Tuesday, August 19, 2008

Fighting WindMills


After fifteen years at the same bank, I decided to take initiative and fight at least one of the wrongs.
One thing among the many that this bank (and since it's the largest one in Israel, most of the rest as well) is inflicting on its customers, or money cows..
The thing I'm fighting is the fact that once you have money in your checking account, you get no interest for it. When you have a debt to the bank, you'll pay a handsome interest, but when the bank enjoys your balance, you see not even a penny (or agora, as the case may be).
I already contacted my bank - their response was that this is how things are. Naturally this is not a viable answer.
So, I'm using other channels. Bank of Israel, and various other institutions and offices that may have the power to change this wrong doing.
I am hopefull, but I also know this is a long howl run. It won't be over in a couple of months. But the banks should re-grasp the notion that they are here to serve US and not vice versa.
As soon as I gather enough paper/email trail, I'll start publishing it online and try to get the media to delve and follow this. The more noise I generate, the more chance I have to be heard and supported.
The amounts involved in this are staggering. estimations run upto 100 billion shekels a year (about 27 billion USD) from the interest they (all the israeli banks) gather from our money.
Wish me luck! :)

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