Banks DISSATISFACTION Thread

[Deej]

I'm here because I like you very much. In fact I wanna be your best buddy always chatting and hanging out.

As for banks, they needed the promise of public funding to prevent them from failing and yet rip us any opportunity they get, lay off hundreds of people and generally put profits before customers and people.

Great work...

I started typing a reply.... and then just came to the conclusion that you have no idea.

[Deej]

If you switch banks, you will have to pay stamp duty on the new loan, so all those people who walk away will cop a nice stamp duty fee and also there is no guarantee that the other banks won't follow.
Plus registering the security and all that, you'll probably be up for at least a couple of thousand, I see Swan says to change banks, I see stamp duty goes to the govt. hmmmm

Ermm..didn't stamp duty on loans go out post the review of indirect taxes following the introduction of GST?

[chew]

Got super? You are benefitting from the banks profits.

[HughDMan]

Got super? You are benefitting from the banks profits.

Um sort off.

It's sort of like buying casino shares and declaring a win when you lose $500. I would rather have growth over dividends, ok I'll take both.

Deej, it looks like you are on the money regarding stamp duty, certain web sites still show it there. It looks like 2009 they may of abolished it.

[infus10n]

Stamp duty on loans went out the window ages ago.

I'm with ANZ.... Do I care? Not really 0.06% is f*ck all.

[redline]

I love the banks.....all of them.
They pay me big, fat, fully franked dividends twice a year.

[chew]

Um sort off.

It's sort of like buying casino shares and declaring a win when you lose $500.

Only if you have a loan.

We are becoming a cake and eat it too society. They should put rates up to 10% to sort the wheat from the chaff.

[Ev]

The Banks loan me back the same amount I have in Super as a home loan which I pay above market rate interest on.

Over the past 6months my home loan and super have incurred fees and my super has dropped 4.5% in value.

So effectively I have paid near 15% per annum in losses and interest costs.

If the government gave me my super money to manage my home loan would be paid and I would have no financial costs.

[shmoo]

Actually the banks don't need the public funding, and that's the problem the major banks have sourced substantial funding from overseas sources and due to our dollars strength it is more expensive, so the banks are cutting into their profit if they continue to follow the RBA.

Basically they have made a very poor business decision and now you have to pay for it.

I think they suck.

It is partly a result of Australia having relatively small amount of deposits, yet comparatively high loans. So they have to get money from overseas. Of course, that's only part of it, they also went searching for cheaper money (can hardly blame them for that). The result now is greater exposure to foreign debt than most other banks in the world.

[HughDMan]

Yes, but each year they are posting record profits. The 0.06 percent must mean alot of revenue for them.I remember hearing that with the last rate reduction, each day the bank held off passing it on, was generating them millions. (Now you know why they don't rush these things).

[shmoo]

Yes, but each year they are posting record profits. The 0.06 percent must mean alot of revenue for them.I remember hearing that with the last rate reduction, each day the bank held off passing it on, was generating them millions. (Now you know why they don't rush these things).

oh, i see. so the issue is that they're making money. damn those banks. they are so much worse than every other private company out there that exists as a community service.

[shan]

I started typing a reply.... and then just came to the conclusion that you have no idea.

I will not deny I have no Idea at all.
Profit is the name of the game aparantly, as with all business profit is key to survial.
Alot of banks advertise they are personable , This is questionable often.

I have one question, shoulld banks have a better moral compass,
My laymans understanding could be most of the reason for a bit of a tast for bank bashing , Please enlighten me.

[chew]

What is a banks profit margin, say, compared to a mining company?

[DaveR6]

I agree with Spock they are private company's out to make profit. Shareholders expect their dividends and growth.

and by private company, you really mean public company

[HughDMan]

oh, i see. so the issue is that they're making money. damn those banks. they are so much worse than every other private company out there that exists as a community service.

No the issue is they cry poor all the time, then record record profits, I'm all for companies making lots of profit, it generally means they employ alot of staff, except for the banks they reduce staff.

[WIGARUS]

There's a really simple way to not get annoyed by interest rates. Don't borrow money from the banks.

Of course then, most people won't be able to buy themselves a house or a nice car and stuff...

[shmoo]

No the issue is they cry poor all the time, then record record profits, I'm all for companies making lots of profit, it generally means they employ alot of staff, except for the banks they reduce staff.

I'm genuinely not sure what point you're making.

[Gryphen]

Aww c'mon shmoo it is quite clear, yes they are a business and are epxected to make a profit, but they do cry poor all year long and yet still show record profits, the trouble is that whilst the population can be expected during times of economic adversity to be told to tightem their belts, to do things al ittle tougher, to have a bank continue to make an even bigger profit is just taking the piss.

Yes banks need to make a profit, but they make that profit at record levels at the expense of the austrlaian people, and yes now we are seeing that they have fucked up in sourcing their dollars and again it will be the australian peope who help pay for that mistake, and yet the banks will still show a record profit.

Maybe not showing a record profit (still show a profit) and assisting the population to navigate through the economic storm might be a socially more polite way of doing business.

Will the Australian banks still be so high and mighty when the Japanese banks start providing home loans at 1% interest?

No.. they will scream blue murder as they lose that business.

[Crobbo]

and by private company, you really mean public company

Apologies, it would be hard for a private company to be listed.

[Rider]

My biggest issue is that the banks say they cant pass on any more cuts as the borrowing cost has gone up. This is crap as they are borrowing is only 20% and deposits have risen by 60% in recent years.