Thursday, November 11, 2010

Complete Bankers

While checking exchange rates today, I noticed my bank has increased the price of transferring money.

Now it wasn't a large increase. In fact it was only $1.00. But it's not the size of the increase that bothers me; it's the roundness of the figure. In this world of supposedly tight margins and fractional percentages that banks keep telling us they do business in, it seems quite remarkable that one of their fees, after all those detailed calculations should go up by exactly $1.00?

It illustrates perfectly how they structure their fees: think of a number, now think of a bigger number.

No comments:

Post a Comment