Banks

 

The trouble with banks is that they have not really embraced modern technology and their business methods and charges are still stuck in the past.

I was told by the Business Banking Director of one of the High Street banks, about fifteen years ago, that a third of their profits came from interest on uncleared cheques and payments. I doubt it’s much different today. So as with unfair bank charges they are being squeezed at both ends.

On the other hand they are not using the information that they have to increase services to customers. As an example, it is possible to create small business accounts that would satisfy the Inland Revenue, directly from an annotated bank statement, that could be created using an on-line banking system.