"A BANK YOU CAN BANK ON".....
UNLESS YOU HAPPEN TO BE ONE OF OUR EMPLOYEES
The Stump is a big believer in the Free Market System (it’s not perfect but sheds better than anything else so far) but is not so naive to believe that big companies are not inherently bastards and ethically only as good as the people you hire to run them.
One thing that really gets on the Stumps goat, is when companies put their hands out for government (read taxpayer) assistance then turn around and screw the taxpayer but off-shoring jobs. Listen, you bastards you lost that right to off shore jobs the moment you stuck your greedy little noses in the Tax payer trough.
The latest piece company from Bastards Inc, is WESTPAC Bank. Westpac after shafting the consumer for years with Ned Kelly fees and charges in a government protected market (not to mention an unlimited government guarantee on deposits) has the nerve to outsource Australian jobs to India in an act of sheer greed.
A government with balls would withdraw the deposit guarantee, call the big four banks onto the carpet and advise “here’s the deal, you want government special treatment, youse blokes start playing the game or as of next week it’s a deregulated market, to any overseas bank who want to play by the rules.
As I said a government with balls.....not Tinker bell KRudd and his team of loony tunes.
7 comments:
On the bank guarantees, ANZ Panin recently told me that their 200 000 USD guarantee/per bank customer (as for other banks in Indonesia) only applies to deposits which are at interest rate terms equal to or below the LPS rate for rupiah and USD. They could not give me such a rate for AUD. They went on to state that deposits gaining more than the LPS rate (now 7.25% for the rupiah) have absolutely no guarantee.
Now I would have thought this knowledge would be widespread. Does the stump know about this?
Resubmit with corrections for comment:
Sadly those who reportedly came to Jimmy Castle's regular Friday breakfasts must have thought someone knew something about how this place works. I get the impression you are underestimating the level of your knowledge of how contracts of work or sale etc operate here.
I also get the impression Indonesia never wants to do anything in a real hurry - even growing up/bigger. Sedang aja.
That's not been such a bad thing from the perspective of the last few years.
What you should be aware of is the Government Deposit Guarantee is not FREE. It costs any bank that wants to do it 70 basis points. And I am pretty sure that it is compulsory. It's not Free and it is making the government money.
Scrump...Dunno about ANZ Panin but it would be fair to say the Indonesian Banks are not as customer friendly as they could be. The Stump uses Indonesian Banks purely as transactional vehicles, the Stump has not developed a level of trust to do more as yet.
Underestimating my level of knowledge.. Thanks but hardly...just a boy from the Bush in a state of perpertual confusion with brief moments of lucidity and a passion of poor perfoming football clubs.
"That's not been such a bad thing from the perspective of the last few year"
Interesting point but whats your defination of "Indonesia"...Java, Jakarta, Provinces, Middle Class, the guy in the Village?
"What you should be aware of is the Government Deposit Guarantee is not FREE. It costs any bank that wants to do it 70 basis points. And I am pretty sure that it is compulsory. It's not Free and it is making the government money."
Thanks for commenting Mr Westpac..
It costs the banks..for about a nanosecond..until they pass the charges directly on in a protected market. Yes it makes money for the government and at the Governments risk and unvalued at that (Try getting insurance for the same in the open market). Don't get me wrong, the government should do such a thing (but it was poorly managed, just ask fund managers). None of the above changes the fact, it's lousy to off shore jobs particularly in the current climate when you are government protected species.
Yeah, like it costs the bank 35 bucks to notify you that you have not paid your credit card on time!
There was an article on bank charges recently (probably The Daily Telegraph here in Sydney - the old fella gets it delivered) about how customers are getting speared by the banks and do not even realize it.
The credit card one from above apparently is a real cost to the bank of about 2 bucks. Do the math, these banks are not suffering in the fees department.
Hi Rob,
Yup, they do alright indeed..$65USD International Transfer Fee indeed..its bloody electronic for Fks sake.
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