Which Bank

Which bank?

"Stop bashing the banks", demanded the headline of the Financial Review editorial on November 26. The widespread public anger over fee increases, branch closures, job losses and reduction of services is unwarranted and irrational, according to the Financial Review.

Furthermore, the editorial argued, "consumers should shop around", and "the banks are not welfare institutions", nor do they have a "community service obligation". After all, "Each bank should be able to set its own rates and fees. If it gets its pricing wrong, the market will soon pass judgement."

"The market" always seems to be in favour of higher profits and less service; that must be why capitalists and their newspapers are always telling us how wonderful it is. The banks have continually justified fee increases with the claim that they would mean better services. For low income earners, pensioners and people in rural and isolated communities, the fee hikes and the closing of branches are a callous rip-off by big business. (And try "shopping around" when your choice is between the bank that closed last month and the one that closed last year.)

The capitalists who run the banks want even less competition. John Howard has hinted that his government may allow mergers among the four big banks. Liberal Party heavy Michael Kroger is one of a team of lobbyists the banks have hired to urge the government to make the necessary changes.

The next time you pass a bank or some other financial institution — or the next time that they slug you with a fee just to see whether you can afford to pay the bills on time — think of Green Left Weekly. Rather than making a deposit with one of the modern-day pirates, why not make a donation to the Green Left Weekly Fighting Fund instead?

By making a donation to the Fighting Fund, you're contributing to a progressive paper that believes banks should be run for the broader needs and interests of society, instead of the super wealthy. A donation to Green Left Weekly is an investment where the return far outweighs the expense. Green Left Weekly — it's your newspaper.

From GLW issue 344