Banks cash in on customers

I HAVE a bank account in the United States. For a US$1,500 (around HK$11,600) minimum deposit I get interest-bearing chequing. That is: no-fee with daily compounded interest that is consistently one percentage point higher than on my Hongkong Bank savingsaccount.

I also get a no-fee ETC card, free ETC machine use, fee-free travellers cheques and bank drafts. My deposits are 100 per cent insured in case of the bank's insolvency. And I recently received a leaflet from my bank offering mortgage loans for 6.5 per cent. I assume the bank is making money: they're the largest savings bank in California.

Compare that to Hongkong Bank which pays one per cent lower interest, charges two per cent higher mortgage, charges for ETC cards, even charges me to get a bag of coins for God's sake, and recently doubled its charges for inward remittances.

Please, Hong Kong Association of Banks, explain to me again how you're giving me the better bargain. Something must have been lost in the translation last time.

FRED LITTLE Lantau