In recent weeks we have heard a lot from overpaid bankers justifying their obscene profits. I've just experienced a small example of the mentality that allows them to produce such figures.
The small company I'm involved with switched to on-line banking with the Bank of Scotland because they offered an account with minimal charges as long as we mainly handled our transactions on line. It made sense from their point of view because they don't have to provide us with a branch and all that entails, and modern technology takes care of virtually all the work. (Even to the extent that they were powerless to stop their computer sending out three different statements in three different envelopes with three lots of postage!)
It was much better from our point of view because it slashed our charges compared to our former banker, Barclays, and even though it is still a mystery why it takes as long to clear a cheque electronically as it used to by post, we were happy.
But with only a few billion in profit, the Bank of Scotland needed to make a change. In our case it has resulted in our charges going up by 595% (yes that's five hundred and ninety five percent). And what have they offered in return? A big fat nothing.
The actual sums are not big but the arrogant way in which they have changed the rules in order just to boost already massive profits encapsulates for me what is wrong with so much of modern capitalism.
Saltaire Sam
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