If you have £5 million quid or £10 million, depending on what the regulator says is acceptable, been to the right school and have parents of some standing you could probably open a bank. As said by a banking expert Dave has sought advice from.
And in one short sentence it is confirmed that banking is a club, a club for those and such as those who are granted permission to provide little in the way of services whilst charging extortionate amounts of money for every little excuse they can come up with and then some.
Dave wants to set up a bank so he can lend money to local people and local business people from deposits which are also provided by local people and by local business people. He’s opened up a bank which is small but economical to run and he is intending to pay interest on deposits of 5% which is slightly higher than the 0.00000000015% currently on offer from the banks which are too big to be allowed to fail apparently, accoprdung to those that know about such things or just say to keep the populations happy.
He is doing this to try to help the area and to try to help get it’s economy moving again. On the wall of his branch he has a clock showing the time in New York and another showing the time in Burnley. He is not without humour either.
Everyone who watched the programme last night wants to move their account to Daves Bank. It would be fabulous to do that. Wonderful.
He could also introduce instant clearance. By that I mean you pay a cheque or cash in and it’s in your account. No hanging onto it for FOUR days Mr Santander, before it is spendable! Forty years ago it was three days but technology was better back then!!!!! The banks take your money and use it for their benefit and then give you it back when it suits them.
The banks charge if you go overdrawn or over your limit. Sometimes they make you go over your limit by applying a charge and then applying more charges because you are further overdrawn. The charges bare no relationship to the costs. Wasn’t it convenient that the OFT court case was thrown out? Only if you were a banker. It would have cost them billions in lost revenues. Well excuse me, they are costing millions of people a lot of money that they could be using for much more productive things.
The banks owe the taxpayers billions. We owe them nothing. We want our money back right now. We do not want any further amounts of money given to banks under the “quantative easing” scam or for any other reason. If more money is required to be put into the economy, give some to every household in the country. That would ease hardship and help the economy because it would either get spent or saved.
Local banks for local people! It has quite a familiar ring to it. I wonder where I’ve heard that before?
I wonder what next week will bring?