Rip off

It seems that banks in Jordan, with the blessings of the Central Bank, are generating higher profits by ripping off consumers in every possible way, the least of which is charging depositors for giving them or mailing them account statements.

Shouldn’t banks incur expenses?

Or should every single cost they incur be immediately recovered from customers in some way or another?

If somebody’s account balance is below a certain level, banks start charging JD1 or more per month as a penalty for the low balance.

If somebody’s account is stagnant for a certain period, banks start charging JD2 or more, under the pretext of costs incurred.

I was told by a clerk at one of the banks that even depositing a check in the account will not save me from the charge because the deposit has to be in cash and at the bank counter.

Use of the ATM is also subject to a charge.

As I was waiting for my turn at a bank, a customer was arguing with the clerk on a penalty fee the bank wanted to impose because he wanted to make an early repayment on his loan.

Simply said, good guys are paying for the damage done by bad guys.

If banks extended sound credits and generated profits from creditworthy businesses, without incurring massive losses here and there, they would not resort to ripping off customers and depositors right and left.

In London, the financial hub of the world, banks are being hammered and penalised by the British central bank and the financial authorities for misleading and cheating customers, and for misconduct through lack of transparency.

I think it is about time financial services in Jordan became crystal clear and, just like fruit and vegetable sellers, put up a price list of their product and services.

Banks should be forced to show all their charges on their front doors.

Samir Ghawi,
Amman