Do you think bank charges are too high?
I cannot understand why HSBC is criticised for 'exploitation' by raising the fee for its PowerVantage accounts.
The word exploitation generally means taking away people's basic rights, such as freedom of speech and of the press. Without doubt, the upsurge in bank charges will adversely affect the benefits enjoyed by some customers. However, I don't see any point in classifying services as a basic right.
Furthermore, consumers are given the right to choose. If they consider the fee unreasonable, they can transfer their account balance to other financial institutions. HSBC will have to bear the consequences of losing customers. That is fair enough.
Personally, I think it is totally acceptable for HSBC to seek to maximise its earnings.
Our economy has been booming during the past few years. The cost of running a business also has increased as a result of surges in salaries and inflation. There is nothing wrong with banks seeking to recover their costs by raising their fees and charges.
