Who Trusts The Banks?
|
By :
Darius H Clements
Submitted
2009-09-22 10:08:13 |
I've always had an innate dislike of financial institutions
What could set such an irrational prejudice off in such a rational person at such a young age?
The answer ......Bank Fees
I remember when I had $89 in the bank only to witness the start of unsettling trend - The onset of the age of bank fees. You see, in the 'good old days', we didn't have any fees for putting our money in the bank and for good reason, because the bank would take our money and lend it out to someone else and earn ten fold for their efforts.
Now it's all about dwindling my bank funds
When banks started to charge me for the privilege of making money off of me, it seemed askew, unreasonable and well, a little (or a lot) unethical. Tyranny!
Parallels Between Ordinary Business And Banks
It's tempting to leave this blank to make a point, because the simple lack of economic similarities between an normal business and the model of a bank are conspicuous by absence. What Parallels?
Ordinary business needs stock, which they must obtain through payment, whereas a bank who lends money need only pay their depositors a small rate of interest. But when the very banks seek to charge the depositor for the money they deposit, it.....Stinks!
Can you imagine Starbucks charging their coffee supplier for storing their coffee? Maybe in a world gone mad. The thing that becomes glaringly obvious is that he who controls money, controls power and we the consumer stand divided and conquered.
But the battle is far from over...
Competition is the key to accountable, ethical and acceptable dealings. A new breed of bank is emerging, a peoples bank if you please. A sort of financial institution that is run for customers and designed not to make investors wealthy, but to serve customers who feel there is a lack of competition in the banking world and want to deal with the new breed of customer-centric money lenders.
More Than just A Niche
Enter the credit union bank
With growing customer dissatisfaction rates and an all time high public disdain for the banking industry in general, it would seem that the new membership style, building societies are finding more than just a niche share coming their way.
The monopolistic clutch that the old school once exerted is slipping and the new, consumer driven business model is finding it's feet and those size 14's are well placed to made giant leaps into a market more than ready for the change.
A New Era, A New Economy, A New Society
What a change! Consumers want more for their dollar, they demand better service, higher ethics and reject shoddy business practices. You only have to look at the demise of trans fats in food to see that society is shifting gears and expectations are controlling spending habits.
With economic caution people are trying to save money (For ideas try 101 money saving tips) and as they do so, the fight for the last consumer dollar becomes intensified.
Generation y demands ethics, or at least their definition of what morality in business is, but as they do record numbers of banks are feeling not just a pinch, but a backlash induced slap that thunderclaps with the full force of consumer dissatisfaction.
In Conclusion
The banks will no doubt take measures to counter the rot and look to spin, sway and shine the way the public sees them, but as bank fees soar for lack of services and definable want, the face an uphill battle in the mean time and few hearts will bleed nor weep at their seemingly insurmountable ascent.
The credit union bank will continue to rise and be the recipient of new banking funds, until such a time as corporate banks win back respect and the hearts of consumers.
If that ever happens?
Who Trusts the Banks? by Darius H Clements
More Financial Articles:
101 Tips to Save Money
The Truth About Greed
Honesty In Business
Great Service Is A Necessity
How To Get A Promotion
Business Success Factors
|
Author Resource:-
banks
banking
interest
loans
consumer dollar
competition
credit unions bank
financial institution
bank fees
banking funds
|
|
Article From Article Flame |
|
|
|
|
Print This Article
Add To Favorites