it should be illegal to post a profit of $1 billion for a 3 month period and then say we need to put rates up. BULLSHT

 

If everyone that had a gripe with the Big Banks said"stuuff em" and took their money out and went to a building society or as such, maybe then the "Banks" would listen:

If everyone said stuff the banks and took their money to a building society surely the building societies would soon be shafting us just the same ??

 

then ya go the other way ... to the banks ... if a lot of people started this rolling, watch the banks start to say " What The F*#k"

 

No, they will piss themselves laughing going look at the lemmings... They have no choice

Then they would introduce more closing your account fees...

Im the opposite.. Myself and my parents got ****ed over badly by a Credit Urine in the Sutherland shire.. I wouldnt piss on one again...

 

As a shareholder of the CBA I am delighted at thier performance, and profit is for shareholders.

There is absolutely no correlation between the RBA and individual bank rates.

 

there is the problem .... they look after the shareholders and stuff the little people ... this brings me to what I first said ... stuuuf em, take ya money out and look else where, banks with NO money soon realise that the little people matter, the CBA is the biggest AHOLE of a bank ... my personal view only

 

Apart from thier duty to produce shareholders money there is no reason for a bank to exist. It is a business and not a charity. Curtin failed at his attempt to nationalise the banks in the 40s thank christ.

If your that cranky go get a term deposit (at the CBA currently running above 5.8%pa) and start making your money earn you money. What is the reserve official cash rate again? The CBA funds over 90% of its loan book from Australian depositors so in effect it is returning a decent return for australians who may not be shareholders.

 

I have money in term deposit ... with ING at 6.25% ... and yes I Loath banks... all banks and I reckon they shouldnt exist at all .... it all stems from banking at school every friday 20c for 6 years, then got ripped off by the CBA and hated them ever since, tried other banks, got stuffed around or ripped off, so I drew all my money out and changed to a building society .... never been happier, so I reckon everyone should do the same ... stoof the banks

 

Yes Ill take some tin pot building society (most of which are foreign owned) over a big 4 bank with a deposit garuntee.........

 

my building society is aussie and guarranteed ...

 

Pyramid Building Society.
Didn't see that one comming ?

 

I agree with the above, the banks post huge profits, charge exhorbitant fees, and then lift the interest rates just for the fun of it. It is nothing more than pure capitalism. I know the shareholders will happily guard that position, because they are the winners, while everybody else gets screwed over.

The other side of the coin is fees. I do finances for a club, and to perform some of the transactions with the "which bank" it costs $1.65 a transaction. Best of the lot, it is all electronic, with no input from a "which bank" employee. Six months ago it was 50 cents. The process hasnt changed so why the hike.

Bring back the GFC!!!!! If you have a job that is secure, then you are better off in recession. Once the economy booms everybody suffers. In GFC interest rates were down, it was easier to make end meet.

BTW my wife and I both work, and have never collected a govt benefit. But if we get gouged out of our home by greedy banks and utilities then I say f**k it, throw in the jobs, go on the dole, and become a bludger. If people dont like it, I would say that I tried working for a living, and look what happened.

My rant over. Welcome to the great Australian price gouge.

 

Graham, you need to drink more alcohol to settle your aggrivation towards the great Australian way

While I hate all financial institutions, they enabled me to purchase my house and obtain a credit rating which whould not have been possible without them.

They still suc though and am not loyal to one, if a better otion is available, I move all my finances. At this point they attempt to offer better service, intrest rates on fixed term deposits, which is too late.

 

I'm seriously looking to leave CBAto go back to CUA. As i'm in debt, there's no point to having a term deposit as the money i make there will be less than what i'll be saving on my interest on my mortgage. Bit Pd off about the increase, but ti won't really affect my too much. But there are others who will hit the wall in the not too distant future. That said, they shouldn't have borrowed what they wouldn't be able to afford in thte future. But again - the banks knew what was coming and shouldn't have loaned to them.

 

i moved to a credit union once but then as they limit your transactions i moved back to a big bank and only pay $5 a month instead of $25 average ,

i dont wanna have to plan how much cash to take out cos i only get say 5 free transactions ,

in this day and age anyone who lugs more than $100 cash around is asking for trouble anyway, plenty of scum out there who are happy to relieve you of your cash after they see you paying in the shops ......

 

What about credit card fraud or Id theft? more common than people being muged these days.

I have acounts with Bankwest, heaps of transactions per month for free.

 

the thefts you speak of above only seem more common because they are hyped up by the media , plain old fashioned robberies are virtually ignored by the same media.......

plenty around your area and mine everyday

bankwest belongs to CBA its not a credit union

 

I find it really hard to understand how banks were the first to complain and wind up people when the big buks werent being made
Are the first to jack up interest rates over and beyond the reserve bank
Oh hang on didnt they for a while think they were all above the reserve bank and jack interest rates cause they felt like it
To say they DIDNT know people were borrowing beyond their means pre GFC is just wrong
Of course they all knew people were
Legalised crooks

 

Good points.

I'm in a a few finance forums and actually studied the pseudo science of economics at uni.
Google Steve Keen and you'll learn a lot.

Banks are designed to make money that's all they now exist for.

They make money through lending money, the more they lend the moremthey make.

Banks have vested interest in getting people to borrow as much money as possible. Especially on property. The increase in housing prices over the last 10 years is primarily due to easy money, easy money created by then banking sector with encouragement from various vested interest groups namely but not limited to; real-estate and housing industry.

Not to mention government handouts to first home buyers.

The more money they lend the more property prices rise and the more the banks feel they have hedged their risk on a solid assets class. They don't care if you can't pay your loan because the selling of the house will cover all costs plus the healthys bonus of all the interest paid.

What you end up is a self reinforcing feed back loop of more money lent and more prices rise. It's a giant ponzi scheme that has imploded in every country around the world except Canada and you guessed it Australia.

Australian banks have about 70% of their on balance sheet assets tide up in property. Property that has risen dramatically in price due to their lending. The banks control all the levers of this country. Everything else is second fiddle. Well actually the shareholders their other priority.

Ultimate control ultimate power ultimately corrupted.

And yet they want the government to secure their deposits?

Free market when it suits the banks and government protection when they require it at will.

Off my soap box now

Check out these sites if you want to know more, members of these forums no as much about banking and finance as we know about Patrols.

TalkFinance.net - Powered by vBulletin and Steve Keen's Debtwatch

In debt deflation search for "Roving cavaliers of credit" http://www.debtdeflation.com/blogs/2009/01/31/therovingcavaliersofcredit/

How banks create money out of thin air: http://ezinearticles.com/?How-Banks-Create-Money-Out-Of-Thin-Air&id=921796

Cheers

Justin

 

Ask anybody who went through the Great Depression (if you can find anybody still alive) what they think of banks. Not too many people of that era trusted them.

 

buying a house has been a 2year project for me. . . . thanks alot for nothin banks.

 

parcheese,

Watched a doco on the fall of leihman brothers
(You know the mongrels who stitched everyone up and helped create the GFC)
If anyone gets the chance track it down and watch it

What really annoys me about half these fat cats
They all knew the bubble was gunna burst
How many of them actually lost there houses or lowered there life style ???

 

parcheese,

Watched a doco on the fall of leihman brothers
How many of them actually lost there houses or lowered there life style ???

We all know the answer to this question already

 

Along similar lines in an Australian context is: "pigs at the trough".

It's several short stories about corporate greed and incompetence in Australia.

The story of how telstra was destroyed by a dodgy Mexican almost makes you cry.

Cheers

Justin

 

More Great Lies?

When I was in High School many years ago I remember my older brother teaching me the three greatest lies told by man.

1) The cheque is in the mail

2) I won't come in your mouth

Can't remember the third one but I reckon these two would fit

The Banks care about you and have your welfare at heart

Radar cameras are used soley for your saftey and welfare

Any other New Great Lies?

 

NSW Labor will win the next election

Stephen Conroy is human

 

Gee whiz ..... the F@*ken banks have raised their rates OVER the Reserve Bank ... Again
That will be GREAT news for the share holders ... NOT FOR THE CUSTOMERS :santa::santa: merry Xmas .....share holders will be able to have ham and presents

 

It all depends on what side of the fence you are standing.

I went through the period in the late 80s and early 90s when rates where around 18%, had to go without a few things to get by, but am now happily without a mortgage.

As a retiree with money invested in Term Deposits mainly, I am happy every time rates rise!

As a matter of interest have a look at this graph on rates over the past 50 years and be thankful if you didn't take out a 25 year mortgage in 1975.

 

first mortgage in 1986 just before the recession we had to have, worked hard to pay it off, then owned house and sold it, got another mortgage and worked harder to pay it off and now I am like "time" above ..... and I still LOATH, DESPISE BANKS, if they were all we had to have .... nah bury it

 

Wish I could tell them to get nicked, and plan to in the next 5 years or so. But at the moment I have a young family, single income and a morgage. Not much I can do