More Consumer Protection

It was with amusement that I watched Mr. LeHunte on TV tonight trying to talk about market forces driving prices. He is obviously disappointed with the Central Bank's new position to regulate bank charges to their customers.

For too long these charges were at the whim and fancy of the bank. Who is Mr LeHunte fooling that there is any real competition in the banking sector. They have always and continue to do thier own thing individually.

At this time when inflation is a factor, there is within reason, a bar beyond which charges should never go because of the nature of the industry. Banks have thousands of customers and to collect even a cent from its customers is a lot of money. Like the gas stations, a gill from every gallon adds up because of the volume of sales. That is why every gas pump should be calibrated by law.

So Mr. LeHunte, I am sorry, It is about time. Next should be the insurance companies. Imaging charging thirty dollars for a returned cheque and less than a dollar if it don't bounce. That is a penalty and I am one who believe that penalties should be paid into the consolidate fund and not go into the pockets of an unscrupulous banking sector to beef up their profits at the expense of small businesses that can least afford it and who always have cash flow problems. If customers did not write cheques, small businesses would not have a cash flow problem.

Not only that, the way banks operate are like thieves in the night. Incur an expense on you and then proceed to take it out before they notify you. Do not give people a change to budget and pay. They just take and don't care what you had planned, so they have their customers feeling guilty and at thier mercy. This is unfair. No other institution gets away with this and the banks should not.

Furthermore, banks just take and take and take without giving back. Of course you don't give back because you are in it for making money. The token things I have seen the banks involved in seem the least they could do to generate some kind of goodwill; if that is necessary.

NGOs for example do not get anything from banks. They are the last we go to and even some when that is so we don't remember them because they have the reputation of being the stingiest. Tried with them a few times and never got pass the talk. Somebody will always pass you onto somebody else who can make the decision only to find out that somebody else has to make the decision who would never likely to be in at anytime that you visit the bank.

So banks do not have goodwill but we tolerate them so we don't have to put our money under the cellar but they are taking advantage and monopolising the situation.