%9d.html/comment-page-1#comment-776 Scott Hill Fri, 06 Aug 2010 10:26:51 +0000 http://blog.interimpartners.com/?p=428#comment-776 We live in a global market economy and should take individual responsibility for our actions. So what if banks made £2.6b in penalty charges. Surely that was the choice of the individuals and organisations to take on those terms and then abide by them and if you default you pay the consequences In the new global and interconnected world, we can chose which bank we use and we know the consequences of our actions as they are clearly articulated by the banks. If we do not like the terms or actions of a particular bank... change and you do not have to change within the UK system. You now have the EU and in several instances beyond. Finally, the banks like all else want to make a profit and if your idea, business or need is relevant and can demonstrate a return funding should not be an issue. Successfully run businesses and individuals funnily enough don't suffer from these issues. We live in a global market economy and should take individual responsibility for our actions. So what if banks made £2.6b in penalty charges. Surely that was the choice of the individuals and organisations to take on those terms and then abide by them and if you default you pay the consequences
In the new global and interconnected world, we can chose which bank we use and we know the consequences of our actions as they are clearly articulated by the banks. If we do not like the terms or actions of a particular bank… change and you do not have to change within the UK system. You now have the EU and in several instances beyond.
Finally, the banks like all else want to make a profit and if your idea, business or need is relevant and can demonstrate a return funding should not be an issue. Successfully run businesses and individuals funnily enough don’t suffer from these issues.

]]> By: Benjamyn Damazer http://blog.interimpartners.com/are-banks-really-%e2%80%9cripping-off-customers%e2%80%9d.html/comment-page-1#comment-726 Benjamyn Damazer Fri, 30 Jul 2010 08:01:55 +0000 http://blog.interimpartners.com/?p=428#comment-726 One of the key issues in this debate is the imbalance of power in the relationship. The banks make a great deal of their "openness" and availability but the reality is often different. The banks see the customer as the supplicant and themselves as the emperor, dispensing favours to a selct few, based on arbitrary criteria. You complain about your fees and are treated one way. I make a similar complaint and am treated more or perhaps less favourably. The system is opaque. You get a loan with no security at seven percent. He has to put his house up as surety and have the loan at a different rate. My son is a dentist and he gets a vast "professional" loan at almost no interest. However unfair this may be at a personal level, it is worse for nascent businesses with no trading history but an idea, or for those small and medium sized companies which have a "difficult" set of accounts for last year. I am fortunate in that I am not in need of support from the banks at present, but am aware of many who are - and where the banks appear to be acting in no-one's interest. Not the customer, nor the shareholder, rather a system local performance targets driving activity. Banking relies on an ssessment of risk, priced appropriately. This isn't happening. One of the key issues in this debate is the imbalance of power in the relationship. The banks make a great deal of their “openness” and availability but the reality is often different. The banks see the customer as the supplicant and themselves as the emperor, dispensing favours to a selct few, based on arbitrary criteria. You complain about your fees and are treated one way. I make a similar complaint and am treated more or perhaps less favourably. The system is opaque. You get a loan with no security at seven percent. He has to put his house up as surety and have the loan at a different rate. My son is a dentist and he gets a vast “professional” loan at almost no interest.

However unfair this may be at a personal level, it is worse for nascent businesses with no trading history but an idea, or for those small and medium sized companies which have a “difficult” set of accounts for last year.

I am fortunate in that I am not in need of support from the banks at present, but am aware of many who are – and where the banks appear to be acting in no-one’s interest. Not the customer, nor the shareholder, rather a system local performance targets driving activity. Banking relies on an ssessment of risk, priced appropriately. This isn’t happening.

]]> By: Helen Storey http://blog.interimpartners.com/are-banks-really-%e2%80%9cripping-off-customers%e2%80%9d.html/comment-page-1#comment-710 Helen Storey Wed, 28 Jul 2010 15:09:59 +0000 http://blog.interimpartners.com/?p=428#comment-710 I feel its a little of both. I have an appreciation of why they would try to recoup money from somewhere given the current economic climate however, when it hits your pocket personally, it becomes difficult to accept the banks charges and their reasons for doing so. I feel its a little of both. I have an appreciation of why they would try to recoup money from somewhere given the current economic climate however, when it hits your pocket personally, it becomes difficult to accept the banks charges and their reasons for doing so.

]]>