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August 22, 2012

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Magic bubble

The great problem with "free" banking is that no one values a free service. Look at the National Health Service and all the whining that goes on about it.

Forever the Banks have allowed product cross subsidization not only with each the customer and their services, but across types of customer, so that business and personal profitability differs substantially. When the veil is lifted, the ensuing confusion is massive since everyone who has been receiving a "free" service feels hard done by. Look to the "M" generation, today's 18 to 31 year olds who expect to receive everything for free, including digital music, software downloads, games, apps and the kitchen sink and wonder who is right.

As bank profitability erodes further and as the great Chinese revolution continues to grow, consider that the Chinese are also no great respecter of copyright and yet without profit, where is the buffer to give the confidence that your bank will not go bust shortly and regulators can become even more skittish than they are today.

So yes, apart from fresh air, there is precious little left today that is free, so breathe deeply and enjoy before government tax that too!!

Christopher David  Chairman the WDA /ADC

Banking isn't free. The NHS isn't free unless your a free loader. So that's the comments above shot down. Banks are taking the mick. We need banks with the FS systems we have in the world. It only Governments were efficient instead of being the time wasting, money wasting inefficient org's they are the we would have a real case for nationalisation. Nat West for example sold two of my business accounts whilst I was abroad after moving them from Wales to Scotland. Nether time was I asked or gave permissions. Then made me re-open new accounts messing the whole thing up and rendering me effectively bank-less. Now they are going to get a bill, which they won't pay,

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