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 ?? 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.

??or 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.

??hen 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?? request for a reduction in interest rate and the charge imposed to issue a redemption letter (RM20).

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