5th Oct 2016
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CBA chief Ian Narev combats allegations of poor practice
Author: Kaye Fallick
CBA chief Ian Narev combats allegations of poor practice

Comm bank chief, Ian Narev, is paid twice the amount per week that the average Australian earns in a year. Yesterday he fronted a Parliamentary Standing Committee on Economics to answer allegations of bad banking practice.

The hearings were announced by Prime Minister Malcolm Turnbull in an attempt to combat repeated calls by the Labor Party for a Royal Commission into the banking sector. All the chief executives of Australia’s ‘Big Four’ banks will appear for approximately three hours each. Questions to Mr Narev came from 10 committee members who were given 20 minutes each and were split on party lines, with the Labor Party and Greens concentrating on the grievances of victims and whistle blowers.

Mr Narev defended the high credit card interest rates, stating that related debt was “the riskiest debt we could have”.

He also defended the high level of bank profits, stating that “You cannot have a positive economy unless banks are strong”.

He remained calm and collected during the questioning process and any sense of culpability for systematic failures in customer care, insurance or financial planning was difficult to discern. At one stage he stated that he felt the ‘pain’ of customers, but it was unclear how this pain might translate into in actual compensation.

As a counterpoint, research from the Australia Institute published by Fairfax Media yesterday reveals that two thirds of voters still want a Royal Commission and 77 per cent expect the big banks to pass on interest rate cuts in full. With bank profits forming nearly 3 per cent of Australia’s GDP, the Institute claims such profits result in higher costs for smaller banks and customers than if the competition was fair and effective.

Read more www.abc.net.au

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    COMMENTS

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    Brian@Brompton
    5th Oct 2016
    11:07am
    It will be interesting, even if it does prove entirely predictible, watching how the government of Australia fobs off the part-timers we innocently thought we were electing to do that job.
    The first of the four eminences did at least disprove the popular notion that all bank products are overpriced. He showed conclusively that at least his Bank's talk is cheap.
    So Mr Narev's weekly pay is twice the average Australian's annual income, eh? And yet he claims to feel his Bank's victims' pain. How much of his working week does that consume, and could it be outsourced at pro rata rates to his victims? I suggest it because there seems to be no other way we could turn his 'pain' into something of value to those his Bank has hurt.
    johnp
    5th Oct 2016
    11:20am
    I seriously doubt his worth is that much as there are still only 168 hours in a week !! No one is worth that much. Case in point was the former Telstra CEO, sol trujillo from USA who was a waste of space. Could have got the the CEO of China Telecom for far less and better result as China Telecom much larger organisation
    sidney70
    5th Oct 2016
    11:44am
    The Commonwealth Bank charges $15 for a Bank Cheque, This is outrages and a grab for money by a Bank that makes huge profits. Shame Shame Shame.
    Old Geezer
    5th Oct 2016
    12:37pm
    It probably costs more than $15 just to write a bank cheque now.
    jackie
    5th Oct 2016
    11:54am
    When is a Government going to be decent enough to put a cap on the highest salary?
    shirboy
    5th Oct 2016
    12:31pm
    The secret is STAY AWAY FROM BANKS. Building societies & credit unions are better.
    Old Geezer
    5th Oct 2016
    12:39pm
    Never had a problem with a bank but can't say the same about credit unions.
    ex PS
    7th Oct 2016
    1:38pm
    O>G, you had a bad experience with a Credit Union, we get it, now it is time for you to build a bridge.
    I have just watched an interview with a Banker who has admitted that a large number off his staff had engaged in selling investment packages that they NEW were not in the best interest of the client. When asked if he thought that the upper management should take responsibility for the actions of the staff employed by the organisation, he said no.
    It seems that it is OK for Bankers to take an obscene salary but it is not reasonable for them to take responsibility for the actions of staff employed and trained by their organisation.
    As I predicted on this site, the banks have been told to show up at the inquiry and "act" contrite so that the government can give them a severe beating with a wet feather and let them conduct business as usual.
    The sad thing is that so many people predicted this and the government still paid no attention and chose banks over voters.
    Dan
    5th Oct 2016
    12:35pm
    love to know how much these banks pay their executives and Chairmen and directors in super deals . Also how much taxation do they pay and what percentage is it of their net profits after depreciation and debt impairment write downs
    Old Geezer
    5th Oct 2016
    12:38pm
    Their accounts are readily available on their websites or on the ASX site. So just look them up.

    5th Oct 2016
    1:01pm
    Banks are crooks without guns and with the half arse excuses Talkbull and his insipid politician mates are using to prevent a Royal Commission anyone who is the least bit sane cannot help but wonder what collusion the banks and the LNP may be partnered with. These "hearings" are not only a joke but an insult to ALL of Australia. The wash will never come clean with less than four hours of questions for each bank representative this is nothing but a pathetic whitewash staged by this shonky LNP government and justice will not be seen until there is a Royal Commission instead of this petty, pandering panel of prats.
    Old Geezer
    5th Oct 2016
    1:09pm
    All people need to be regarded as crooks these days. Let the buyer be aware! Or a fool and his money are quickly parted!
    particolor
    5th Oct 2016
    7:57pm
    Like Thieves in the Night they came :-)
    Rae
    6th Oct 2016
    8:20am
    Not so particolor.
    They are not as truthful as Night Thieves.

    They rob you in broad daylight with smiles on their faces.

    Just waiting for the gullible believers in honesty and integrity and other fairy tales to come along.
    Abby
    6th Oct 2016
    10:56pm
    Eddie all that a Royal Commission will do is cost us a lot of money and devalue our finnancial stability in the world.
    ex PS
    7th Oct 2016
    1:42pm
    Yes O.G, let the buyer beware, do not assume that an organisation so carefully protected by the government would be honest. A fool who thinks that banks are the only answer to storing and investing money will soon be parted from their money.
    WTF
    5th Oct 2016
    2:16pm
    Any problems with the big 4 can be fixed. I've Have not had an account with any of the big 4 for at least 20+yrs now.... long ago took the home loan and all other accounts to a Building society. Yes... a few exit fees but it was worth it to let them know I was leaving due to their fees fees lies and fees. Simply up and moved to a lower fees environment and I'm sure that I've saved in the long run. Maybe that's is what it takes for the banks to lift their game..... a mass exodus.
    Old Geezer
    5th Oct 2016
    2:26pm
    I won't be going anywhere near a credit union again.
    Rae
    5th Oct 2016
    5:40pm
    OG I had a very bad experience with one of the Big 4 . The bank manager sat in my kitchen over tea and shook my hand and lied to me.

    I lost a house over that.

    My credit union is just lovely but charges a heap of interest.

    I still borrow from a Big 4 bank but I'm jolly careful and I trust them not at all.

    I've been known to tape conversations. They do it and your mad if you don't. If I'd learnt that earlier I could still have that house.

    We need to learn to walk away at the slightest little bit of a rip off.

    Learn to hang up the phone when they don't answer.And move your business to someone who does answer.

    Refuse to work for businesses for nix.

    Our power would be outstanding if we were not so lazy and set in belief patterns.
    Old Geezer
    5th Oct 2016
    5:54pm
    Only problem I've had with a bank is that over 50 years ago the Bank of NSW took ages to approve a loan even though the bank manager lived next door. Silly me thought I'd put a bit of business his way which was not really the best idea.

    I now never deal with people I personally know.
    particolor
    5th Oct 2016
    7:55pm
    We don't know you !! Your Deal !! Jokers Wild :-) :-)
    Josie4
    5th Oct 2016
    2:28pm
    He would be the most wishy, washy CEO, I have ever seen. Watched him on the Four Corners investigation into the disgrace of Comserve. I notice he said exactly the same line yesterday" I think there is room for improvement" He hasn't done any improvement. If he needs to say this, there obviously hasn't been any improvement. The buck stops with him. Does he care as he checks his bank balance? I think not.
    Not Senile Yet!
    5th Oct 2016
    2:34pm
    Examin the Name....TURNBULL.....and translate it to his actions!
    Turned on his beliefs of a fair go for everyone regardless of position in Society.....to being the PM....equals FRONTMAN.....to an extreme Right Wing dominated Liberal Party....which refuse to spread the cost of the Budget Deficit to ALL!
    Tac Cuts to those who do not need them.....in the guise of creating jobs.....just crap!....failed elsewhere and will fail here to!
    Then the Bull......as in Bulldust.....he now uses to sell that he is the same man.....rubbish!
    He is now just full of Bull....t!
    The Far Right OWN HIM!
    He has to do as his Party tells him....whether he aggrees or not!
    Talk about the Tail Wagging the Dog!
    He is biased against reforms to make Big Business pay their fair share of Tax instead of dodging it using Loopholes......because he would be attacking himself and his Mates with Off Shore Companies doing exactly that!
    Donating Millions to the Libs.....seems more like paying a Premium to do as he is told......bit like put your money where your mouth is!
    Prove to us you will be a good dog.....pay a Bond of goodwill.....that is non refundable!
    Both Parties are Corrupt from within by Power Brokers...some of whom aren't even elected to Government!
    Stop Voting for these Party Puppets......give them all the Sack!
    It's not hard...simply refuse to re-elect Any of Them!
    Not Senile Yet!
    5th Oct 2016
    2:38pm
    As gor the Banks...the big 4......Vote with your feet and your money!
    Vote them into insignificance....by taking you weekly-Monthly pay check ELSEWHERE!
    A MASS EXODUS will get a Reaction.....will make them change.....No need for a Royal Commission!
    Money Talks....Money is their Language!
    Old Geezer
    5th Oct 2016
    2:46pm
    Off shore I go then and nothing worth using in Australia except the big banks.
    floss
    5th Oct 2016
    2:51pm
    Mr Narev is just a product of the greed is good society we now live in.The liberal government sets the pace with much more of this behaviour being the norm. Now this government has destroyed the Unions the gap between the have and the have nots will get even wider.
    McGroger
    5th Oct 2016
    3:34pm
    I worked for a bank for 34 years. I finally resigned when the bank’s morality had moved too far from mine, when there was a clear hierarchy: 1. Fatcats; 2. Fatcats; 3. Fatcats; 4. Fatcats; 5. Fatcats; 6. Shareholders; 7. Shareholders; 8. Shareholders; 9. Customers; 10. Staff.

    This bank, years ago, had a scheme of giving every staff member a bonus of $1,000 of its shares if the bank made a good enough profit. One year they withheld the staff bonus. Astoundingly, the CEO still got his bonus. Different criteria, we were told.

    Another time, my team and most others involved in agribusiness in rural NSW were jumped upon by the high-ups for not achieving targets. I had the audacity to suggest that the worst drought in 100 years might have something to do with it. No excuse. Work harder. Astoundingly (again) the CEO of another bank - one that had the biggest exposure to rural lending - was in the papers the very next day saying his bank would not achieve their targets that year because of the worst drought in 100 years. Must have been different criteria again.

    And that was in the days when they were relatively benign.
    Pamiea
    5th Oct 2016
    3:46pm
    Disgusting income for a CEO. Interest rates for credit cards are disgraceful seeing as how interest rates are so low. I don't use one but many do. Bet the shareholders love him.
    Old Geezer
    5th Oct 2016
    3:58pm
    It easy not to pay credit card interest. Either not use credit cards or pay it off in fill before the due date. Same as any other store card. I can't understand why anyone would have a debt on a credit card that attracted interest.
    Rae
    5th Oct 2016
    6:17pm
    The interest rate is not a secret and people are not forced to use credit cards.

    Personally I think it keeps some of the less capable out of trouble as if rates were lower they'd get into more trouble.

    The banks don't want you to use their money because they are a bit short of it themselves.

    How can there be any much money when wages and ordinary salaries are stagnating and income from investments falling rapidly.

    I doubt shareholders are particularly happy. The bank is losing value, dropping in price and paying less dividends.

    In fact if you took note of the bank insolvency overseas and the fall of more than 80% of share price you would be very fretful if living on bank shares and an awful lot of Australians do.

    Our banks earning enough to maintain cash flow is a good thing.

    Most banks are insolvent worldwide and many are about to go pear shaped.

    The timing of all this is appalling but at least will be done in a week or so.

    It is just another example of the sheer stupidity of our media, LNP and ALP.

    Why have this bank inquisition as the world banking system teeters on the edge?

    Can't they get anything right?
    ex PS
    7th Oct 2016
    1:47pm
    I am my Credit Card providers worst nightmare, I haven't paid one cent in interest in thirty years and average $200.00 worth of gift cards annually.
    If you can't pay the total monthly account on time you should strive to pay off your card and cut it up.
    Eve
    5th Oct 2016
    4:22pm
    No Commonwealth Bank staff were sacked in the bank's insurance scandal exposed by Four Corners. i.e. for undertaking scandalous activities in unfairly denying customers their insurance payouts, and deliberately recommending/pressure selling insurance products that were useless for their customers' purposes. Not sure what bonuses were paid, but the clear message is there are no repurcussions for appalling conduct.

    I realise Old Geezer will have an excuse for this ("buyer beware", so I can try and sell you anything I like - consumer laws be damned), but that's just not good enough. In a position as privileged as the big banks, the least we can expect is integrity!
    Old Geezer
    5th Oct 2016
    4:32pm
    Yes I did see that 4 Corners show and quite frankly the bank was right. Anyone who steals oxycotins can only have one possible use for them. Suicide! The policy didn't cover suicide so the bank was it it's rights to reject the claim.

    If that person had gone to the bank and asked for a policy to cover suicide and they were given this policy then yes the bank would be in the wrong. But let's be frank who goes and asks for a life insurance policy to cover suicide. The teller would be dialling 000 and the police would take that person away to a mental health facility. Clearly that didn't happen.
    Eve
    5th Oct 2016
    4:54pm
    Wrong show I'm afraid. The Four Corners programme I referred to related to a man who had a massive heart attack and was clinically dead before being revived. Doctors confirm it was VERY serious. This was not deemed serious enough however for the Commonwealth Bank because of an outdated and inaccurate test that was a requirement from many years before (when poor testing was normal). Doctors confirmed this. The Bank was shamed into reversing its decision by the Four Corners programme. Other cases referred to employment insurance that the bank talked customers into taking out (and dropping their own insurance) - and assured customers the bank's policy did everything their old policy did. Except when they tried to collect, and realised they had been lied to. The policy was quite different, and left them uninsured when they needed the money. That's a total lack of integrity - anyway you look at it.
    Old Geezer
    5th Oct 2016
    5:16pm
    Didn't see that one so can't comment on it.
    Josie4
    5th Oct 2016
    6:11pm
    One of their "victims" was one of the banks teller. I see where not one person lost their job over the whole fiasco. For my money, it was the CEO who should have gone. He was absolutely hopeless trying to explain it away and he gets 13 million a year????
    Old Man
    5th Oct 2016
    4:55pm
    Who cares what a CEO is paid, it has nothing to do with the conduct of the banks. A CEO is paid according to a contract agreed to by the Board of a bank so if there is any problem with a CEO's pay packet, attack the ones who pay him, not the CEO.

    Labor and its supporters are asking for a Royal Commission but Shorten won't disclose what the parameters will be. Neither he nor his acolytes will answer why a Royal Commission wasn't set up during the Rudd/Gillard/Rudd years when the banks were doing exactly what they are doing now.

    The RBA sets the "cash rate" which has little bearing on the actual interest rates charged by banks. The RBA doesn't supply money to banks, they have to negotiate their own borrowings on the open market which sets its own rates. Banks then need to add a margin to those rates to lend out. Narev is correct when he says that Australia needs strong banks. Australia didn't suffer as badky as most other western countries in the GFC for a number of reasons. There were funds held, Australia had no debts, the banks held their AAA ratings and the Rudd government released funds to stimulate the economy.
    Old Geezer
    5th Oct 2016
    5:13pm
    All Rudd did was kick the can down the road. He didn't allow a flush out of the economy like should of happened so that we could recover and grow. Bad decision all that stimulus not to mention a big waste of money as well. We are paying for that decision today.

    Cash rate has nothing to do with the interest rates banks charge or pay unless you have an interest rate with a margin above say the 90 day bill rate. CBA had a lending rate like this about 20 years ago now which was 1% above the 90 day bill rate. It was good as you knew that rate cuts and rate hikes were fully passed on to you the borrower.

    CEO accepts the job with pay packet offered. Ne does not set it at all.
    Josie4
    5th Oct 2016
    6:21pm
    All very well Old Man, but if you have a CEO on that sort of money, don't you expect him to be on top of everything and a finger on the pulse? All this bloke can say each time he's interviewed is " we have made mistakes. There's room for improvement" What?? How many times is he going to say it before it's fixed. They must have all been asleep when the interviewing process was going on.
    Old Man
    5th Oct 2016
    8:04pm
    Josie4, the man is the CEO, he acts on policy decisions and, sometimes, he has input into policy decisions but it's the Board that sets policy. If they don't want to sack people, refund fees or lower interest rates then blame them. I suppose what I'm trying to say is not to shoot the messenger.
    ex PS
    7th Oct 2016
    2:06pm
    Come on O.G, if he can't make policy decisions or maintain the integrity of his policies and the staff who implement them, why is he/she worth the money they are paid.
    A lowly middle manager in the Public Service is held responsible for the behavior of his/her staff but you would have us believe that a CEO, is jut a puppet of the board.
    You are either just a bankers camp follower or you know nothing about leadership. If a Banking CEO is just a messenger, she/he is definable not worth the money they are being paid.
    I am absolutely flabbergasted that you aren't aware that the Board mostly acts on recommendations of the CEO, not the other way round, do you really believe that banks employ CEO's at the salaries they get, and let them be dictated to by boards that may or may not have banking experience?
    I think you are making up facts to suit your particular side of an argument.
    nena
    5th Oct 2016
    5:04pm
    Okay, Mr…, you are a very wealthy person because you are a “genius”. And you are a genius, perhaps, only because the law system permits you to make lots of money, but what about ethics? That is the question.
    Old Geezer
    5th Oct 2016
    5:14pm
    If you see something mispriced in a shop do you just buy it or ask the store to amend it? That is ethics.
    ex PS
    7th Oct 2016
    2:12pm
    O.G, doing the wrong thing because it is not illegal for your own advantage is unethical.
    Choosing not to do something that is legal but morally wrong is ethical.
    Just because you can do something, does not mean that you should do it.
    nena
    5th Oct 2016
    5:10pm
    Okay, Mr…, you are a very wealthy person because you are a “genius”. And you are a genius, perhaps, only because the law system permits you to make lots of money, but what about ethics? That is the question.
    nena
    5th Oct 2016
    5:25pm
    If you see something mispriced in a shop do you just buy it or ask the store to amend it? That is ethics. ..

    If I see something mispriced in a shop I would ask the store attendant to confirm the price for me...perhaps that is why I'm not wealthy!!! That is just silly me?
    Old Geezer
    5th Oct 2016
    5:29pm
    Me too but most people don't.
    ex PS
    7th Oct 2016
    2:13pm
    Most of the people who I would call friends would.
    MICK
    5th Oct 2016
    5:51pm
    Did they ask Narev about deceitful advertising?
    CBA owns BankWest. I enquired about a travel card called the Zero Platinum Mastercard. The website says no fees but no mention of international currency conversion fees. So I rang the bank: no knowledge other than 'she'll be right'. So I rang the section of the bank which specifically dealt with this card. Same result.
    I ended up finding out that Bankwest (Commonwealth!) actually charge a 3.5% conversion fee. Well that's not "no fees" and the costs are significant for travellers.
    I doubt whether the senate hit Narev with this. They should have. It is intentionally deceitful. Ok, we are talking about banks.
    Old Geezer
    5th Oct 2016
    6:38pm
    Visa and MasterCard charge at least 3% currency conversion fee. A lot of cards say "no fees" but they mean is that the card themselves don't charge fees. Some have the currency transaction fees listed separately but a lot embed them in their exchange rates. So you are in effect comparing apples with oranges. Last time I checked Bankwest had the 3% fee embedded in their exchange rate. So it was a case of no visible fees.

    Before my last trip overseas I set up a spreadsheet and work it all out as I kept being told that travellers cards were the cheapest way to go. I couldn't find one that was cheaper than just using my Visa and MasterCard credit cards.

    After I worked it all out I decided to take various cards with me as well as cash.

    Best card to use for transaction was a credit card.

    Best card for cash out of an ATM was a bank Debit Visa card.

    Cash conversion varied from bank to bank by as much as nearly 10%. Best was a worse rate than cash out of ATM as above.

    I also had a Qantas cash card and another traveller card. Qantas cash was far better than the other one (I was told this was the best to use). However not near as good as the above ones.

    The banks can keep their travellers cards as far as I am concerned.

    I also have a pensioner debit MasterCard and the word "pensioner" when used overseas is a licence to print money.
    Anonymous
    5th Oct 2016
    9:48pm
    MICK - I do a lot of overseas transactions and travel and have a Bankwest MASTERCARD PLATINUM credit card purely to avoid any currency conversion fees.They charge NO currency conversion fees - and no annual fees.

    I also use a Citibank debit card because it also charges no currency conversion fees and no ATM fees at a huge number of OS ATMs.

    If you go onto www.xe.com immediately after doing your transaction and convert from your OS currency to Australian - it will be within a couple of cents if not exact when the charge shows up on your Bankwest statement.

    I have had and used these cards for a few years now and love them.
    Bonny
    6th Oct 2016
    7:22am
    Have you checked the Bankwest exchange rate against what others charge and not only that currency website?
    Anonymous
    6th Oct 2016
    8:12am
    Bonny - XE tells you to the cent what the rate is for a foreign currency against the Aussie. Bankwest just uses the EXACT same global rate you see on XE at the time.

    So if you convert a $US100 purchase for example to $A120 at the time by checking XE immediately - it will be almost exactly $A120 - or within a few cents - that you see on your Bankwest MASTERCARD PLATINUM credit card or our Citibank debit. On rare occasions it can be a a couple of dollars difference because the company has delayed processing the transaction and you are seeing a later exchange rate.

    You NEVER get currency conversion fees. It is really simple and cost effective global purchasing and travel.

    We only travel with these 2 cards - and have a couple of others for emergency only as they attract currency conversion fees.
    Eve
    6th Oct 2016
    1:12pm
    I don't know about anyone else, but Old Geezer has convinced me that we should all do our own research on all banking matters, which of course is sensible advice. As he has explained, it is the customer's fault for not checking all details of a policy, investment, etc., which banks then fail to pay out as advertised.

    Actually, what this demonstrates (sad but true), is that while we could once trust banks, it is clear that no longer applies. Old Geezer is right to advise us to do our own research, because the banks have demonstrated on numerous occasions, that their advice is simply not to be trusted to include any customer interests.
    Old Geezer
    6th Oct 2016
    2:07pm
    Reason those rates on the www.xe.com site are wrong. They are rates that are an average of buys and sells only and delayed rates. Currencies have a buy and sell rate which is what you get to convert your currency. You buy at higher rate and sell at lower rate. Rate now shown for AUDUSD on xe.com is 0.760516 where as the buy and sell rates on the current forex market are 0.76061/0.76085. So you are comparing the wrong rates to what you get with Bankwest. You need to compare it with the live Forex market rates. As the AUDUSD is currently falling and that rate stated on the xe.com is not current rate so you will have tot read the terms and conditions to find out how much delayed it is. My guess is at least 20 minutes but could be much longer delayed.
    Anonymous
    8th Oct 2016
    8:27am
    OG - it's been interesting learning what an eclectic group of people think they know about money, governments, etc. on this site - and clearly why many have no money. Frustrating as almighty hell in so many ways, but interesting none-the-less.

    AND there are are some total crackpots in this world as evidenced on this site.

    You have been interesting to observe - scarily you probably ARE the most knowledgeable person on this site - in your own totally idiosyncratic way. You sometimes get close to knowing the correct theory about a range of financial stuff - you are just missing important detail that would badly bite you if you had to actually manage large amounts of money or succession plan.

    But anyway - I wish you luck - you are having fun.

    I have learned all I need to know.

    Cheers
    Old Geezer
    8th Oct 2016
    11:57am
    I'm so glad you have learnt all you need to know Reasons. As for myself I am always learning how to do things smarter and better.

    I have traded the Forex market very successfully and even use it to transfer money overseas if I go for any length of time. The fees are very minimal compared to what you pay with any of those cards.

    That xe.com site seems like a bit of a con to me so that travellers think they are getting a good deal but are not.

    I deliberately leave out a lot of the detail because I know that normal people are not interested. Yes I know the sort of people who are.

    I guess for someone who has been now retired for over 25 years and is still not eligible for welfare as my wealth is still increasing I am doing OK for a complete financial dill.

    There are many twists and turns in the financial world and many financial people (really salespeople) use them to convince one that something is true so they an sell you something either now or at a later date.

    Some of the worst exchange rates are obtained by using those travel cards which the banks and even the post office sell like hot cakes.
    Anonymous
    8th Oct 2016
    3:42pm
    No OG - I don't care for anyone else's thoughts about XE or anything else finance-wise on this site. The only thing I learnt that was new was the possibility of shonkily getting myself a part pension for a few years - and that was only by listening to a podcast you mentioned.

    This is definitely not a site where I expect to advance my own finance knowledge. I have learnt all I am going to learn about why people struggle to understand money. I can't say I totally get why - but it APPEARS to be a VICTIM thing if I had to put a single word on it.

    You don't have that victim attitude and have a bit of knowledge - and that's what makes you (scarily) the smartest person on this site in regards to finance.

    I am closing my account - it's way too much for me :-)

    See ya
    Gee Whiz
    7th Oct 2016
    2:00pm
    What a complete waste of time and taxpayers money.

    A political white wash by the Bankers friend Malcolm Turnbull.

    The Commonwealth Bank was once known as the peoples bank. It is now called the rip-off bank due to its shoddy practices and grubby standards.

    They run a con-job on the public and so does the other three giant banks.

    Shame, shame, shame Malcolm Turnbull. You have given your banking mates a free pass.
    ex PS
    7th Oct 2016
    2:14pm
    EXACTLY
    Kaye Fallick
    7th Oct 2016
    4:05pm
    Another robust discussion about our banks - lots of questions seem to remain unanswered. Just a reminder - please keep the discussion friendly - a post has just been removed for being derogatory towards other members. Happy weekend everyone Kaye X
    PlanB
    13th Oct 2016
    7:48am
    I have never had a problem with a bank but to watch these overpaid scum "äpoligise" made me sick -- there needs to be a RC into the banks and there needs to be a reduction in the amount of money they earn -- NO ONE is worth that amount!

    Turnbull --a Banker himself will not want Banks investigated


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