Banks gouging ?

[maryjane48]

http://m.huffingtonpost.ca/2017/12/06/c ... a-homepage


Of course they are but not one govt has done anything about it .if was me thete would be new regs by midnight

[Dizzy1]

But it’s not up to you. In fact, it’s not up to anyone. Legislation in a democracy isn’t passed by one person.

[Bsuds]

*removed*

[Bsuds]

Do I think they are gouging...yes. But on the other hand I have bank stocks and get great dividends so won't complain. lol

Anyone out there who has investments will have some bank stocks in their portfolios somewhere so in effect will get a good portion of what they pay in fees back. If not more, I do.

So MJ I'm happy you don't have any control over it.

[Keith Duhaime]

http://m.huffingtonpost.ca/2017/12/06/canadian-banks-accused-of-gouging-after-clocking-42-billion-in-profit_a_23299071/?utm_hp_ref=ca-homepage


Of course they are but not one govt has done anything about it .if was me thete would be new regs by midnight

As Bsuds alludes to, banks are almost always publicly traded companies. I know I've got a good chunk of my portfolio in them. I learned a longtime ago that these allegations are usually unfounded, and made by people with almost no financial literacy or numeracy. Ask them to do a basic CAPM analysis to show you that indeed their profits are out of line (ie significant statistical deviation from the SML), and they stare off into space like zombies. No need for new government regs.

[Hassel99]

Define Gouging?

You can be a bank owner too, you also can be a bank owner and a credit union customer.


Isn't freedom grand?

Well I guess only for those with the internal fortitude to actually THINK.

[GordonH]

Most if not all credit unions either have very low user rates or none at all.
Everyone has choices.

[Jflem1983]

I had ruined my credit when i was a young addict. As time went by. It was really really hard to rebuild myself financially. Finally i got a government student loan. Had to take the loan document to several banks and credit unions. Finally. BMO helped me.

I will always have some business with BMO because of that.

I know they are a huge bank and very old. They were still the only people who wanted to help me re establish myself.

I think mj is just bitter

[maryjane48]

http://www.cbc.ca/1.4436832

I will put this story here as it speaks to the inhumane way banks view their customers

[oneh2obabe]

Inhumane? The guy is beyond belief ... he rejects a settlement offer that would have reduced his $170,000 debt to $17,000 plus a family member was willing to pay it in full. Then has the gall to say "To me that information was more valuable. That's why I wouldn't accept it. And I don't have $17,000. Nor do I think they [the bank] deserve it," he said.

Good luck when the bank sues again and he's liable for the full amount.

[Keith Duhaime]

http://www.cbc.ca/1.4436832

I will put this story here as it speaks to the inhumane way banks view their customers

How is what the bank proposed inhumane? What about the aged pensioner whose investment portfolio (be it personal or institutional) holds RBC stock? He might have a legitimate disability, but there are other people being victimized here.

[OldIslander]

Most if not all credit unions either have very low user rates or none at all.
Everyone has choices.

Bang on, Gordon.

The Missus and I do our banking through a credit union rhyming with "Ghost Capital Pavings" (they have a branch in Kelowna...) -- our day to day banking costs zippo. They have a couple of free credit cards, and their loan rates are same as the big banks. Their online banking is IMHO, better than the RCB site I have to deal with. They have provided awesome service for the past 20 years that we've used them.

Our investments are largely via Q-Trade whose fees are excellent, considering all the services they offer.

So if you're unhappy with with your big chartered bank, have a look at their competition. You might be surprised ...

[Even Steven]

There's plenty of banks that don't charge any fees. I haven't paid bank fees in 20 years. Some people don't mind paying fees for extra service or convenience, it's their thing.

[vegas1500]

http://www.cbc.ca/1.4436832

I will put this story here as it speaks to the inhumane way banks view their customers

MJ, newsflash. A bank is a business. Why should he not have to pay it back. Why should the bank and shareholders be responsible for his debt? One day that bubble you live in is going to burst!

[maryjane48]

because i said he doesnt have to pay it back . One day your little bubble is going to burst .probably when trump stsrts nuclear war