🚀 go-pugleaf

On Wed, 08 Apr 2009 16:31:57 +0800, Stephen  X. Carter wrote:

> On Wed, 08 Apr 2009 18:23:45 +1000, David Clayton
> <dcstar@NOSPAM.myrealbox.com> wrote:
> 
>>Now we hear (again) that the banks "cannot" pass on the Reserve Bank
>>official interest rate cut because (apparently) a lot of their cost of
>>borrowing is not actually related to this official rate.
>>
>>Surely that means that every single rate *increase* that was previously
>>passed on in full was a total lie as a lot of the funds that the banks
>>sourced to lend out were also not related to the RBA rate?
>>
>>Talk about "having your cake and eating it to", after years of
>>ripping-off borrowers by sourcing cheap funds overseas to create record
>>bank profits they now use this reality to keep *their* profits at record
>>levels as official rates fall!
>>
>>I would also speculate that every variable bank deposit rate will be cut,
>>so the cost of these funds will drop further boosting the bank profits.
>>
>>If the RBA rate cuts end up going straight into bank profits and don't
>>get passed on and have their intended "stimulus" effect in the economy,
>>they why would the RBA bother to make any more cuts in the future?
>>
>>If only us poor retail customers could borrow directly from the RBA at
>>those juicy low rates...
> 
> ...and...
> 
> How come there's little or no fuss about the fact that the Credit Card
> interest rate (on balances etc) has not tracked the recent Cash Rate
> changes?
> 
> A year ago when the Cash Rate was at its peak (of 7.25%), the Credit
> Card interest rate on my monthly bill was just over 20%.  It was 19% on
> my most recent bill.  Double dipping?

No doubt, as well the business I work for is currently investigating a new
non-bank EFTPOS payment system where the overall fees will end up about
half the ones we currently pay a major bank each year.

-- 
Regards, David.

David Clayton
Melbourne, Victoria, Australia.
Knowledge is a measure of how many answers you have, intelligence is a
measure of how many questions you have.