Business Bank Borrowers Warned

Elizabeth Knight wrote in the Sydney Morning Herald 30 July, on bankers who had made money by failing to offset customer credit balances against loans as they had promised. She said ASIC had not disclosed which banks had done that. She finished with the words, “So customers won’t know who to trust”.

Don't Trust The Bank

Customers should by now know never ever to trust  any bank to treat them fairly, unless the bank has shown itself to be trustworthy over a long period of time.  Instead, customers should ensure that their bank does acts honestly, by checking. I do trust my bank implicitly but I still check every single transaction very carefully. Trusting others is a lazy way to do business. Always double check. Bank super-profits are built on deceiving, cheating and lying to customers. Royal commissions and inquiries have proved that for decades.

Keep The Bank Honest

Always engage an independent banking consultant. The business accountants will do if they are not dependent on the bank for client referrals. Have them thoroughly check the loan offer document for deceptions and check all calculations when the first interest charges are made and at least half yearly. Always pay a lawyer who does not get referrals from the bank, to check the legal side of the loan offer and contract. That is where many banks first trick trusting customers.  Professional advice is very cheap compared to the business being robbed blind.