Dear Mr Ian Cowie< & all the other people clearly possessing only a very small number of brain cells.

Using perjorative language like banks are not a branch of social services, or are not there to distribute free money (sic) or customers helping themselves to banks' money without asking, is remarkably childish and certainly quite silly and entirely misleading.

Any customer with a current account is actually lending the bank his own money. The bank does not usually pay any interest for this. And without this customer money the bank surreptitiously borrows, the bank in its basic form simply couldn't exist.

Why ? because the customer deposit allows the bank to lend other customers anything from ten to forty times as much money as that deposited in current accounts. The depositor enables the bank to manufacture it's own money from which to profit.

For every £100 deposit in a current account perhaps forty times that sum is lent at the bank's usual exhorbitant interest rates.

At 15% 40 times £100 is £600 interest earned by the bank. This more than covers the miniscule costs of customers depositing and taking out their own money.

Bank customers offer a privilege to the banks, which the banks systemically grossly abuse.

Current accounts were, for decades, at either no cost or very little cost to the account holder. They were 'fair' and nobody objected.

But then the banks became greedy. They contrived to brainwash the entire population into believing the banks' falsely contrived fiction of what banking is.

This was done deliberately to enable the banks to vastly increase charges for every transaction that money became involved in.

In tandem with this, the banks gained complete control of just about every possible kind of money transaction which now had to go through them because everyone was remorselessly brainwashed into believing it was a bad idea to to use cash.

Soon millions of people who used to be paid in cash and never needed to use banks for every petty expenditure, were forced to pay fees of all sorts and then positively milked until the pips squeaked with completely fictitious charges.

Previously banks would simply charge a not too unreasonable interest charge on 'unauthorised' overdrafts which made them a nice little extra profit. It was the bank's job to know their customers and be able to trust them to repay their overdrafts – which they invariably did.

The banks have deliberately set about to construct an aggressive and punitive charging system based on nothing but their own greed and 'creative' accounting to falsely mis-represent financial transactions of every sort with excuses to make every higher charges for imaginary 'services'.

Banks are greedy liars and thieves. They perform no useful social function at all, but are rather socially destructive and downright nasty today in a way they never used to be before the modern age of dishonesty and greed.


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  1. Overdraft fees: why the Supreme Court was right to stand up for beastly bankers - The Consumer Forums Says:

    […] Overdraft fees: why the Supreme Court was right to stand up for beastly bankers DearMr Ian Cowie & all the other people clearly possessing only a very small number of brain cells. Using […]

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