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Yesterday I went to my bank, Westpac, to deposit a cheque and after that was asked how long I'd been with them; which was 37 years. To my surprise the teller disappeared for a second and came back with a large (think the size of two large McDonalds french fry takeaway containers) box of swiss chocolates.
I was marginally incensed about this. I know it's from different budgets etc and the price of a box of chocolates doesn't equate but I'd rather have the recent interest rate cut passed on to me than them spending my money on a gift. Lowered bank loan rates would be a better gift I think.
Now, on to the second thing - when interest rate CUTS are announced the banks pass only a portion of it to customers (if at all sometimes). But when the interest rates GO UP, they waste no time in passing ALL the rates to us. How do they explain this?
ALL BANKERS ARE WANKERS? Maybe not but they sure make it hard to like them at the moment.
I was marginally incensed about this. I know it's from different budgets etc and the price of a box of chocolates doesn't equate but I'd rather have the recent interest rate cut passed on to me than them spending my money on a gift. Lowered bank loan rates would be a better gift I think.
Now, on to the second thing - when interest rate CUTS are announced the banks pass only a portion of it to customers (if at all sometimes). But when the interest rates GO UP, they waste no time in passing ALL the rates to us. How do they explain this?
ALL BANKERS ARE WANKERS? Maybe not but they sure make it hard to like them at the moment.