Enigma Variations

Banking on inertia

November 2nd, 2009

Don’t you just love banks? Not content with blackmailing our governments into bailing them out for their idiocy and incompetence then complaining because they are asked to pay some of it back since we “own” most of their establishments now (and that “own” must be the most meaningless phrase in commercial history) they now add insult to injury.

Like, no doubt, many others, I received a letter telling me one of my banks was changing the name of my account. From a High Interest Current Account to just a Current Account. Have you guessed the reason yet? Yep, got it in one, they’re not going to be paying any interest on it any more. And of course in the alternative “upgraded” version there’s a monthly charge. How stupid do they think we are?

Sadly there will be plenty of people who will bin the letters as being just another one of those endless streams of mind-numbing conditions documents that require three years free time, a masters degree in legal obfuscation, and a microscope to decipher.

Me, I’ll be finding a new home for my current account money, and probably for my savings and isas as well, since they’ve also had their interest rates cut to microdecimals – so much so that the tax benefits have almost dissappeared. Pity I didn’t buy gold a few months ago, I’d be well in now.

Entry Filed under: Personal