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Nickel and dime us no more

April 11, 2013

Dear Sir,

We all now know that it was the greed of bankers that started the greatest recession in living memory. As usual, the bankers haven’t suffered unduly; it is the common customers and the shareholders that bear the brunt along with employees whose numbers are constantly being cut in order to maintain the highest possible profit as the banks rebuild their wealth using our money. Social awareness is not in their lexicon. Our dwindling savings yield a tiny fraction of what the banks make by investing our money.

Until now the Bank of Butterfield has been content to nickel and dime us on our meagre savings but no longer. Based upon today’s statement they will now charge us $5 a month for the privilege of having a non-interest bearing chequing account, no matter how much money is in that account. The bank will generously waive the fee for seniors over 60, but rather than rely upon the account holder information they have in their files they insist that the senior go into the bank, wait for a representative and tell them what they already know. Half the first month’s saving will go in parking fees to attend my Hamilton branch and the loss of income in travelling to and from town, waiting for a representative and telling the bank what they already know will eliminate the savings for the rest of the year. Does the bank make these personal attendance rules to dissuade seniors from taking advantage of a minor concession to their age?

That is not enough. While we all know banks make more profit when risky internet banking is used by its customers but many seniors do not feel comfortable in using computers to do their banking and paying their bills. They prefer to use cheques. I prefer to use cheques. What has the Bank of Butterfield decided to do? On top of paying for the chequebook, which used to cover the cost of using them, the bank now charges $1.50 for every cheque written, unless you are wealthy enough to over $5,000 in your account, then you get the first five free. I wrote eight cheques last month so the bank has grabbed $17 of my money for doing absolutely nothing more than they did in February. Butterfield made a profit last year, I didn’t. Needless to say, I am looking at banking options where a glimmer of social conscience may exist. If I find it at Bermuda or Gibbons I will sever a 30 year relationship with Butterfield.


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Published April 13, 2013 at 9:00 am (Updated April 12, 2013 at 8:28 pm)

Nickel and dime us no more

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