Monday, April 19, 2021

Are banks guilty of corporate greed?

Wazzup Pilipinas!?

Give a man a gun, and he will rob a bank. Give a man a bank, and he will rob the world.

The concept of keeping/depositing your money in the bank is that of a creditor-debtor relationship wherein the depositor is considered as the lender and the bank as the borrower. Ikaw na nga yung nagpautang ikaw pa ang sisingilin kapag gusto mong ilabas at gamitin ang sarili mong pera? And how much interest do we get from them through our savings? It is less than what they charge from these withdrawal fees.

They finds ways to charge me because I'd like to deposit money to my account in a different branch. Having more branches was once a convenience. Now it's an extra earning opportunity for them.

If this is to discourage over the counter transactions, why limit to withdrawals only and not apply this to deposits? Proof na pag dating sa pera, gusto ng mga bangko tumanggap lang ng hard earned money natin pero kung oras na kinakailangan na natin ang perang inimpok sa kanila, pinapahirapan pa tayo.

That's why there are still Pinoys that you can't convince to open a bank account. White collar Daylight Robbery!!

I thought "you're in good hands"? "They find ways" pala to make more money from our account.

Easy account is an ATM only account which primarily promotes the use of ATMs and other non contact transactions like online banking. When you open an account, you agree that you will use these options instead of OTC transactions and that fees may be charged if you choose to do OTC. There are times when charges are waived like your card was lost, stolen, or not working. The manager can override but if you say just forgot your card at home, then you pay for the transaction. 

But 200? that's too much! Grabe ginigisa tayo sa sariling mantika. They are using our money already and they have the nerve to still apply exorbitant fee just so we can withdraw our hard earned money!

Apparently, that's the hard truth about the cost of getting your money from an "Easy" account.

They really find ways ... to make money out of your money. Given the fact the their own ATMs are always offline... and we are paying to waste our time waiting in a long line just to withdraw our own money.

I understand that their employees did a little work when you withdraw manually or over the counter. But the fee should be limited to not more than P25.00. That is tolerable. P200? Geez.  That work is part of their job actually. It’s not like they have to exert a lot more effort to accomplish that. 

When you pay a restaurant for a meal, it would be ludicrous to pay them a fee for physically going to your table to hand over your change, have you sign for credit card transaction, etc. It's a basic part of the job. 

Truly greedy. Why are they making it hard for us? Banks are getting too much charges.

Instapay, interbank transactions have charges already. While they may seem 'minimal', these charges mean a lot to majority of bankers. They are opportunists!

Interbank transactions would definitely have cost.

Remember, several decades ago, you can only withdraw money from an ATM that was owned by your bank.

Then Bancnet, Expressnet, and Megalink created a network for interbanking. This introduced interbank transaction fees.

Interbank is quite understandable. But interbranch shouldn't have fees at all. There are banks that charge you if you will deposit money to your account in their bank but from a different branch.

The real concern I have is when they jack up transaction fees for their own branches.

And they encourage us to save in the bank.
Why should we? 

Some folks have pointed out that this could be the bank’s subtle way to encourage you to use their ATMs, but they just jacked up ATM fees too.

We should also charge them the fare and the trouble of "Depositing Fee" to be added to the amount of money we will be putting in. They want our money in their bank? Pay up when we deposit!

That's the cost of having an oligopoly bank system. Try getting a mortgage or getting a car loan. The fees and interest rates are outrageous.

Actually, there shouldn't be a fee, because they used that money deposited for investments. The banks are using our deposits to create money out of thin air through credit. 

It's a huge scam to charge "fees", it's basically paying them to get "your" money.

We are essentially lending the bank our hard earned money for literally free (lugi pa nga due to inflation), tapos tayo pa sisingilin pag kukunin NATIN ANG SARILI NATING PERA?

Pweh. These should be free.

Take note, without our money they have no business.

You give them your business and that is how they treat you. Easy decision: put your money elsewhere. Banks are trying to generate more money. People now need to learn how to do online bankings and other online modes of payment.

So many banking policies in the Philippines are regressive and archaic. Do they realise that's our money to begin with and they are the ones "borrowing" it, almost for free?

That's the problem with banks. When you deposit your money, there's no hassle.  Its a different story when you withdraw. Another thing is, they don't trust their clients to the point that even their pens have a leash. 

Granted, the fees are quite high. But Banco De Oro is not alone in charging OTC fees - almost every bank that offers ATM products charge OTC fees, in varying rates (whether inter-branch or inter-regional). And it's mainly to discourage OTC withdrawals. 

From experience, those charges are waived when a client has a reason why he had to do it OTC. Besides, when one opens an account at almost any bank, one agrees that there may be changes in bank fees from time to time. We can all say it's greedy and what not, BSP has a grievance mechanism. This may be an unpopular opinion and I agree fees really, really suck but there are ways to get around that.

These bank fees should be given attention by the government too. Its getting out of hand and at a time like this when every centavo counts.

Basically. Pandemic or no pandemic. Health crisis or no health crisis. The banks need to meet their revenue targets. That's the message loud and clear.

But with this incompetent government, I don't think it will do better with this issue. Maybe BSP should look into and start regulating these absurd and unconscionable charges.

However, it's the fault of central bank!! They are letting these banks charge depositors  amounts that are unreasonable. This is what we get with a regulator that favours the industry they are supposed to be “regulating” instead of, you know, doing their job protecting public interest and fighting for the little man/consumers. 

It's about time banks should have the spotlight. They should be put in the hot seat. Sila lang yung type of industry who freely uses your money for their investments and charges you for it. 

Sa mga ganitong time mo marerealize na parang ang sarap yatang bumalik sa sweldong naka sobreng brown na ultimong sentimo natatanggap mo.

Banks are legal syndicates. With all the depositors they unknowingly deduct cents from their accounts can reach hundreds of millions of pesos.

Banks in the Philippine are also lagging in innovation, security, and customer service compared to its neighboring countries.

They need serious competitors to improve. We need to show the bank they are antiquated. Switch to virtual or crypto currency instead. Decentralized system.

No wonder more people are allocating their bucks to crypto’s to hedge and protect their cash assets as banks are greatly affected by the pandemic. Banks NPL’s increased so they have to create this inevitable rate increase to make money and protect the business to survive.

Many people are slowly switching to crypto and embracing the so called de-centralized financial solutions to avoid these unnecessary middlemen who are robbing the people their money for ages. It's about time we become our own bank. Thanks to crypto and the blockchain revolution!

Traditional banks will gradually lose their appeal for retail banking in favor of pure online banks, e-wallets and crypto wallets. What's the incentive? The interest rates is laughable and you are actually paying them more fees than the interest rates you get.

Cryptocurrencies are the future. Transfer funds directly between two parties without the need for a third party like bank or credit card company.

The laws of any god forsaken country in this planet are created with divine guidance of the despicable banksters. If you want to see plain old in your face thievery, visit any bank and they will be happy to assist. But then again for the sake of the educated bashers, they didn't tell you this in college.

The banking system here is not consumer friendly! It's time for the consumers, to demand better treatment from the banks! Their methods and systems are outdated and is not of world class. Not much has changed.

Then here comes a politician that wants mandatory bank accounts for every Pinoy. Lol!

"When a society accepts mediocrity as a norm, excellence will never gain traction."

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