{"id":49594,"date":"2014-04-09T21:53:30","date_gmt":"2014-04-10T01:53:30","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=49594"},"modified":"2014-04-09T21:53:30","modified_gmt":"2014-04-10T01:53:30","slug":"how-technology-companies-are-taking-customers-from-deceptive-banks","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2014\/04\/09\/how-technology-companies-are-taking-customers-from-deceptive-banks\/","title":{"rendered":"How Technology Companies Are Taking Customers From Deceptive Banks"},"content":{"rendered":"

By MoneyMorning.com.au<\/u><\/a><\/p>\n

The US stock markets closed just a few hours ago. The Dow, NASDAQ and S&P 500 were all up over 1% each. The NASDAQ alone was up 1.72%…a good day for technology stocks<\/strong><\/a>. This is off the back of the minutes from the US Federal Reserve’s last meeting easing concerns of future interest rate hikes.<\/p>\n

Bloomberg reported that, ‘Several Fed policy makers said a rise in their median projection for the main interest rate exaggerated the likely speed of tightening, according to minutes of their March 18-19 meeting released today.<\/em>’ <\/p>\n

Around the world the Nikkei had a harder time of it, down 2.10%, and markets across Europe were subdued with nothing more than a few minor shifts upward. The FTSE performed the best of Europe with an upward movement of 0.68%<\/p>\n

Back home on the ASX the All Ords moved up about a percent yesterday although Financials ex-AREITS lagged the overall market at around 0.7% in the black.<\/p>\n

Speaking of financials, I’ve come to the conclusion that banks<\/strong> as we’ve known them over the last few decades have come to rely on an increasing array of obscure and potentially deceptive business practices in order to make ever great profits.<\/p>\n

In fact today, I’d like to show you a story that proves just how far banks are willing to go keep generating fees and charges off your accounts, even when you don’t have an account anymore!. And what I’m about to explain to you is evidence that banks as you know it are a dying breed. <\/p>\n

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They’ve screwed us all too often for too long<\/strong><\/h2>\n<\/p>\n

If you ask the average man in the street, he’d probably agree with the general sentiment that with all their fees and charges, banks manage to make fat profits from their customers. At the very least, they make life harder and more complicated than it needs to be, and soon enough they’ll strangle themselves to death.<\/p>\n

And in the wake of their failures, innovative smart financial technology companies<\/a> will swoop in to take all their customers and profits. And I’ll even tell you which ones are primed to beat the banks and change the way we manage our money.<\/p>\n

Now someone I know recently reduced two accounts with a Victorian-based bank to $0. One of those accounts was a normal everyday, savings and transaction account. The other was a credit card account with the same bank. This account balance was also $0.<\/p>\n

Over the next couple of months both accounts had fees and charges debited from the account, subsequently putting them both into debit. The bank demanded payment for these fees, ultimately threatening to call in debt collectors.<\/p>\n

Now here’s where it gets interesting. A sternly worded email to the bank went to the complaints department. This led to them wiping the ridiculous fees and closing both accounts. Well that was the idea… <\/p>\n

And of course they said they would do it as a ‘gesture of good will<\/em>’. Please. A gesture of good will would be not squeezing your customers to start with.<\/p>\n

Yes one account was shut down, the credit card. However the savings account is still open. Further to this, and this is beyond belief, a brand new account has been opened in the person’s name.<\/p>\n

Now let me make one clear point here. At no time whatsoever was authorization or approval given in any form to open this account.<\/p>\n

So a new account, without consent or approval. In my book, that’s not right.<\/p>\n

So there’s a few issues with all of this that clearly shows how archaic and backwards banks are.<\/p>\n