Banks Ripping us off,,,nothing new but true story here
May 30th 2007 07:40
I know there is nothing new about banks ripping off the little guy but here is another example and this is a true story.....So my Dad calls me today and starts asking about the change to Super Laws and the fact you can put $1million into super get the deduction bla bla.....I cut him off, my father does not have a Million Dollars or anywhere near it....BUT the Bank (Iprobably shouldnt name which one and hey they are all the same really) had called him to offer to lend him $1mill so he could participate in the Super opportunity then move the money into a shelf coy and take advantage of the Super Law as he is the right age.......I guess this isn't really bad but wait there is more...my Dad like anyone would; said he was interested at looking at their proposal and the terms etc who turns down free money??????......NEXT thing you know they send a $1,000 bill for his troubles....hmmmmm they approached him then send him the bill.
Do any Orblers know if it is actually financially viable for someone to borrow the money and actually benefit from the scheme, I haven't paid attention being way to poor and young. It seems to me that it only benefits high income earners to offset income tax it doesn't seem that it could work if you didn't have the money and borrow it.....
As for the bank it seems like they are taking advantage of this to glean more dodgy fees without any care if the client is suited to the opportunity or not.....
Surely if they offer something they can't charge for the privelidge,,,but I guess they can do what they like because they are banks....rant over, maybe i am wrong......
Do any Orblers know if it is actually financially viable for someone to borrow the money and actually benefit from the scheme, I haven't paid attention being way to poor and young. It seems to me that it only benefits high income earners to offset income tax it doesn't seem that it could work if you didn't have the money and borrow it.....
As for the bank it seems like they are taking advantage of this to glean more dodgy fees without any care if the client is suited to the opportunity or not.....
Surely if they offer something they can't charge for the privelidge,,,but I guess they can do what they like because they are banks....rant over, maybe i am wrong......
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as I am sure we all do...... but I was wandering the halls of Sydney Uni last night and I came accross a quote left on a black board. There was no source attached so I am not sure if an Anonymous lecturer made it up or if it is an age old cliche that you will all find boring but i liked the quote and thought a few others might like it too...
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