Are banks out there to help us save or are they just using us to make themselves richer? I think that no one doubts that the second option is true, so why do we keep using them? Are they worth what we pay them just to keep our money and use it for their own benefit?
In some sense they help us to save but in most cases they make more money that we expect. This is especially if you are running a savings account. It will be enriching them more as they use your money to make more money and just share a small percentage with you.
Yes, that is what I feel! They use our money to invest, they make huge profit and to us nothing or near to zero, it doesn't seem fair to me. Apart from that there are always commissions we need to pay: commission on transfers, on deposits, on credit cards, new cards commissions, they are always making money at our expenses!
Banks rip us off. Since they loan out our money and charge high interest rates then we need to a fair share of the profits they make because it's our money they're using. I hate banks too, but there's nothing we can do about them. It's far much better to keep your moolah in the bank rather than in a safe box at home where someone can easily steal all your savings.
In Australia, I would say definitely no. They charge all kinds of ridiculous fees, including $2 every time you go to an ATM that is not affiliated directly with the bank. When I lived in central Europe, I was with a bank where I actually earned interest from my savings. My account never went into the minus zone even if I didn't make any deposits for months. Quite the opposite, I found that the money in my account had increased a few dollars. Here in Australia, they will shut your account down if you don't deposit anything for a while. But before they do that, they will charge you a fine.
Wow...!!! That is pretty schocking Dora, $2 for going to the ATM? They talked about doing that here at my country, but the idea never went ahead, in my opinion that is just legalized robbing, it's impressive what banks are allowed to do...
