More Cash For Bank Chiefs Despite Failures – What To Know!!

After their bail out of the British Banking system last week, the Government of the UK has moved to cap the salaries and bonuses of British banking executives. The various bank boards seem to have agreed in principal to the deal. I for one applaud the UK Governments action, as the blame for the banking turmoil lays primarily with the greedy cows at the top of the banking food chain. They should not be rewarded for failing their shareholders and Joe tax payer.

Down here in Australia, the big four banks, namely Westpac, NAB, Commonwealth Bank and ANZ have played their typical arrogant role by refusing to rule out paying their executives higher bonuses or incentives this year, despite their failure to provide better customer service, shareholder profits and share value. Last year the big four paid their chiefs in excess of $20 million. Given the Banks have not passed on the entire official interest rate drop, and their share price’s in the main, are in the toilet, refusing to limit their excessive pay demands is typical. Do they deserve our loyalty? I say no. Give the alternative lenders a go next time you talk to your mortgage broker or are thinking home loan refinance or property purchase.

Title Loans Florida will provide the best services to the people for the purchase of the car. There are different loans available for various model of the car. You can learn about the best services for the buying of the car. The purchasing of the car is become simple and easy.

Where you have your mortgage borrowings does not really matter beyond your interest rate and fee structure. Being with one of the major banks is no benefit. In fact it can cost you thousands. Banks make big profits and with their focus on profits and not on customer satisfaction make huge errors, usually in their favour.

The following extract from one of my previous blogs is very pertinent when thinking about how loyal you should be to your bank:

A major Australian bank was recently cited for errors of this nature to the tune of $2,646,326.06. that’s 2.6 million dollars. It was calculated that at the date of judgement, they had made interest overcharges to a number of bank customers to the tune of $2,646,326.06 – yes, you read it correctly – in excess of 2.6 million dollars!! It was found that these overcharges arose principally as a result of the Bank’s use of an illegal formula to calculate accrued interest, and on systematic computer errors. With reference to the Bank’s management of its computers systems, the Commercial Tribunal of NSW made the following observations:

“The range of errors attributable to deficiencies in the Bank’s computer systems in these proceedings attest to a most serious failure by the Bank to properly program the systems and/or adequately check their functions once programmed”.

A recent survey of over 200 bank statements from 18 different lenders found that over 54% of loan statements contained errors. Not surprisingly the vast majority of these errors favoured the lenders.