Thomas Jefferson was right; banking establisments are indeed more dangerous than standing armies.
Well, the only good thing I would ever liked about banks is their money-lending facility, which without it, I couldn’t have afford to buy the things I need with cash.
But other than that, I really believe that being a socially responsible corporations, these banks could really have done much more better than bloodsucking the middle-to-lower earning income group (the very same people that needed their service more than anyone else).
The Consumers Association of Penang (CAP) has called on the authorities to put a stop to the excessive banking charges, claiming they have become “a money-making� scheme for banks.
CAP president S.M. Mohamed Idris estimated that banks raked in excess of RM1bil (US$287mil) in 2004 from banking fees and various charges.
He added that some of the fees paid to banks for housing loans were unreasonable.
“For example, it is ridiculous for a bank to charge RM50 (US$14.37) for issuing a confirmation letter to the Employees Provident Fund (EPF) for the borrower to withdraw his savings under the EPF Housing Withdrawal Scheme.
“When a borrower does not receive his or her housing loan statement, certain banks would charge RM20 (US$5.75) for a copy,� said Mohamed Idris at a press conference Friday.
Other charges that he pointed out including the RM200 imposed on a borrower’s request for a reduction in interest rate and the charge imposed to issue a redemption letter (RM20).
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