Bank Imposed Cash Withdrawal Limits

expat_mike

jimjames wrote: »

Out of interest how much do you think they make out of you?

I'm sure my bank makes nothing from me and it actually costs them more to provide the service than they earn from me in interest differential.

It might also be worth checking other threads - there were at least 2 on exactly this subject earlier which may already answer your questions.

They used to make far too much out of me until I found ways of stopping their rip off charges. Zero interest on my current account and savings and they charge me unspecified amounts after the event when it comes to forex transactions which companies like HiFX do not. And the rate of exchange is fixed and far better with HiFX. As for a banking sevice, that went out of the window years ago.

dunstonh

They used to make far too much out of me until I found ways of stopping their rip off charges

Best way is to run your account correctly. You avoid charges that way.

bigadaj

expat_mike wrote: »

Lets be honest about this, banks look at the cost of doing business in every aspect of their operations. With credit card fraud, providing the charges they put on us are higher than the losses they take, they're happy bunnies. Similarly when it comes to nefarious activities like money laundering providing the income from criminal activities are more than the fines imposed, they're in clover. Not only that, to date virtually no banker has had his collar felt for his banks actions which he condoned so its a very safe way to carry out illegal activities.

I agree with some of your points but not all.

Banks are companies whose only purpose is to make money so they are going to be drawn to activities that are favourable to this.

I'd certainly agree that some bankers should have been criminally prosecuted for things like labor fixing and some of the apparently fraudulent activities that were undertaken, though the yanks are far better at this than we are.

I'm not aware of any major bank in a developed economy though that has tacitly allowed money laundering,as I said in another thread the hsbc fines were for inadequate procedures as perceived by us authorities and, like standard chartered with Iran, are taken as additional tax for operating in the us by the banks concerned.

Ironically, to me at least, hsbc are probably the only major uk banking group that operated reasonably over the last decade or two. They've certainly made mistakes. Their takeover of household in the us cost them billions, but that was sorted out without any taxpayer subsidy unlike rbs and lloyds whose managements managed to basically destroy their banks and largely wipe out their shareholders. Similarly Barclays return for shareholders was abysmal, I heard it reported that £9 in £10 of profits was paid to staff in the noughties, with shareholders receiving the remnants.

Despite the above hsbcs processes and risk management were so much better than the other major banking groups in Britain that they came through unscathed.

bigadaj

expat_mike wrote: »

They used to make far too much out of me until I found ways of stopping their rip off charges. Zero interest on my current account and savings and they charge me unspecified amounts after the event when it comes to forex transactions which companies like HiFX do not. And the rate of exchange is fixed and far better with HiFX. As for a banking sevice, that went out of the window years ago.

For the average reasonable customer banking is far cheaper in teh uk than any other comparable country in the world. This of course relates to a cross subsidy and a small percentage of customers paying very large fees and interest, but that's the system we have, there are very few countries elsewhere where you get free current account banking.

If you don't like your bank then move, there's plenty of choice around.

grey_gym_sock

bigadaj wrote: »

I'd certainly agree that some bankers should have been criminally prosecuted for things like labor fixing and some of the apparently fraudulent activities that were undertaken, though the yanks are far better at this than we are.

it's the icelanders who are really good at it