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Banks gouging ?

Re: Banks gouging ?

Postby Bsuds » Dec 14th, 2017, 8:12 am

Why not just do an e transfer?

While UPS is ultimately at fault the customer was not too smart and the Bank did not advise them how to send the money safely.
I'm sure there are several ways to transfer the money safely without using a Bank draft.
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Re: Banks gouging ?

Postby whitecandle » Dec 14th, 2017, 8:29 am

Why didn't the lawyer request a domestic bank-to-bank wire transfer? Why didn't the bank tell the lawyer this was available?

Hell, for that amount of money you can bet I'd be making the the 3-1/2 to 4-1/2 hour trip from Cornwall to Toronto to pick up the money and sign the release.
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Re: Banks gouging ?

Postby maryjane48 » Dec 14th, 2017, 12:41 pm

Why cant they cancel the draft must be numbers on it plus ups admited not deliverying it so i fail to see how its customers fault when it was td who suggested the draft . Why should the customer have to put up a bond when they never recieved it .
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Re: Banks gouging ?

Postby Jflem1983 » Dec 14th, 2017, 3:19 pm

Close to a million cash. I think i would go myself to pick it up
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Re: Banks gouging ?

Postby Merry » Dec 14th, 2017, 3:49 pm

While it's true that many of us have made a handsome profit via bank dividends over the past decade, it's also true that part of the reason banks have been making such record profits is because they've been gouging their customers with excessive bank fees, and super low interest rates on investments (much lower than necessary, even in our current low interest environment).

The really sad part is that it is those who can afford to pay the least, who always wind up paying the most. And by that I mean that the wealthier you are, the better deals you can negotiate with the banks when it comes to interest rates on lines of credit and mortgages. You can also usually get a better return on many of your investments as well. The system really is designed to benefit those who are already better off than most folk.

While there are many who will point out that is simply the "capitalist" way, that doesn't necessarily make it the "right" way; it's certainly not the fairest.

Fortunately there are some alternatives for those of us who are tired of the major banks predatory practices, but even those alternatives are far from perfect. Oaken Financial provides far better interest rates than the big banks and, providing you keep your balances below what the CDIC will insure, it's relatively risk free. Tangerine and the like provide lower rates than Oaken, but still better than the big banks so, for those who don't want to deal with Oaken, an online bank like Tangerine may be a better choice.

The problem of course is that many of society's underprivileged don't have access to these cheaper online banks, because poor folks often can't afford computers and internet. So, for them, the only lower cost alternative is probably a credit union.

But the bottom line is that, if banks didn't gouge their customers as much as they currently do, maybe more of those customers would stick with the big banks instead of constantly looking for alternatives. 20 years ago I had every penny in one of the big banks, whereas today I only have a very small amount in a no-fee seniors account that I use to pay my bills (and even that account is no longer available to today's seniors - it was discontinued a few years ago). I often wonder if they dropped their predatory practices, and gained more customers as a result, would their bottom line be just as good as it is under the current system? I think it might, but I doubt we'll ever be given the opportunity to find out.
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Re: Banks gouging ?

Postby maryjane48 » Dec 14th, 2017, 4:04 pm

Little bit publicity and boom money released

http://www.cbc.ca/beta/news/canada/toro ... -1.4447384

Just goes to show how shady they are
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Re: Banks gouging ?

Postby Sparki55 » Dec 14th, 2017, 4:06 pm

Merry wrote:While it's true that many of us have made a handsome profit via bank dividends over the past decade, it's also true that part of the reason banks have been making such record profits is because they've been gouging their customers with excessive bank fees, and super low interest rates on investments (much lower than necessary, even in our current low interest environment).

The really sad part is that it is those who can afford to pay the least, who always wind up paying the most. And by that I mean that the wealthier you are, the better deals you can negotiate with the banks when it comes to interest rates on lines of credit and mortgages. You can also usually get a better return on many of your investments as well. The system really is designed to benefit those who are already better off than most folk.

While there are many who will point out that is simply the "capitalist" way, that doesn't necessarily make it the "right" way; it's certainly not the fairest.

Fortunately there are some alternatives for those of us who are tired of the major banks predatory practices, but even those alternatives are far from perfect. Oaken Financial provides far better interest rates than the big banks and, providing you keep your balances below what the CDIC will insure, it's relatively risk free. Tangerine and the like provide lower rates than Oaken, but still better than the big banks so, for those who don't want to deal with Oaken, an online bank like Tangerine may be a better choice.

The problem of course is that many of society's underprivileged don't have access to these cheaper online banks, because poor folks often can't afford computers and internet. So, for them, the only lower cost alternative is probably a credit union.

But the bottom line is that, if banks didn't gouge their customers as much as they currently do, maybe more of those customers would stick with the big banks instead of constantly looking for alternatives. 20 years ago I had every penny in one of the big banks, whereas today I only have a very small amount in a no-fee seniors account that I use to pay my bills (and even that account is no longer available to today's seniors - it was discontinued a few years ago). I often wonder if they dropped their predatory practices, and gained more customers as a result, would their bottom line be just as good as it is under the current system? I think it might, but I doubt we'll ever be given the opportunity to find out.


You stated exactly what will even out big banks in your argument; competition that will deliver the same or better product at a reduced cost(or higher interest). That's the brilliant part of free enterprise, it self regulates. Rules and regulations help to level fair playing fields and avoid cheats and scams but it is the untouched free structure that will control who succeeds and who falls. If you think people would want better interest for savings and lower fees and you can make that structure work as a business, start the business and if the idea is so great people will flock to it! Cells phones will obsolete the pay phone, Airbnb is competing well with major hotel chains, etc.
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Re: Banks gouging ?

Postby Ka-El » Dec 14th, 2017, 4:22 pm

Sparki55 wrote: That's the brilliant part of free enterprise, it self regulates.

That might be true - if "free enterprise" actually existed, or more accurately, "fair enterprise". As it stands right now there hasn't been free enterprise since well before the days of the land barons of the old west gobbling up everything they could by crook and by force. The only thing really "free" about enterprise in today's socioeconomic system is that people and groups with the power to exploit others have the freedom to do so (self-regulate indeed). And the gap between the haves and have nots continues to expand - although I am sure that is the fault of ordinary folk for just not working hard enough.
research shows right-wingers tend to be less intelligent than left-wingers, and people with low
childhood intelligence that tend to grow up to be conservative with racist and homophobic views

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Re: Banks gouging ?

Postby Sparki55 » Dec 14th, 2017, 4:42 pm

Ka-El wrote: - although I am sure that is the fault of ordinary folk for just not working hard enough.

Yes and no. There is no argument for common folk not working hard enough but rather not demanding enough change. We are quick to complain about gas prices or hydro bills, bank gouging or low investment returns and political scams or corporate bullying however, what comes of this complaining? Nothing. No one takes it upon themselves to form a group to rise up against current political parties/ corporations, myself included. Is it for: fear of failing, feeling content enough with the current system, fear of rejection, lack of knowledge or simply just laziness?

Once and awhile someone challenges the system; netflix going up against blockbuster. Netflix cleary won and have still kept the price of good streaming TV at a very reasonable rate, enough to take a large scale of cable business and maybe change the entire way the world watches movies and TV shows.

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Re: Banks gouging ?

Postby Ka-El » Dec 14th, 2017, 5:47 pm

^^^ Great post! Especially ...

Sparki55 wrote: There is no argument for common folk not working hard enough but rather not demanding enough change.

:up: eta: things may begin to change though, I am hoping events south of the border have started to wake people up
research shows right-wingers tend to be less intelligent than left-wingers, and people with low
childhood intelligence that tend to grow up to be conservative with racist and homophobic views

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Re: Banks gouging ?

Postby maryjane48 » Dec 21st, 2017, 5:03 pm

http://www.cbc.ca/beta/news/canada/edmo ... -1.4458273

Td not having good month.more ineptness exposed
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