If there is one sector of the business community in dire need of reform it is the banking and financial sector. In developed countries like Canada and the United States there is serious bank legislation that effectively prevents collusion and and absolute control of an individual's finances. For example, if money is sent to you from abroad very often the bank will charge you the same amount as it cost the person who sent it. Why? What cost has the bank actually incurred for receiving YOUR money? Answer: none! But it is a nice way to make an extra buck, isn't it? Do you know that if the banks did what they are doing down here in, say, Canada, that the directors would all go to jail? But, dream on! That ain't gonna happen here.
Again, if you have a mortgage which you have paid off in full, the bank has to execute a release of that mortgage which has to be registered. Now, tell me, in whose interest is it to have this release done? Yours, right? but if you get your lawyer to prepare the release the bank will send it to THEIR lawyer for approval. And YOU have to pay their lawyer for this service. Why? Why should the bank care if your lawyer made a mistake on the title to your land? They've got back all of their money with interest! So if they want to hire a lawyer for that, shouldn't that be for their account?
These are just two examples of how the general public is being ripped off every day by these greedy dogs. But the list goes on and on. Why was it so very easy for my son in University in Canada to open a bank account there before he started attending the school but down here you have to jump through hoops in order to open an account? Why do we have to provide all kinds of personal information when we want to do some business through a bank down here? And don't tell me that its because of the Financial Institutions Act (FIA). Other countries have the equivalent legislation but they don't make it difficult for the general public. So? Why? Why are the lines so long at the bank? They don't exist in the big countries.
A local government election is coming up next month. But neither of the two main political parties are putting forward any proposals to make life better and easier for the people. Instead, it is clear that money talks. Bank profits have gone up in this guava season but not one politician has asked why! Why haven't the politicians tackled this? Isn't the only reason for government is to make life better for all of us? Who is going to make our lives better? What EXACTLY are they promising? and yet, we continue to vote for them and the banks continue to rip us off secure in the knowledge that neither side will interfere with their conduct which is downright criminal.
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