Banks would not exist without profit and as such it is their primary goal to the exclusion of all else.
The generation of interest has dropped so low of customer's lists of requirements in banking that banks no longer feel required to offer anything but a token amount of interest. (Banks are concentrating on convenience, simplicity and service packages to hook the public though its arguable whether they're doing a good job at that either)
Besides they don't care if you take your savings elsewhere they don't profit by it and they don't particularily need it to loan to others they've got enough cash from other sources to fund the loans they sell. Really general bank accounts are only there to intice you in to using the bank's other services such as credit cards and other types of loan services which is where they make their money.
Perhaps banking would be better as a regulated industry but the economic backlash makes it prohibitive. Banks have a lot of money and are generally owned by multinational companies meaning that governments aren't quick to annoy them.
But really don't we all hate banks? It's hard to seem fair when you're at the bottom of the financial food chain looking up.
It isn't so much that the generation of interest has dropped so low on customers requirements, as none of the options really offer interest for the customer so it isn't a competed point.
Really, banks are here to make money, just like every business. They just manage to do it quite well while not caring about their customers because they know they aren't going to just leave since it's too much hassle to change institution. and even when you do, you're not going to be better off really, just dealing with a different bank that doesn't care.
I have a police and nurses credit union account which I love. so lon as I put $50 a month in there I get stupid amounts of interest, other wise I just get interest.
I like them more than my bank west account because they give me more than they take away... alot more.
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no subject
Date: 2004-10-02 10:19 am (UTC)no subject
Date: 2004-10-02 10:43 am (UTC)The generation of interest has dropped so low of customer's lists of requirements in banking that banks no longer feel required to offer anything but a token amount of interest. (Banks are concentrating on convenience, simplicity and service packages to hook the public though its arguable whether they're doing a good job at that either)
Besides they don't care if you take your savings elsewhere they don't profit by it and they don't particularily need it to loan to others they've got enough cash from other sources to fund the loans they sell. Really general bank accounts are only there to intice you in to using the bank's other services such as credit cards and other types of loan services which is where they make their money.
Perhaps banking would be better as a regulated industry but the economic backlash makes it prohibitive. Banks have a lot of money and are generally owned by multinational companies meaning that governments aren't quick to annoy them.
But really don't we all hate banks? It's hard to seem fair when you're at the bottom of the financial food chain looking up.
no subject
Date: 2004-10-02 10:46 am (UTC)He doesn't give, but he doesn't take away either. And the bank will inevitably take more from me than what it gives me.
no subject
Date: 2004-10-02 05:33 pm (UTC)Really, banks are here to make money, just like every business. They just manage to do it quite well while not caring about their customers because they know they aren't going to just leave since it's too much hassle to change institution. and even when you do, you're not going to be better off really, just dealing with a different bank that doesn't care.
no subject
Date: 2004-10-03 03:17 am (UTC)no subject
Date: 2004-10-04 07:48 am (UTC)I like them more than my bank west account because they give me more than they take away... alot more.