Tuesday, November 23, 2004

Banks and Credit Card Companies Suck Ass

Let me tell you why - these companies rake in billions of dollars in profit by charging extortionate interest rates and service fees and handing out terrible investment returns and then finally ignore their customers security woes as compensation for loyal service.

The thing that gets me is that they haven't upgraded security in decades! Phishing, credit card fraud, identity theft are all easily mitigated with technology like smartcards, biometrics and public key tokens. Where the hell are those things on my ATM machines? Why is it that card swipers can be hacked together for a mager couple of bucks to fool the ATMs owned by multi-billion dollar tech savy companies? The reason is that they are just too fat and greedy to give a damn about the consumer being ripped off, it's not their problem.

Half a billion dollars annually is what consumers got ripped off from phishing, who knows how much from credit card theft, ABM rip offs and identity theft. Those Bay street bastards know it and don't do squat about it.

The sick irony of it is when they do finally do something about it, they will probably charge you and I extra for it too.

How do you do something about it? Simple, next time you buy an investment - buy some stocks in the publicly traded irresponsible greedy banks. Tank up your RRSP in RBC funds and then get your mortgage somewhere else like from ING direct or a smaller credit union.

If they are taking billions from consumers and giving it to shareholders, you might as well be a shareholder right?

Same goes for Microsoft & Intel.

1 comment:

CreditDude said...

Darn it. This is a 2-year-old post and nothing has changed in the credit card industry. Well, may be for the worst.