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Whom do we trust? Certainly not the Banks

Posted by on in BANKSTERS
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Dear Members

As a follow up to my "wall of shame" blog I wish to raise a dilema. If after a Royal Commission we are reinstated or compensated to our original financial position before being victims of Australia"s own sub prime scandal, If our homes are restored and all debts paid out, what do you do with the surplus? Modern living dictates we need money in reserve because every day cost of living is increasing.

Out of principle can we deposit our money in the banks, no not the majors maybe a building society is a better option. What my point is after being burnt so bad who do we trust? With the government wanting people to manage their own super and with the prospect of a large number of self funded retiree's the sharks are circling out there. God knows what the banks and financial institutions are engineering as their next big thing. Have the lawyers been called in to scrutinise any new scams. What is the latest greed is good product doing the rounds in the U.S that will be Australia bound?

I don't want to sound like a pessimist but when it comes to money who do you trust, If your got any everyone wants a slice. Elderly people I know are so worried about putting money in the banks, partly due to Centrelink making life hard for them and because they're afraid the government will raid their nest egg. There is no trust in the financial sector and this has been brought on by the sector itself trying to make a quick buck rather than planning long term. Its getting back to burying jam tins in the backyard again although with my memory that could be dangerous. Thanks Neil T.

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  • doyla66
    doyla66 Monday, 15 July 2013

    If we put it in the bank they make money on it, and after what they've done to us they can get nicked.

  • doyla66
    doyla66 Monday, 15 July 2013

    I'm very short on trust too, Neil. Your thoughts have been mine as well.
    These are some of the ideas I've looked at ... really unsure what's best ...
    Have you looked at a local credit union in the meantime?
    The low rate of interest in banks is unattractive for depositors. The ROI is less than the CPI, unless you shop around.
    Banks, in theory, are just for "safe keeping" ... well they used to be...
    Jam tins in the back yard ... I looked into it and apparently burying valuables so they can't be detected by a metal detector is the objective. There are internet sites that discuss the pros and cons of different methods.
    My grandfather advocated putting the money under the mattress, not in the banks, for exactly the same reasons that you've listed, Neil.
    Crimsafe mesh on all windows and doors, plus alarms, locks, back to mobile/security monitoring, rarely leave home unattended, timer switches on lights, radio, good neighbourhood watch community ... all possibilities where security is the issue ...
    Buy something that won't significantly depreciate in value which has good saleability if needed e.g. collectors items, antiques from reputable dealer ...
    Alternately some structures/taxable entities can get you around the personal savings/investment account issues - accountants must have other ideas with everyone wondering what's going to happen.
    Some overseas banks have internet/keycard accounts which allow you to draw out cash here for personal use. NZ doesn't work anymore, as I understand it, and that possibly applies to all Asia Pacific countries.
    Note to self ... lol: where do the Banks and other corporates including Telstra stash their money overseas?

  • doyla66
    doyla66 Monday, 15 July 2013

    Your memory must be like mine Neil. I often put something in a safe place only to forget where i put it.
    My partner is a sugarholic so i decided to hide the sugar bowl and still can't find it several months later lol.
    Banks have proven that they can't be trusted so by putting our money with them, we are helping them make more money.
    Why help those who have treated victims of bank crime like they are worthless, trampled all over them, made them seriously ill with stress, taken their last dollar, thrown them out onto the street without an ounce of remorse or the tiniest speck of decency in their veins so why do we keep putting our money where it only benefits them not us - something to think about.

  • doyla66
    doyla66 Monday, 15 July 2013

    An old fashioned community bank where the depositors are the shareholders just to look after deposits not to invest in high risk ventures overseas. A bank where staff live and are part of the local area and earn a decent wage not a commission or incentive based one. Just plain old simple values, I live in hope

  • doyla66
    doyla66 Monday, 15 July 2013

    I will definately be looking at Credit Unions in the future. Agree Lisa, make it hard for burglars by having a totally secure home. Burglars choose which home to raid. If it's too hard to get into they will move on to an easier one.

  • doyla66
    doyla66 Tuesday, 16 July 2013

    Old Style Banking Required

    When my grandparents helped to establish the COMMONWEALTH BANK (THE PEOPLES OWN BANK) there was honesty and integrity as it was owned by the people for the people. Once the Americanised style of BANKING became our style of banking EG; Floated sharemarket/shareholder style BANKING thats when it all turned sour. Lets face facts profits will always drive sales and sales driven for profit only without care or customer backup will always lead to corruption because one link in the chain will want a quick buck or bigger piece of the pie. Look at how AMERICAN BANKS set up small agents on every street corner to sell HOME LOANS no care taken to check affordability and it created (THEIR SUBPRIME LENDING CRISIS). Starts to ring some alarm bell doesnt it, we AUSSIES used to go to our BANK MANAGER and discuss getting a HOME LOAN all of a sudden we were being pushed off to a BROKER and he organised it with the BANK on our behalf. The extra link in the chain that is where the slight of hand takes place if not policed properly there is temptation to just manipulate things to get the sale over the line. NOT THE BANKS FAULT or so they keep telling us but by the Broker Model being used we set up our own SUBPRIME LENDING CRISIS and we were all unaware it was taking place until it was way too late. We need to as a nation break down the current banking system and return to the system we trusted where the banks were owned by the people that deposited their earnings into the bank and the bank invested that wisely to get their returns. Pie in the sky I know but it worked.

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