Quote:
Originally Posted by PowerPlayoffs06
So my monthly fee just went up $2.00 apparently. Nice of the bank to just arbitrarily up the amount of money it costs me for allowing them to handle and make money off of my paycheques and investments.
Why the Hell do we have to pay bank fees? What do they pay for? Why does it cost 50 cents to do an online transaction to move money from my chequing account to my savings account? There was absolutely no work involved in moving that money. A mindless computer changed the values to two files in some random database.
Don't tell me it's supposed to fund maintainence for those computers or ATMs or some other bullcrap sob story. Banks rake in the dough. Imagine all the money they collect in fees alone every day from people just making simple transactions like withdrawals or transfers.
Why do I have to pay to access my own money? I'm doing the bank a favor by banking there. Not the other way around.
Banks =  |
This is always such a frustrating argument. Your complaint and reasoning are
. How many other businesses arbitrarily up their prices? All of them. And what a sound argument that it takes one computer like 2 seconds to do all the work. Have you ever been to a bank? you think those people are just paid to hang out? yes, they aren't just accounting for your 2 cents but c'mon use some sense here.
BANKING IS NOT FREE!
This isn't like mail delivery which just "happens" or with a small fee to mail it somewhere. Banks are not non-profit organizations out there to "serve the public". They are a business like any other where they provide a service, like say your local car wash does or your lawyer or accountant or mechanic or masseuse or golf instructor or alarm company etc, and in return YOU PAY THEM.
When the car wash goes up does anyone start a thread or suggest rioting in the streets? No. When the cost of a t-shirt or the zoo or the cost of dry cleaning goes up we don't get in a huff. Why? I don't know but banks like any other are doing something for you and as such you pay for it.
What do they do for you? Well, if you don't like them so much go get a loan from Money Mart and pay near loan shark interest. Or just withdraw all your money and keep it under your mattress. No? Didn't think so. Or get your mortgage from someone else, or your student loans or be able to use your fricken debit card or get cash out from anywhere in the world...I could go on.
For the record banks make A LOT of $$, usually. The CIBC just wrote off like $2billion dollars because of the US market and dollar. Most of that profit that you see on the news isn't because of your $20-30 a month banking fees. In fact lots of people don't even pay bank fees because they keep a certain $$ limit, usually quite high, or just take out cash bundles at a time to avoid service charges.
Yours is a very common but mistaken viewpoint. Can banks be expensive? Yes. But they are also commissioned AS A FAVOR TO YOU to look after your money, which is quite possibly the most important inanimate thing you have.