Arbitrary bank charges robbing people of money
THE EDITOR, Madam:
I would like to highlight a great injustice being done on the citizens by the banking institutions. I consider this to be ‘legalised criminality’.
In 2018, I opened a bank account for my daughter in order to encourage her to save. She would save her lunch money, sometimes she would not buy lunch in order to save. In October 2018, the balance was approximately $51,000.
My daughter is now studying overseas and she has asked me to check on the account. The bank informed me that the current balance is approximately $36,000. They informed me that this was because of a monthly service charge of $300, which was later reduced to $296.14, irrespective of whether the account is dormant or not.
Apparently, it is in the fine print and it is perfectly legal, something that we did not know. My question is if this is not robbing schoolchildren of their lunch money, then what is it?
I consider this to be legalised robbery. How can the banking laws allow this injustice to continue? Where are our legislators?
Do we need a Judge Dredd to find a solution?