As I work in a bank, I get sometimes a bit frustrated about people who complain about the money they have to pay to their banks. “All those profits the bank make, with MY money“.
I usually answer with a question : What about the baker, the bucher, your internet provider : is it not a problem that they make profits with your money ?
Well, the usual answer on that question is : they give me something in return. The baker gives us bread, the buther gives us meat, the internet provider gives us internet access etc.
So when we pay banks, what do we get in return ?
Perhaps my answer will be surprising : but we pay banks for … TIME.
If you need a -mortgage- loan, it is because you did not have sufficiently time to save the money you need for your house or whatever you want it to use for.
The bank does not really give you the money, because you have to return it at a later date. But the bank gives you time. Time to earn the money.
OK, so far for loans. But what about a current account? What about the fee you pay for everything you can do with it (money transfers, using debt cards and creditcards). Is that time also ? Well, in a way it is. One example : How much time do you save when you can input a money tranfer at home using your internet banking application ? How much time would it not take to go for example to the offices of your electricity provider and pay in cash (if this would be possible) ?
So in a way, banks are enterprises that sell TIME !
Who else can do that ?
And as you know : time is money… so you have to pay for it.