The following blog is a free translation, and excerpt from an article published in a Swedish Daily News papers only a few days ago…
WEALTHY BIG BANKS FOOLING THEIR CUSTOMERS
One thing is very clear – it’s always the customers who have to pay. They send billions to the big commercial banks but get very little back.
One political spokesman started talking about bank taxes, and instantly a Bank spokesman told: it’s the customers who will have to pay the bank taxes.
THANK YOU FOR NOTHING!
They wouldn’t have had to scream it out so loud. Nobody is surprised. Customers have learned that there is always costs to anything at the bank. It was ages ago when somebody could see their funds grow bigger in their bank account. Today the interest rate for a savings account is ZERO, so thank you for nothing.
We keep on asking advice from banking advisers, who make us feel nervous when they audit our economic status. Then we follow their advice and as a bonus – have to pay again! We make handshakes and thank them for absolutely nothing.
According to the EU Commission, the banking industry is the worst when it comes to consumer friendliness.
BANK EMPLOYEES AS SALESMEN
In a debate article at Dagens Nyheter Debate (Swedish Daily Paper) the spokesman for Swedish Consumers, Jan Bertoft, describes how consumers are actually fooled by bank officials. They sound like advisers but they are in fact forcing customers to products that are expensive for them, but profitable for the bank.
In this individualized time the demands of consumers are growing. Often, they have to make financial decisions and therefore turn to the bank which gives them a wrong level of risk, but against fat fees.
Other countries strengthens consumer protection. Norway, UK and the Netherlands for example, have prohibited commissions to be paid to advisers who sell financial products. In the UK, a negligent advice may cause major damages.
In Sweden, however, nothing happens. There, consumer protection is buried in various investigations and consumers are left to their fate. The banks are so big and rich that they long ago lost contact with ordinary people.
RESULTS IN BILLION CLASS
Recently, major banks left their interim reports and here we are talking about results in the billions. SEB was first, reported 5.3 billions in operating profit. Then came Nordea with 8.4 billions and Handelsbanken with 5.07 billions. We are awaiting Swedbank and more billions.
But bank representatives are muttering and complaining about bank crisis, bank taxes and bank customers doing insufficient repay. They act sour but they can’t laugh all the way to the bank – they are already there.
While the rest of us have to be satisfied with nothing.
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