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    If going paperless saves Bank a lot of money, why are their accounts fees going up?

    +4  Views: 800 Answers: 6 Posted: 10 years ago

    6 Answers

    Bankers are W*****s. Computers were meant to make paper redundant, it didn't, everyone now needs total identity In photos or bill ID, which means "paperwork" ALL CRAP IMHO!

    hector5559

    Now Ted its all those competions you win on Craggy Ireland ,and the intrest you get on it from the banks,
    mycatsmom

    All the banks are horrible.They use our money and they don't pay us any interest for it......unless you consider 3/4 of a penny interest.Henry Ford said," If the American pulic knew how the banking system was really run, They'd be rioting in the streets before daybreak "

    Everyone talked about "going paperless". That was the idea of using a computer for all of our business and personal needs. We all know that, in fact, that has never happened. Some will go so far as to say that businesses have more paper work than ever before. Banks keep raising their fees, the same as every other business raises their prices....more $$$$$.

    hector5559

    And pounds silly,
    Ducky

    Moderator
    Oh yes and LLLLLLLL. :)
    sawali

    so Ducky, should the consumers take these hikes lying low? what are your thoughts?
    Ducky

    Moderator
    All you can do is shop around, just like we have to do with other products. Banks compete with each other and some offer lower fees or even "no fees", as a method to win over new customers.

    The banks need all the money they can get to pay their big wages and bonuses, they couldn't care less about the average hard working member of the public. It's not just the banks either the energy companies are just as bad, well they certainly are in th UK anyway.

    ....probably because they CAN.  Just like the USPS, raising the rates on postage AGAIN.   
    I think it is because the COST of going paperless exceeds the cost of paper.  It's not just sending an email! 

    sawali

    With the advent of email, USPS is fighting to survive unlike the banks. If you believe gpoing paperless is more costly why do you think Banks are taking that route?
    Bob/PKB

    Paperless is easier for them as it eliminates the processes of printing and mass mailings. While it cuts down on THOSE expenses, the cost of programs and upgrades and maintenance and computers is probably at least comparable.
    sawali

    I have been a Banker all my working life and can tell you Banks do not do unprofitable" adventures!"
    Bob/PKB

    I didn't say they did. Since you are a banker, it would behoove me to hear your response to the question.
    sawali

    Bob/pkb, my personal take on this is that banks have gotten used to squeeze customers as much as they can. If you look at their history, they never never made such enormous profits Q after Q. Lookat their bonuses at higher levels. It will blow your mind. And who pays? There should be a limit to how much a reasonable compensation should be so they can live comfortably. Not in millions. So to kkep that up, they need to increase revenue.
    Bob/PKB

    At the bank yesterday and the liason said they've reduced and eliminated some customer costs. I agree with you about the vulgar amounts of salary and bonuses distributed to board members and CEOs.

    Everything is going up don’t you know? Just find piece of penny candy or the 10 cent hamburger.. Banks like their money. There is no correlation between fees and going paperless……..

    sawali

    so you don't think the banks save money by going paperless? No corelation with what? Have you seen how much money the make every quarter?

    They got to get money from somewhere.  Bank of America was just ordered to pay around  700 million for what some lawmakers call a scam regarding charging unfair fees, Chase Band was ordered by the court to pay untold millions.  i believe 3 billion.  This can be Googled. The banks are being blamed for the housing crisis.  Google Google.


     

    Colleen

    Moderator


    _______________________________

    sawali

    tabber,financial industry in USA created an unprcedented housing crisis by lending avove the appraised value and sometime without down payment. Many lost houses and many made tons of $$. I have no sympathy for the banks.
    sawali

    They were fined because they did something wrong. So for their wrong doing, you pay?


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