The banks have been declaring supra profits for years and I can now understand why. They have been charging people blind.I had balance of $200 in my account which I withdrew at the ATM. The bank subsequently charged me a fee of $34.50 NSF (insufficient funds) because the account did not have the $4 ATM withdrawal fee at the time. So for $4, I am now owing the bank $38.50. If this is not corporate banditry I don't know what is.
The Government needs to have these bank fees regulated so that eye-gouging charges like these are not levied on poor people who sometimes don't even have enough money to handle their basic daily needs.In the past, the bank would wait until the account was replenished to collect their $4, but it seems their corporate greed has shown them yet another clever way to continue to maximise their profits at the expense of the poor masses.
Where is the banking ombudsman and the Central Bank in relation to what and how banks may charge fees for their services, or is it a matter of anything goes?I wonder if this is to make up for the shortfall of refusing the accounts of casinos.
MB,
Couva