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Banking penalties
By Arthur Webster of The NDT Network
It will be no surprise to anybody that there has been and still is a bit of a financial catastrophe in progress but I wonder why governments have not reigned in the banks and stopped them making the situation worse.
Looking at Spain, there are well over 3,500,000 people unemployed. These people don't have any choice about their situation - there is no work to be had. There are also over 1,000,000 unable to work for reasions of ill health. These people also have no choice about their situation. It is true to say that the vast majority of people out of work are in that situation through no fault of their own. Isn't it strange, then, that banks, instead of trying to assist their clients actually take actions designed to deliberately make their position worse? Let's say that 4,000,000 people in Spain were out of work through no fault of their own and half of them had a small loan from the bank but could not meet the repayments. The banks treat these 2,000,000 people not as unfortunate but as delinquently criminal. They impose 'fines' upon them against which they have no possibility of appealing (unlike real criminals who can have their fines reduced or over-turned) and deliberately make their situation worse. When there is the sort of situation so many people are going through at the moment, wouldn't it make sense if the banks tried to help their clients? Do they really feel justified in making a 'standing charge' of, say, €30 because a €90 euro payment has been missed by a few days? Standing charges are a way of banks disguising the rates of interest they are charging for providing absolutely NO service whatsoever. If the €90 payment was 10 days late, the standing charge represents an additional 100% interest per month or 1,200% per year (simple interest - not compound!). When will governments take a look at what the banks are doing and realise that they are actively working to under-mine any recovery? The least they could do is make a wind-fall tax for the extra profits the banks are making. In my example, 2,000,000 people paying €30 per month produce an extra €720,000,000 per year! (Don't forget that this is ON TOP OF the charges they are already making and is based on people having only one repayment overdue per month!) €720,000,000 per year for doing nothing but trying to bury their clients! Nice work if you can get it! |
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Arthur, I totally agree. Banks in Spain seem less interested in helping out their customers than those in the UK even, and that`s saying something. Funny how banks can get away with what most other businesses aren`t allowed to.
 |  | odls Jan 13, 2010 09:21 | |
The banks in America are even bigger thieves, Arthur.
Now they are preparing to pay their top crooks (executives) year end bonuses in the Billions, while they forclose on their customers.
Keep up the good fight.
Frederick
Yes, they lose billions, get government (taxpayers` help), then award themselves crazy bonuses.
| | odls Jan 13, 2010 11:06 | |
I'm agree too,about Banks!Something worse-I think, that in around the World,Banks working like Banks in Spain.
 | | Emil Jan 13, 2010 12:07 | |
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