| Do banks only cater for the rich? |
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financechoices
Senior Member
Cash: $ 53.79
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Joined: 04 May 2005
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| Do banks only cater for the rich? |
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UK banks stand accused of making money from well-off Britons, while ignoring their responsibilities to the most vulnerable members of society.
Do you think banks are increasingly cherry picking the wealthiest members of society and obstructing the poorest from basic financial services?
UK Finance Forum | Loans | Credit Cards
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Mon Mar 06, 2006 10:39 am |
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dbe1351
Member
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Joined: 04 Feb 2006
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| Depends on the Bank |
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Having worked at one of the largest banks in america - I can tell you banks do not only cater to the rich. Larger banks are looking for customers across the entire spectrum of wealth.
We had strategic plans from groups like "unbanked hispanics" to customers with $5MM+ in wealth.
if you take deposits for example - banks make money in two ways. 1. Fee Revenue and 2. NII - Net income interest - or the basically the spread they can make on thier deposit holdings.
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Mon Mar 06, 2006 12:46 pm |
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