Wednesday, June 04, 2008
Banks: Legalised theft
My mother wired me some money from England. She paid 20 pounds to send the money, out of which presumably a small amount was actually the cost of the wire transfer.
My bank over here charged me $35 to receive the money. Perhaps a banker could correct me on this, but I’m not sure there’s anything more costly for them receiving money from a US Bank than from a wire service, so this money is 100% profit.
It doesn’t end there though. While the money registered in my account almost instantly after transmission, it did not clear until the next day, meaning that the bank also has use of my money as a free loan that I didn’t authorise.
When are governments going to insist that Banks, which are entirely 21st Century in their ability to move money around, stop this practice of holding money for clearing periods? Should out-of-State checks take 5 or more days to clear when the transfer no longer happens by horse messenger, but instantly? Should they be able to charge $35 or whatever the hell else they choos to levy, to receive money from a Wire Transfer?
How can this be justified? I wonder if our next President – whoever it is promises change – might have a few suggestions!
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My bank over here charged me $35 to receive the money. Perhaps a banker could correct me on this, but I’m not sure there’s anything more costly for them receiving money from a US Bank than from a wire service, so this money is 100% profit.
It doesn’t end there though. While the money registered in my account almost instantly after transmission, it did not clear until the next day, meaning that the bank also has use of my money as a free loan that I didn’t authorise.
When are governments going to insist that Banks, which are entirely 21st Century in their ability to move money around, stop this practice of holding money for clearing periods? Should out-of-State checks take 5 or more days to clear when the transfer no longer happens by horse messenger, but instantly? Should they be able to charge $35 or whatever the hell else they choos to levy, to receive money from a Wire Transfer?
How can this be justified? I wonder if our next President – whoever it is promises change – might have a few suggestions!
