Panday knocks "rip-offs" by commercial banks

Friday, October 28, 2016 - 05:45

Former Prime Minister Basdeo Panday has is hitting at commercial banks for what he says has been a system of customer "rip-off".

Panday made the comments in a Facebook post on Thursday, while many are debating the decision by the Petroleum Dealers Association (PDA) to stop electronic payments at service stations.

The PDA has raised the high costs of maintaining these machines, the Green Fund and the Business Levy as high cost factors.

In his post entitled, "Rip-off by the Banks", Panday said:

"The Banks have been ripping off people, and particularly poor people, for a very long time.

"They charge you fees for merely keeping your hard-earned savings, while they use the same money to make more money for themselves.

"And if you decide to leave your savings untouched for some time in your account, they charge you a fee for that too.

"They encourage you to take loans for which they charge you exorbitant interest.

"Their mark-up on the purchase and sale of foreign exchange is near criminal.

"They have increased all their charges at a time when money is getting scarcer and scarcer in the hands of the ordinary people.

"Yet they continue to make huge profits.

"They can do so with impunity because they have a monopoly.

"It is high time we unite to wage struggle against these unconscionable institutions."

Panday has used his Facebook page from time to time to comment on matter of national concern.