Royal Bank makes $1.18B in Q3


Gonzo
#1
You think that they'd give us a break on service charges do you? The money they get is from the redicules service charges for the honour of us taking money out of our accounts, and the priviledge of them letting us put money into their bank. The government should audit them and see if they stole money from their customers. A few times I caught them charging me 5 or 10 cents for nothing. They give it back but how much do they get from people who dont notice? Probably millions.
 
Said1
#2
Oh, oh, speaking of banks!!!
[RANTON]
II have overdraft protection to prevent checks from bouncing. I can also dip into it once inawhile when Im low on cash, which was the case last month. To my knowledge, I didn't go over my limit, but the bank still bounced a $40.00 check (actually, it's a monthly automatic withdrawl), then, proceeded to help themselves to $35 dollars. You know, for the nsf check!! [/RANTOFF]
 
Toro
#3
Good for the banks.
 
Said1
#4
Quote: Originally Posted by Toro

Good for the banks.

HEY!!!!!

Where's my world's smallest violin? I want my violin!!
 
Gonzo
#5
Obviously Toro works for a bank!
Why do they now have ATM machines that charge us a "convenience" charge to get your money? It's your money!!! Now you have to pay to get your money. Of course they put them where interact isn't available!! They must have an agreement. Another way to stick it to us!
 
Toro
#6
The reason why your fees are going up is because the spread banks make on their loans is going down. Plus, spread business is much riskier than fee business.

I used to bitch about the banks in Canada until I went to live in England and then came down here.
 
Daz_Hockey
#7
Quote: Originally Posted by Toro

The reason why your fees are going up is because the spread banks make on their loans is going down. Plus, spread business is much riskier than fee business.

I used to bitch about the banks in Canada until I went to live in England and then came down here.

See, I don't understand that one Toro, now English banks might be slow and innefficient, but they don't charge you for taking your money out, or puting it back in at all (as long as it's a machine of their or for example a "link" ATM).

For example, I use a bank called the Nationwide, now I'm saving to go around the world and have managed so far 7k which is about $12k US, I placed it into this account because 1. They have an incredibly helpful and easy-to-us Internet banking system, 2. They do not charge me a penny to take money out abroad (whatever bank I use), SERIOUSLY, NOTHING, they just use the Bureux de change exchange rate at that particular time and just give me the money, no hassles, and 3. They do not charge me for an overdraft (not that I need one).

So, really, why are you unhappy with english Banks?, they give me a pretty scweet deal compared to most US or canadian banks.
 
Kreskin
#8
Daz, nothing in this world is free. They don't provide their networks out of the goodness of their hearts. In some way you are paying but the cost might not be obvious.
 
Toro
#9
Kreskin is correct Daz

You - well, maybe not you personally - but someone does pay for those "free" services. There can be a number of ways. The rate of interest paid on a deposit account may not be as high. Credit may not be as freely available. The rate of interest you pay when you do receive a loan may be higher, etc.

"Disintermediation" in North America has happened more slowly in Europe. Disintermediation in this case is the process of separating the banks as the wholesaler from you and the credit market. (In business, "disintermediation" in general means to do away with the wholesaler.) In North America, banks are no longer the primary provider of credit to individuals and institutions. The capital markets are. That's not the case in Europe. Europe is 5-15 years behind North America in financial engineering, for example securitizing credit card receivables and selling them into the capital markets. This disintermediation has increased the sources of supply of capital, which means there is more competition for the banks, which means banks have to lower rates to win business in the loan market. Thus, because profits are being squeezed in the highly commoditized lending market, banks try to recover costs elsewhere. This is where fees come in. Fees more accurately, and thus more efficiently, reflect the true cost of the "free" service you get at your bank because it costs money for you to talk to that teller, to process that deposit slip, to clear that cheque, etc.

In England, I went to bank after bank after bank trying to open up a savings account. It wasn't until I went to the 10th or 12th institution - a building society - before one agreed to open me an account. But before they let me, I had to wait 2 weeks AND get a written reference from someone in the UK who had known me for a year or more. And I had a job, a work permit and a degree - in finance no less! Perhaps its changed, but it was a nightmare.
 
Daz_Hockey
#10
ah I see your point, I was actually fully aware of your points...I just choose to live in ignorant bliss with my "free" withdrawls" and exchange rates...they do teach you these things in a Business honours degree you know ;p

I noticed the *ahem* correct spelling of cheque there Toro, nicely done. It was certainly easier for me to open an account with CIBC than it was with Nationwide, Abbey, Halifax or the yorkshire building society.
 
CORPORATE BULLY
#11
VISIT MY WEBSITE www.corporatebully.ca (external - login to view) FIGHTING THE ROYAL BANK OF CANADA. SYDNEY, NOVA SCOTIA. LOCAL MEDIA REFUSING ME COVERAGE. SO MUCH FOR DEMOCRACY. GOOGLE corporatebully AND ALL MY POSTINGS COME UP.
 
L Gilbert
#12
Just because of the spam, no, I won't.
 
Albertabound
#13
Yes Toro, good for the banks. Good for the banks for making something out of nothing. 1.18 B in a quarter to be exact, and having the nerve to charge us to deposit money into their establishment.

Yes, good for them. Let's all give a big cheer. Who are you? You gotta get out more often.

and no they don't charge any type of a fee in England. North American banks say it is the cost of doing business where the banks in England say it costs them business.
 
Blackleaf
#14
Quote:

(as long as it's a machine of their or for example a "link" ATM).

Most of the cash machines I use don't charge.
 
I think not
#15
I hate banks and insurance companies.
 
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