It is here: crime tax!

[nctnico]

I just got an email from a bank. It says I have to pay a monthly fee for customer research.    Why do I have to pay a bank to research whether I'm happy with them? This must be a crappy translation from someone phishing for information. Let's check the links in the email... they all look legit. Let's read the message more carefully... FFS it really says that I have to pay a monthly fee to compensate the bank for the effort they have to put into checking my account for criminal behaviour.   

[pcprogrammer]

Yes got that one too a while back. It's a savings account that used to be free of charge, but it seems the banks are not earning enough, so they are now charging for the protection of your account. Because, so they claim, the cost for protection against cyber crime has gone up.

I too was like "what the f..., those mother f...ers, is it not enough that you can use my money to make money and give me nothing in return". But I'm afraid that is the world we live in.

My wife read something this morning about a couple that paid for the vacation of some relatives, and after the vacation, the relatives invited them over for drinks and offered them some snacks. Feel free to take them they said. Next day the couple got a "ticky" each for 50 cents for eating the snacks. What is the world coming to. When I invite someone over for drinks or dinner I'm not going to charge them for it. Would be nice when they invite you back, but it is not a score card.

Had never heard of a "ticky", don't even know if that is the correct spelling.

Edit: Here is a savings tip for the bank. Don't send snail mail twice, when the dual account holders live at the same address. Because the wife and I got the same letter with only the addressee being different

[magic]

Edit: Here is a savings tip for the bank. Don't send snail mail twice, when the dual account holders live at the same address. Because the wife and I got the same letter with only the addressee being different

They want to have their ass covered in the event that you are in the process of separating and lie and hide things from each other.
True story, actually.

edit
I don't think it's very effective if shit gets genuinely ugly, but you can't sue them for not having tried, that's the point.

[pcprogrammer]

Good point. Not an American so "sew the bastards" is not in my mind

And yes, when things get ugly, the one getting the post out of the letter box could easily hide the letter for the other partner And then it is the banks word against yours. Guess who wins.

[PlainName]

a monthly fee to compensate the bank for the effort they have to put into checking my account for criminal behaviour

Yes, ridiculous. They should have just said it's a fee for maintaining your account or something like that.

I've never had to ask a bank to compensate me but I read of people caught up in scams who do. There is the well-known scam where the scammer calls to say they are the bank and there is something wrong, and just to prove they are not a scammer the target is told to hang up and call the bank's published phone number. Of course, when they make that call they reconnect to the scammer and from there on it's very expensive. Absolutely not a bank fault, yet banks are expected to cover that kind of loss.

Someone has to pay for all those compensation claims. Presumably it's previously come out of the bank's profits from other operations, which would include fees on accounts. Maybe the banks have now got to the point where they can't afford to cover such losses, and previously free accounts now need to be paying a fee. If so, their mistake might be that they are up-front about the reason for the fee.

[jpanhalt]

Must be an EU thing (no politic implied).  I don't think such a thing in the US would get to first base, much less fly for long.  My current bank monitors for suspicious activity, gives alerts when they occur (so far none), and gives monthly confirmations of "no suspicious activity" all for free. 

Many banks in the US waive various charges based on balance and/or age.  For example, since older people write fewer checks, if you are over 60 or have a certain balance and are younger all checks are free. 

[Monkeh]

Must be an EU thing (no politic implied).  I don't think such a thing in the US would get to first base, much less fly for long.  My current bank monitors for suspicious activity, gives alerts when they occur (so far none), and gives monthly confirmations of "no suspicious activity" all for free. 

Many banks in the US waive various charges based on balance and/or age.  For example, since older people write fewer checks, if you are over 60 or have a certain balance and are younger all checks are free.

All of this so they can refuse to do anything when a defective vending machine charges you $65k for a bouquet of flowers. Yes, that happened.

[PlainName]

I am gobsmacked. Flowers from a vending machine?!?

[Monkeh]

I am gobsmacked. Flowers from a vending machine?!?

Right? Welcome to America.

[pcprogrammer]

All of this so they can refuse to do anything when a defective vending machine charges you $65k for a bouquet of flowers. Yes, that happened.

Most have been Dutch flowers and you got charged extra for the shipping

Would have been quite the shock to see that on your bank statement I can imagine. Try explaining that to the wife

[pcprogrammer]

I have been charged double for petrol once over here in France. Was also a bit of a hassle to get it refunded, but it was payed back, but that was not a criminal act, so no money lost for the bank.

[tom66]

Move to a different bank?  NL central bank interest rate is 1.47% so you're saving the bank most of that by giving them your money.  It's only right they provide all the other services FOC in return.

[SiliconWizard]

Ah hah hah hahhh 

[magic]

Speaking of American banks...

I left behind an account with some two digit sum on it.
A few years later they mail me that the account is about to be considered abandoned and the funds forfeited to the state government.
Too much effort to get the money out of there (cards are long dead, the password is the card number, the nearest branch office is in another country).
A few months later my account receives a free upgrade to a different plan. A small monthly fee may be charged unless XYZ conditions are met.
A year later, the account is drained dry and I never hear from them anymore.

 

[tautech]

I just got an email from a bank. It says I have to pay a monthly fee for customer research.    Why do I have to pay a bank to research whether I'm happy with them? This must be a crappy translation from someone phishing for information. Let's check the links in the email... they all look legit. Let's read the message more carefully... FFS it really says that I have to pay a monthly fee to compensate the bank for the effort they have to put into checking my account for criminal behaviour.   

Likely to do with your Gubbermint laws on money laundering.
We need pay these costs too in both time and money, albeit the monetary costs are hidden in various bank and money institution charges.
The time component is a one on one phone survey we must undertake with our FOREX provider every 2 years which we get an email warning that is to take place soon.
They need to ensure you are not using them for laundering the proceeds of illicit dealings and thereby making them an accessory.
Right PITA it is and a sign of the times we live in. 

[SiliconWizard]

Speaking of American banks...

I left behind an account with some two digit sum on it.
A few years later they mail me that the account is about to be considered abandoned and the funds forfeited to the state government.
Too much effort to get the money out of there (cards are long dead, the password is the card number, the nearest branch office is in another country).
A few months later my account receives a free upgrade to a different plan. A small monthly fee may be charged unless XYZ conditions are met.
A year later, the account is drained dry and I never hear from them anymore.

So much for the funds forfeited to the state! The bank wasn't gonna say goodbye to your 50 bucks!

[SiliconWizard]

I just got an email from a bank. It says I have to pay a monthly fee for customer research.    Why do I have to pay a bank to research whether I'm happy with them? This must be a crappy translation from someone phishing for information. Let's check the links in the email... they all look legit. Let's read the message more carefully... FFS it really says that I have to pay a monthly fee to compensate the bank for the effort they have to put into checking my account for criminal behaviour.   

Likely to do with your Gubbermint laws on money laundering.
We need pay these costs too in both time and money, albeit the monetary costs are hidden in various bank and money institution charges.
The time component is a one on one phone survey we must undertake with our FOREX provider every 2 years which we get an email warning that is to take place soon.
They need to ensure you are not using them for laundering the proceeds of illicit dealings and thereby making them an accessory.
Right PITA it is and a sign of the times we live in. 

Oh, I'm sure people actually laundering money are completely terrified by those very tough measures!

Meanwhile there are tons of modest people getting buggered by their bank because they received a transfer from their grandpa and now they need to justify the entirety of their sources of income for the past two years with tangible evidence, otherwise they'll get their account blocked.

If you think that's sci-fi, not even so!

[tautech]

Likely to do with your Gubbermint laws on money laundering.
We need pay these costs too in both time and money, albeit the monetary costs are hidden in various bank and money institution charges.
The time component is a one on one phone survey we must undertake with our FOREX provider every 2 years which we get an email warning that is to take place soon.
They need to ensure you are not using them for laundering the proceeds of illicit dealings and thereby making them an accessory.
Right PITA it is and a sign of the times we live in. 

Oh, I'm sure people actually laundering money are completely terrified by those very tough measures!

Maybe you missed absolving themselves of being a party to money laundering is behind this.
Highlighted for your reference. 

[bdunham7]

Meanwhile there are tons of modest people getting buggered by their bank because they received a transfer from their grandpa and now they need to justify the entirety of their sources of income for the past two years with tangible evidence, otherwise they'll get their account blocked.

If you think that's sci-fi, not even so!

There are some banks here that are demonstrating significant obtusity in their implementation of anti-money-laundering protocols.  It isn't paranoia on their part as far as I  can tell, it is simply incompetence and incoherence in their understanding of basic facts and their own policies coupled with a lack of accountability--some of these banks have their 'fraud department' siloed so that nobody in management can even talk to them.  They must think they are the NSA and ATF all rolled into one.  The key is to figure out which banks these are (I won't name names here) and simply move your assets elsewhere.  If you own a small business, it is a very good idea to have a banking relationship (not necessarily your sole one) with a bank small enough that they know who you are personally and approximately what you do.  Otherwise you may find that all your money is frozen at a very inopportune time.

[SiliconWizard]

It's easier than ever to open multiple bank accounts these days, and I strongly suggest doing so. Certainly do not put all your eggs in the same basket.

[PlainName]

Particularly sensible if your company account is with the same bank as your personal account - they will raid one to pay the other without asking if it comes to the crunch.

[nctnico]

Particularly sensible if your company account is with the same bank as your personal account - they will raid one to pay the other without asking if it comes to the crunch.

Yep. Same for mortgage. Never have a mortgage at the same bank as your personal / business accounts.

[temperance]

Governments do the same... You pay tax so your government can spend that on investigating criminal activities.

[MT]

Move to a different bank?  NL central bank interest rate is 1.47% so you're saving the bank most of that by giving them your money.  It's only right they provide all the other services FOC in return.

 

[pcprogrammer]

Governments do the same... You pay tax so your government can spend that on investigating criminal activities.

But instead it feels like your tax money is being wasted on a lot of other things and crime fighting is left behind.

It's easier than ever to open multiple bank accounts these days, and I strongly suggest doing so. Certainly do not put all your eggs in the same basket.

Unless you live in another country then where you like to have your bank account. Hell I had an account closed last year due to the fact that I don't live in the Netherlands or Germany, because their Germain customers are still welcome. The bank is established in the Netherlands. Long live Europe.

And this charging of fees is just the new trend. Like the negative interest, that now is reversed again, but when it started many banks followed that trend. So moving to another bank won't be free for long.

But it is certainly wise to have your eggs in multiple baskets.