Corporations exist to make money for stockholders. Banks are corporations.

Corporations exist to make money for stockholders. Banks are corporations.

Errors or cutting corners? Over charging started happening when banks expanded to provide financial services beyond accounts, loans and GIC type investments. We've been with IG, and another adviser before that; the physical paperwork is amazing. It was explained as being necessary for traceability. We haven't had that level of paperwork from a bank ever.

And like everything financial, the more money you have, the more breaks you get - it's exactly backwards. I remember the first time I didn't apply for a loan after inquiring. The bank called and asked why. I said I got a better rate elsewhere. They asked why I hadn't asked them to match. I didn't know I could bargain with the bank. Now I always do. And it's a matter of wealth and privilege even at the low level I enjoy. I have time to go to the bank and sit face to face and ask for fees to be waived. Our household finally met the threshold of "we have a financial planner you can use at no cost because you have enough assets." Actually we've been there awhile but they didn't notice.

It's difficult to build a relationship with your money lender these days, but worth while if you can find the time.



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