Sir, - is there a burgeoning groundswell of dissatisfaction with banks? A recent plethora of newspaper articles and radio commentaries in this country and in the UK would suggest so. Reading and listening, I find myself in total agreement with criticism of charges, double-charges, unavailability of information, charges for self-service, hidden charges, bookkeeping errors, excuses couched in gobbledygook.
For instance, I am convinced that most people have no idea what a mortgage costs. Consider the following:
Case A: £3,5,00 borrowed 30 years ago. Paid £22,000. Owes £2,500.
Case B: £32,000 borrowed 10
years ago. Paid £42,000. Owes £31,000.
One is told that early payments go to cover costs and interest and that the principal only reduces in the last few years. What this means, in effect, is that if you are totally dissatisfied with your bank you can't just move your business elsewhere as you would do normally. There is no way out ... you'd just be back at the bottom of the hill with the next crowd.
From the examples given, it's easy to understand why my bank's profits amount to more than £1 million a day. Why do Finance Ministers ignore this source of income? Put another way: the Constitution adjures the Government to look after the needs of the people. Is the provision of a house not a need? - Yours, etc.,
Old Conna Village,
Bray,
Co Wicklow.