Comments on: Banks profiteering despite claims of troubled credit market http://www.lendingcentral.com/2008/08/04/banks-profiteering-despite-claims-of-troubled-credit-market/ The first word in mortgage news Fri, 19 Mar 2010 01:36:18 +0000 http://wordpress.org/?v=2.5.1 By: Richard Hicks http://www.lendingcentral.com/2008/08/04/banks-profiteering-despite-claims-of-troubled-credit-market/#comment-110 Richard Hicks Wed, 13 Aug 2008 08:28:21 +0000 http://www.lendingcentral.com/?p=1262#comment-110 Yeah, you're all right. But I assure you, the banks are really sufferering at the minute! I mean, as an example, one of the Big 4's lead deposit / cheque account products is paying 0.01% on balances between $1.00 & $50,000 (paid quarterly) That's 0.01%. Yep, your reading correctly, 0.01% That'd pay for 2 coffees (cheap ones) every quarter on $50,000. That's a great deal; give me some of that...!!!! One can certainly see how this banks margins are being squeezed here. Times are tough! I know, I know, there are plenty of bank deposit accounts paying a lot better than this, but can you imagine exactly how much cash is sitting in these types of pathetic products at any given time. If the banks say they offer full banking services with accounts like this, then that's a bit disingenuous too; as every time a customer asks for anything, they are charged a fee of some description. In fact, the recent CPI numbers included a marked increase in 'bank fees' as a significant component, and as such, pushed CPI higher, which until recently, meant the RBA lifted official rates as a response, which then meant higher mortgage payments & more pressure on the CPI. Madness! Gotta love them banks Yeah, you’re all right. But I assure you, the banks are really sufferering at the minute! I mean, as an example, one of the Big 4’s lead deposit / cheque account products is paying 0.01% on balances between $1.00 & $50,000 (paid quarterly) That’s 0.01%. Yep, your reading correctly, 0.01%

That’d pay for 2 coffees (cheap ones) every quarter on $50,000. That’s a great deal; give me some of that…!!!!

One can certainly see how this banks margins are being squeezed here. Times are tough! I know, I know, there are plenty of bank deposit accounts paying a lot better than this, but can you imagine exactly how much cash is sitting in these types of pathetic products at any given time.

If the banks say they offer full banking services with accounts like this, then that’s a bit disingenuous too; as every time a customer asks for anything, they are charged a fee of some description.

In fact, the recent CPI numbers included a marked increase in ‘bank fees’ as a significant component, and as such, pushed CPI higher, which until recently, meant the RBA lifted official rates as a response, which then meant higher mortgage payments & more pressure on the CPI.

Madness!

Gotta love them banks

]]> By: rob http://www.lendingcentral.com/2008/08/04/banks-profiteering-despite-claims-of-troubled-credit-market/#comment-105 rob Tue, 12 Aug 2008 01:55:26 +0000 http://www.lendingcentral.com/?p=1262#comment-105 Can someone please tell me why the government won't step in and tell the banks to pull their heads in for once. It must be so difficult for the CEO's to be living on their small incomes that they get. The poor broker who supplies these banks with new customers who in turn receive poor customer service then go back to the brokers asking why??? Be good if they took some responsibility for once and stop blaming the "Credit Crunch" Can someone please tell me why the government won’t step in and tell the banks to pull their heads in for once. It must be so difficult for the CEO’s to be living on their small incomes that they get. The poor broker who supplies these banks with new customers who in turn receive poor customer service then go back to the brokers asking why???

Be good if they took some responsibility for once and stop blaming the “Credit Crunch”

]]> By: rob http://www.lendingcentral.com/2008/08/04/banks-profiteering-despite-claims-of-troubled-credit-market/#comment-104 rob Tue, 12 Aug 2008 01:50:44 +0000 http://www.lendingcentral.com/?p=1262#comment-104 who knew the big banks would be at it again, HUGE profits which have come from cutting the men in the middle (broker commissions and the poor customer)The banks have been blaming the credit crunch for everything. It would be nicve if they actually acknowledged the they need their customers and the brokers that proveide them with these new customers for a change. Bash Bash Bash all the banks know what to do. who knew the big banks would be at it again, HUGE profits which have come from cutting the men in the middle (broker commissions and the poor customer)The banks have been blaming the credit crunch for everything. It would be nicve if they actually acknowledged the they need their customers and the brokers that proveide them with these new customers for a change. Bash Bash Bash all the banks know what to do.

]]> By: bill http://www.lendingcentral.com/2008/08/04/banks-profiteering-despite-claims-of-troubled-credit-market/#comment-100 bill Fri, 08 Aug 2008 02:05:44 +0000 http://www.lendingcentral.com/?p=1262#comment-100 Yes back to the bad old days. No wonder bank profits are up. Decreasing broker commissions by 30-40% and raising customer rates outside of RBA rises. All this while broker bashing and getting rid of the competition. Which Bank? all of them. The government ASIC etc have a lot to answer for. Yes back to the bad old days. No wonder bank profits are up. Decreasing broker commissions by 30-40% and raising customer rates outside of RBA rises. All this while broker bashing and getting rid of the competition.
Which Bank? all of them. The government ASIC etc have a lot to answer for.

]]> By: MM Reber http://www.lendingcentral.com/2008/08/04/banks-profiteering-despite-claims-of-troubled-credit-market/#comment-99 MM Reber Fri, 08 Aug 2008 01:56:26 +0000 http://www.lendingcentral.com/?p=1262#comment-99 The reason to retain & foster competition in the financial market as far as possible. It'll be "back to the future" with the Majors if they can again assume overall control of the market & not long as evidenced here, before they start ever increasingly "lining their pockets" at everybody else's expense. The reason to retain & foster competition in the financial market
as far as possible. It’ll be “back to the future” with the Majors if they can again assume overall control of the market & not long as evidenced here, before they start ever increasingly “lining their pockets” at everybody else’s expense.

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