DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - The end of cheques and the end of free banking!

**nerohedfrs** · 11-23-2009, 08:25 AM

They're talking about this on the radio. Apparently the banks want to do away with cheques. I'm not too fussed about that as I hardly ever use them now.

But the bit that did prick my ears up was they were saying how a judgement is expected next week re the banks charges for people going overdrawn. It is expected that it go against the banks and to compensate for loss of profits the banks could start charging people to get their money out of ATMs. That ridiculous! Why should I have to pay to get MY money??

Because someone built and supports a network of bank branches and ATMs that allow you to have access to money without carrying it all with you. You've then entered into a contract with this party whereby they will invest your money, while keeping it reasonably safe, and providing you with the ability to retrieve it at your convenience, in return for keeping the majority of the profit from investing it. However, since the return on investments has tumbled, they can no longer support this vast banking machine through investment returns alone. Therefore, they propose to charge you for the convenience of withdrawing your money anytime anywhere you want.

Seems pretty reasonable to me, and if you do not like it, you're perfectly within your rights to walk into the bank and close out your account without paying any fees. Where's the outrage?
It's a free market system, and you should feel free to vote with your dollar.

Are you really that self-absorbed? Because it appears as you've got the feeling of entitlement down.

11-23-2009, 08:25 AM	#9
nerohedfrs Join Date Oct 2005 Posts 563 Senior Member	They're talking about this on the radio. Apparently the banks want to do away with cheques. I'm not too fussed about that as I hardly ever use them now. But the bit that did prick my ears up was they were saying how a judgement is expected next week re the banks charges for people going overdrawn. It is expected that it go against the banks and to compensate for loss of profits the banks could start charging people to get their money out of ATMs. That ridiculous! Why should I have to pay to get MY money?? Because someone built and supports a network of bank branches and ATMs that allow you to have access to money without carrying it all with you. You've then entered into a contract with this party whereby they will invest your money, while keeping it reasonably safe, and providing you with the ability to retrieve it at your convenience, in return for keeping the majority of the profit from investing it. However, since the return on investments has tumbled, they can no longer support this vast banking machine through investment returns alone. Therefore, they propose to charge you for the convenience of withdrawing your money anytime anywhere you want. Seems pretty reasonable to me, and if you do not like it, you're perfectly within your rights to walk into the bank and close out your account without paying any fees. Where's the outrage? It's a free market system, and you should feel free to vote with your dollar. Are you really that self-absorbed? Because it appears as you've got the feeling of entitlement down.
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