Try to investigate this online and you will be surprised by the bank frauds you would realize.
Can you cite an example of other banks regarding your accusation of illegal practices in banks? It would be better if you could provide evidence yourself to support your statement instead of suggesting that we search for bank frauds.
Mind you, you forgot to add that;
1. They launder money.
2. They broker onshore and offshore deals (both legally and illegally).
3. They steal money from customers' accounts through double and unexplainable charges.
4. They blackmail their customers and steal the money of the faint in heart.
And many more...
I'm referring to this accusations.
3. They steal money from customers' accounts through double and unexplainable charges.
This one alone is impossible as bank account holders are not stupid, they would know if there are unauthorized transactions charge to their bank accounts.
Try to investigate this online and you will be surprised by the bank frauds you would realize.
Can you cite an example of other banks regarding your accusation of illegal practices in banks? It would be better if you could provide evidence yourself to support your statement instead of suggesting that we search for bank frauds.
Mind you, you forgot to add that;
1. They launder money.
2. They broker onshore and offshore deals (both legally and illegally).
3. They steal money from customers' accounts through double and unexplainable charges.
4. They blackmail their customers and steal the money of the faint in heart.
And many more...
I'm referring to this accusations.
3. They steal money from customers' accounts through double and unexplainable charges.
This one alone is impossible as bank account holders are not stupid, they would know if there are unauthorized transactions charge to their bank accounts.
I don't know the country you are my friend, but this often happens in my country despite the strict regulation in the banking industry. And I have read that CBN had sanctioned banks several times for this, that's for those who complained, so it happens. The percentage of those that do not complain is larger, this is because the amount charged is insignificant most times, but this is a substantial amount for the banks when you sum it up over time.
Personally, I am a victim of this many times so I didn't form it. And I say this without any apology, at least three banks namely, Ecobank, Acess Bank and FCMB have charged me in either an unexplainable way or dubiously.
Now, let me take it one after the other by the bank and I will use USD for conversion clarity.
1. I left Ecobank because it charged me some persistent unexplainable small amounts, and this happened until the time they charged me about $4 which they can't explain. When I complained it took the operation manager about 1 hour to restore it back and he confessed to me that he didn't even know the reason they charged me. But to my surprise again, they removed another $4 the next day. So, I left the bank.
2. As for FCMB, there is no time I keep money there that I meet the money intact. If I keep about $1000 there, I can be sure to meet $999.90 the next time I check it even without making any transaction. This was regular for years before, and the most annoying thing is that the charges don't reflect on my statement as charged for anything.
3. Access Bank was the worst, aside from regularly deducting unexplainable charges on an account I abandoned with them for years, they still went ahead to issue a debit card and charged me on an account that has been dormant for over 13 years.
The big US banks such as Wells Fargo, JPMorgan Chase, Citi, have all at once point or another doing shady stuff or laundering money for others, before getting caught and being made to pay comparably small (for a bank) fines by the department of justice.
But I think banks mostly make their money off of interest rates, no? I mean, when you open a credit card, which is all too common nowadays, you are literally getting a monthly loan for the amount you spend and you have to pay that off at the end of the month, else the APR gets higher.
Thank you for this. I also know there are ways they still make money genuinely but was just referring to other shady deals that enrich banks.