Australian Politics Forum - It Is Time To Turn The Tables On The Banks

Frank Gold Member Online Australian Politics Posts: 44288 Gender:	Re: It Is Time To Turn The Tables On The Banks Reply #60 - Feb 14^th, 2023 at 1:10pm I haven't been to a bank branch in the past 10 years except to bank cash takings for a charity. For ourselves, we only do electronic and phone banking.
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Gnads

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Re: It Is Time To Turn The Tables On The Banks
Reply #61 - Feb 14^th, 2023 at 1:44pm

AusGeoff wrote on Feb 14^th, 2023 at 11:10am:

In the past couple of years, we've had four banks close down
in our little town.

The Commonwealth, National, ANZ, and Westpac.

The Commonwealth was privatised by the Labor government
in 1996, which should never have been allowed to happen.
I'd say APRA should've forced the Commonwealth to remain
open and not close any/all branches under its licensing terms.
Surely this could be instituted under APRA's supervision of
Australian ADIs (authorised deposit-taking institutions)?

The Australian Transaction Reports and Analysis Centre (AUSTRAC)
launched civil proceedings in 2017 in the Federal Court of Australia,
alleging that CBA had breached money laundering and terrorism
financing laws on 53,700 occasions between 2012 and 2015.

How is it that the "peoples" bank, the CBA, which was under direct
government ownership and control for 100 years can now be in
the hands of money-grubbing shareholders? How did we ever let
Keating get away with this back in the day?

No wonder its branches are being closed. Angry

That's why I prickle when Labor stalwarts call Keating "one of the true believers"....

he never was & never will be....

his only claim to fame was his acid tongue & sarcastic put downs.

He & Peter Costello were on a par ... both slimey, smarmy bastards.

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Sophia

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Re: It Is Time To Turn The Tables On The Banks
Reply #62 - Feb 14^th, 2023 at 2:35pm

Gnads wrote on Feb 14^th, 2023 at 1:44pm:

AusGeoff wrote on Feb 14^th, 2023 at 11:10am:

In the past couple of years, we've had four banks close down
in our little town.

The Commonwealth, National, ANZ, and Westpac.

The Commonwealth was privatised by the Labor government
in 1996, which should never have been allowed to happen.
I'd say APRA should've forced the Commonwealth to remain
open and not close any/all branches under its licensing terms.
Surely this could be instituted under APRA's supervision of
Australian ADIs (authorised deposit-taking institutions)?

The Australian Transaction Reports and Analysis Centre (AUSTRAC)
launched civil proceedings in 2017 in the Federal Court of Australia,
alleging that CBA had breached money laundering and terrorism
financing laws on 53,700 occasions between 2012 and 2015.

How is it that the "peoples" bank, the CBA, which was under direct
government ownership and control for 100 years can now be in
the hands of money-grubbing shareholders? How did we ever let
Keating get away with this back in the day?

No wonder its branches are being closed. Angry

That's why I prickle when Labor stalwarts call Keating "one of the true believers"....

he never was & never will be....

his only claim to fame was his acid tongue & sarcastic put downs.

He & Peter Costello were on a par ... both slimey, smarmy bastards.

Yeah … my mum used to always refer to him as Paul Cheating Angry

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Baronvonrort

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Re: It Is Time To Turn The Tables On The Banks
Reply #63 - Feb 14^th, 2023 at 3:56pm

John Smith wrote on Feb 14^th, 2023 at 9:46am:

Gnads wrote on Feb 14^th, 2023 at 9:36am:

freediver wrote on Feb 14^th, 2023 at 6:26am:

I hate getting cheques. Anyone who gives you cheques these days is gambling on you not bothering to cash it.

issuevoter wrote on Feb 13^th, 2023 at 10:27am:

Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.

It did stimulate the economy. We would have had a pretty bad recession if they hadn't.

Gnads wrote on Feb 13^th, 2023 at 9:25am:

freediver wrote on Feb 12^th, 2023 at 9:39am:

Why don't the unions provide the service WK? There are plenty of financial institutions run by unions these days. That would make more sense than crying about a private company not being a charity.

To be fair, the union bosses would probably prefer to pocket the money than lose it on providing services to regional areas.

Since when has providing banking services ever been a charity?

Since people expected to get the service without paying the real cost.

Yeah? what's the real cost?

Banks have rationalised thousands of staff, shut down branches nationally & turned into target focused on-sellers of services..... many that people can't afford.

So instead of being minders & users/investors of peoples money for a small return .....

they are charging people to use their own money.

The problem with the banks argument (and FD's) is that it's not about making a profit. Banks already make a very good profit with the branches operating ... it's all about INCREASING profits.

Four to five billion dollars a year profit isn't enough Roll Eyes

The Banks have to pay tax on these profits.

Many super funds have bank shares.

Can't remember the last time i needed to go into a bank. Coles and Woolies let you take cash out if there are no ATMs around.

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John Smith

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Re: It Is Time To Turn The Tables On The Banks
Reply #64 - Feb 14^th, 2023 at 6:14pm

[quote author=Baronvonrort link=1676147445/63#63 date=1676354219][quote author=John_Smith link=1676147445/58#58 date=1676331969][quote author=Gnads link=1676147445/57#57 date=1676331414][quote author=freediver link=1676147445/51#51 date=1676319996]I hate getting cheques. Anyone who gives you cheques these days is gambling on you not bothering to cash it.

[quote author=dinosaurD link=1676147445/30#30 date=1676248033][size=12]Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.[/size][/quote]

It did stimulate the economy. We would have had a pretty bad recession if they hadn't.

[quote author=Gnads link=1676147445/26#26 date=1676244342][quote author=freediver link=1676147445/2#2 date=1676158769]Why don't the unions provide the service WK? There are plenty of financial institutions run by unions these days. That would make more sense than crying about a private company not being a charity.

To be fair, the union bosses would probably prefer to pocket the money than lose it on providing services to regional areas.[/quote]

Since when has providing banking services ever been a charity?[/quote]

Since people expected to get the service without paying the real cost.
[/quote]

Yeah? what's the real cost?

Banks have rationalised thousands of staff, shut down branches nationally & turned into target focused on-sellers of services..... many that people can't afford.

So instead of being minders & users/investors of peoples money for a small return .....

they are charging people to use their own money.[/quote]

The problem with the banks argument (and FD's) is that it's not about making a profit. Banks already make a very good profit with the branches operating ... it's all about INCREASING profits.

Four to five billion dollars a year profit isn't enough ::)[/quote]

The Banks have to pay tax on these profits.

Many super funds have bank shares.

Can't remember the last time i needed to go into a bank. Coles and Woolies let you take cash out if there are no ATMs around.
[/quote]

And? Every business pays tax on profits. How is that even relevant?

And good for you that you're able to avoid banks. There are millions of older people however who do need to go to a bank. I have a customer who because of her age and health is unable to remember any passwords or numbers. The local bank staff all know her and off her health conditions so they have an arrangement in place so she can still access her pension . Close the branch and she'll have zero options.

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freediver

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Re: It Is Time To Turn The Tables On The Banks
Reply #65 - Feb 14^th, 2023 at 6:56pm

Captain Caveman wrote on Feb 14^th, 2023 at 7:19am:

I'd give up the bank tomorrow if I could still get my pay in those yellow envelopes.
I heard you can still request to be played in cash.
Much preferable to me than some greazy banker promising the world while stripping the universe from around it.
I hate banks, and the slime balls that run them.

You can request anything. You are only limited by your imagination.

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freediver

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Re: It Is Time To Turn The Tables On The Banks
Reply #66 - Feb 14^th, 2023 at 6:58pm

Gnads wrote on Feb 14^th, 2023 at 9:36am:

freediver wrote on Feb 14^th, 2023 at 6:26am:

I hate getting cheques. Anyone who gives you cheques these days is gambling on you not bothering to cash it.

issuevoter wrote on Feb 13^th, 2023 at 10:27am:

Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.

It did stimulate the economy. We would have had a pretty bad recession if they hadn't.

Gnads wrote on Feb 13^th, 2023 at 9:25am:

freediver wrote on Feb 12^th, 2023 at 9:39am:

Why don't the unions provide the service WK? There are plenty of financial institutions run by unions these days. That would make more sense than crying about a private company not being a charity.

To be fair, the union bosses would probably prefer to pocket the money than lose it on providing services to regional areas.

Since when has providing banking services ever been a charity?

Since people expected to get the service without paying the real cost.

Yeah? what's the real cost?

Banks have rationalised thousands of staff, shut down branches nationally & turned into target focused on-sellers of services..... many that people can't afford.

So instead of being minders & users/investors of peoples money for a small return .....

they are charging people to use their own money.

Think about it. Rent on a fancy building in the main street. Salaries for half a dozen employees. Times 4 banks if you want to be really demanding.

Where do you think all that money is going to come from in a small town? Do you think small towns are actually worse off for not paying for that service?

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Lisa Jones

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Re: It Is Time To Turn The Tables On The Banks
Reply #67 - Feb 14^th, 2023 at 7:45pm

Gnads wrote on Feb 14^th, 2023 at 9:32am:

issuevoter wrote on Feb 13^th, 2023 at 10:30pm:

Lisa Jones wrote on Feb 13^th, 2023 at 12:07pm:

issuevoter wrote on Feb 13^th, 2023 at 10:27am:

Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.

We kind of are turning the tables on our banks.

How? Our borrowings are locked in at 2% for a further 3 years.

Our savings are locked in at 5%.

It’s all about careful timing. And luck.

Who's giving you 5%?

2.5 to 3% tops for term deposits.

Rubbish! Look harder!

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If I let myself be bought then I am no longer free.

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Lisa Jones

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Re: It Is Time To Turn The Tables On The Banks
Reply #68 - Feb 14^th, 2023 at 7:47pm

Frank wrote on Feb 14^th, 2023 at 1:10pm:

I haven't been to a bank branch in the past 10 years except to bank cash takings for a charity.
For ourselves, we only do electronic and phone banking.

Internet banking is so much easier IMO. It takes a few minutes to check your balances, move money around, open new accounts and pay bills etc.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Sophia

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Re: It Is Time To Turn The Tables On The Banks
Reply #69 - Feb 15^th, 2023 at 12:00am

[quote]John_Smith
And good for you that you're able to avoid banks. There are millions of older people however who do need to go to a bank. I have a customer who because of her age and health is unable to remember any passwords or numbers. The local bank staff all know her and off her health conditions so they have an arrangement in place so she can still access her pension . Close the branch and she'll have zero options[/quote]

I agree and I'm very sympathetic as I see this happening particularly in my area with older farmers here…
To move on too quickly with technology in a 100% way while much older generations are still amongst us…puts a lot of pressure on them to have family or friends to rely on for help. It makes them lose their independence as they have survived war only to feel helpless in these “enlightened times” ?
Many don’t even have mobile phones. It’s only in the last 5 years we weaned my bro on law off landline onto mobile. That’s as much tech he can handle.
There has to be a safety net for the tech unsavvy.

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Gnads

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Re: It Is Time To Turn The Tables On The Banks
Reply #70 - Feb 15^th, 2023 at 8:35am

Baronvonrort wrote on Feb 14^th, 2023 at 3:56pm:

John Smith wrote on Feb 14^th, 2023 at 9:46am:

Gnads wrote on Feb 14^th, 2023 at 9:36am:

freediver wrote on Feb 14^th, 2023 at 6:26am:

I hate getting cheques. Anyone who gives you cheques these days is gambling on you not bothering to cash it.

issuevoter wrote on Feb 13^th, 2023 at 10:27am:

Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.

It did stimulate the economy. We would have had a pretty bad recession if they hadn't.

Gnads wrote on Feb 13^th, 2023 at 9:25am:

freediver wrote on Feb 12^th, 2023 at 9:39am:

Why don't the unions provide the service WK? There are plenty of financial institutions run by unions these days. That would make more sense than crying about a private company not being a charity.

To be fair, the union bosses would probably prefer to pocket the money than lose it on providing services to regional areas.

Since when has providing banking services ever been a charity?

Since people expected to get the service without paying the real cost.

Yeah? what's the real cost?

Banks have rationalised thousands of staff, shut down branches nationally & turned into target focused on-sellers of services..... many that people can't afford.

So instead of being minders & users/investors of peoples money for a small return .....

they are charging people to use their own money.

The problem with the banks argument (and FD's) is that it's not about making a profit. Banks already make a very good profit with the branches operating ... it's all about INCREASING profits.

Four to five billion dollars a year profit isn't enough Roll Eyes

The Banks have to pay tax on these profits.

Many super funds have bank shares.

Can't remember the last time i needed to go into a bank. Coles and Woolies let you take cash out if there are no ATMs around.

Not all the time.

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Gnads

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Re: It Is Time To Turn The Tables On The Banks
Reply #71 - Feb 15^th, 2023 at 9:23am

Lisa Jones wrote on Feb 14^th, 2023 at 7:45pm:

Gnads wrote on Feb 14^th, 2023 at 9:32am:

issuevoter wrote on Feb 13^th, 2023 at 10:30pm:

Lisa Jones wrote on Feb 13^th, 2023 at 12:07pm:

issuevoter wrote on Feb 13^th, 2023 at 10:27am:

Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.

We kind of are turning the tables on our banks.

How? Our borrowings are locked in at 2% for a further 3 years.

Our savings are locked in at 5%.

It’s all about careful timing. And luck.

Who's giving you 5%?

2.5 to 3% tops for term deposits.

Rubbish! Look harder!

Ok smart arse - 0.05% to 4.65% across 106 banks, credit unions & building societies.

4.65% is for 2 years minimum. Many have very high minimum amounts.

Some are $1million minimum.

So my 2.5% to 3% is a good average of what's available with varying lock in time frames, minimums & maximum amounts.

https://www.finder.com.au/term-deposits?futm_medium=cpc&futm_source=google&futm_...

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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Lisa Jones

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Re: It Is Time To Turn The Tables On The Banks
Reply #72 - Feb 15^th, 2023 at 10:33am

Gnads wrote on Feb 15^th, 2023 at 9:23am:

Lisa Jones wrote on Feb 14^th, 2023 at 7:45pm:

Gnads wrote on Feb 14^th, 2023 at 9:32am:

issuevoter wrote on Feb 13^th, 2023 at 10:30pm:

Lisa Jones wrote on Feb 13^th, 2023 at 12:07pm:

issuevoter wrote on Feb 13^th, 2023 at 10:27am:

Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.

We kind of are turning the tables on our banks.

How? Our borrowings are locked in at 2% for a further 3 years.

Our savings are locked in at 5%.

It’s all about careful timing. And luck.

Who's giving you 5%?

2.5 to 3% tops for term deposits.

Rubbish! Look harder!

Ok smart arse - 0.05% to 4.65% across 106 banks, credit unions & building societies.

4.65% is for 2 years minimum. Many have very high minimum amounts.

Some are $1million minimum.

So my 2.5% to 3% is a good average of what's available with varying lock in time frames, minimums & maximum amounts.

https://www.finder.com.au/term-deposits?futm_medium=cpc&futm_source=google&futm_...

Well unfortunately for you I AM a smart @rse but only when it comes to investing after tax money because I was taught (as I was growing up) by poor hard working European migrant parents and extended family how to invest carefully and wisely in real estate AND in financial banking products/services. My parents arrived essentially as refugees with absolutely nothing but a suitcase of clothes and photos of their homeland. They also carried a heart and mind that was full of hope and gratitude to be able to come to Australia in the mid 1960’s. The fact that the Australian govt PAID for them to come back then was something they never forgot. Because of all this I can honestly say I owe whatever I’ve achieved in life to my European parents (and heritage). And that includes their smarts in making money.

Now let’s get back to you talking utter crap about Term Deposits.

Initially your comment was

👇

Quote:

2.5 to 3% tops for term deposits

After my post (to you) you then came back with this 👇

Quote:

Ok smart arse - 0.05% to 4.65% across 106 banks, credit unions & building societies.

4.65% is for 2 years minimum. Many have very high minimum amounts.

And yet again I can see that YOU are AS INCOMPETENT as ever when it comes to investing money. Don’t worry ... my husband (who is an experienced accountant) is just as incompetent as you. So take heart ...you’re in good company there 😂🤣😆

Now ... in between cooking dinner for tonight and cleaning the kitchen plus hanging out 2 loads of washing I took my iPhone out of my pocket and IT TOOK ME LESS THAN 60 seconds to find a term deposit investment interest rate of 4.8%. With bugger all minimum amount conditions.

Less than 60 seconds!

Moving on....as you know these rates do change but even TODAY you can invest here at 4.8% 👇

https://www.ratecity.com.au/term-deposits/judo-bank/personal-term-deposit?minimu...

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« Last Edit: Feb 15^th, 2023 at 10:41am by Lisa Jones »

If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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John Smith

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Re: It Is Time To Turn The Tables On The Banks
Reply #73 - Feb 15^th, 2023 at 11:36am

Lisa Jones wrote on Feb 15^th, 2023 at 10:33am:

and IT TOOK ME LESS THAN 60 seconds to find a term deposit investment interest rate of 4.8%. With bugger all minimum amount conditions.

but NOTHING AT 5%, which is what you claimed you had your imaginary money locked at

and don't embarrass yourself further by citing 'changing interest rates', rates are now at the highest level since pre-covid times. Any changes have pushed rates UP so 4.8% is the highest rate in years

you really should leave any discussions on economics to your pretend husband, the pretend accountant ... even a pretend accountant knows more than you do
Cheesy

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Our esteemed leader:
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AusGeoff

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Re: It Is Time To Turn The Tables On The Banks
Reply #74 - Feb 15^th, 2023 at 12:08pm

Lisa Jones wrote on Feb 13^th, 2023 at 12:07pm:

We kind of are turning the tables on our banks.

How? Our borrowings are locked in at 2% for a further 3 years.

Our savings are locked in at 5%.

It’s all about careful timing. And luck.

What exactly do you mean by "borrowings"? I'm just wondering
what bank lends money at 2%.

And which bank pays 5% on term deposits? The best I can get
with my bank is 3.35%, although I note that NAB and ANZ pay
4% and 4.1% respectively.

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