I had a bowl of wanton noodle for $2.50 at a coffee shop. I looked at the ingredients that make up this meal - noodle, soup, meat, chili and more. I thought about at the labor that went into the preparation and the rental that has to be paid for the stall. How can the stall holder survive on the profit margin that goes into this bowl of noodles?
I then thought about the charge of $50 that my bank imposes on a late payment on a credit card and the charge of $80 to transfer a small sum of money. How much does it cost the bank to handle each transaction? It seems to take less labor that making a bowl of noodle.
The banks, which makes billions of dollars of profit a year, forget that many people in Singapore have to work 8 hours a day to earn $50, which is the amount that they charge for a small banking service. Perhaps our Government, which gives the licence to the bank to operate the essential banking service, also forgets this point.
We cannot rely on the free market to determine the banking fees, as there is virtually no competition and the banks are happy to operate a cartel on these excessive charges. The Government has to regulate the fees charged by banks for essential banking services to be at a reasonable level.
Tan Kin Lian
- ► 2013 (304)
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03/14 - 03/21
- Problem with private insurance
- Experiences with websites
- Overseas orders for my books
- FISCA website
- A responsive call center
- Decreasing term assurance for 25 years
- Courtesy of a reply
- Avoid tele-marketing call
- Suggestion to regulate all types of investments
- Red light area gets out of line
- Danger on Asian Buses
- Inflation rate, measured by Reader's Digest
- Parker Korean Restaurant, 209 Upper Thomson Road
- Sense a trap
- MAS Investor Alert
- Resort World Sentosa - how's business?
- Lower standard of service in Singapore
- Good service in Singapore
- Taglines used by trourist promotion agences elsewh...
- Bring tourists to Singapore
- View from a local consultant
- Many orders in i-Shop
- Consultants and Government
- Video on the Shape Quiz
- A reader's view - importance of financial planning...
- Why do you visit my blog?
- Spend $12 and save a lot of money
- Do not accept a poor deal
- Puzzle - find the safe path
- Credit card points
- Improve a corporate website
- Video on Financial Education
- Postings on Land banking
- Debt and delusion
- Postings on Benefit Illustration
- Life insurance - effect of deduction
- Need for stronger regulation
- False hope
- Trapped in a bad investment
- Singapore's Big Bet is about to Pay Off
- Leaders should address important issues
- Unwillingness to take responsibility
- Professional fees and moral values
- Coffee shop and the bank
- Sands Resort Complex to open in April
- Interest in a sales career
- Opposition chief tells Singaporeans: Don't be afra...
- Commission paid to financial advisers
- High pay of Singapore Government Leaders - a view ...
- Review of GST
- History of productivity in Singapore
- Count on PM Lee - Dick Lee
- Land banking in UK
- The Consummate Joker
- Pay of Government Leaders
- Willingness to change
- ▼ 03/14 - 03/21 (56)
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