Wednesday, April 12, 2017
Credit Suisse: We really don't need your money
I used to Bank with Credit Suisse and pay all those wonderful charges. For example, they used to charge me 960 CHF per year for a Credit Card. Let me translate that: They gave me a Credit Card, but charged me 760GBP or 953 USD per year for the privilege. I know, absolutely crackers.
After refusing me a modest Mortgage I got upset and closed my account.
Recently I went back in to see what they could do for me if I wanted to have an account with them. Are you sitting down?
- You must deposit with us in a Current or Savings account 500,000 CHF or more
- Oh and there is no Interest (to speak of) in either account !
But wait, there is more :-)
- We are going to charge you 40 CHF per month bank charges
- We are going to charge you 5 CHF per month for a bank card
So I still have to pay account charges after giving you half a Million Francs!
I smiled politely and said "You really, really, don't want my money do you"
Commercial and Retail banking is currently in a State of Crisis, and not just in Switzerland. I know from experience also about the UK and the USA. Not just because of Central Bank or Government money 'oversupply'.
SNB spends 68 billion in 2016 Currency Manipulation
But Banking Greed has led to a number of financial scandals over numerous banks, Credit Suisse included.
I would have thought that Banks previously identified with past issues (I choose my words politely) might be more inclined to give honest customers a break. But apparently not. And of course for CS their past mis-deeds are not totally over.
In seems in 2017 there is some more to come
Credit Suisse Evasion 2017
I am insulted not just by Credit Suisse but by many banking Institutions today. However, I single out Credit Suisse as possibly the worst and most insulting bank I've [not] dealt with in the last 6 months.
The facts are that for countries with almost zero or in some case [insanely] negative Central Bank Interest rates, and National Government Policy of flooding the market with 'cheap money' my assets however considerable are totally irrelevant.
Banks are not interested in savers, only borrowers to whom they will charge an Interest Rate far exceeding the cost of their money if they themselves need to cover your loan.
And for Credit Suisse Shareholders, I really feel particularly sorry for anybody who invested 10 years ago: