Howdy, Stranger!
It looks like you're new here. If you want to get involved, click one of these buttons!
Quick Links
Welcome to Writers Talkback. If you are a new user, your account will have to be approved manually to prevent spam. Please bear with us in the meantime
Unexplained and never explained
Only excuse for putting this here is that it was a writing exercise though obviously not a story, as such, suitable for last months competition. However, perhaps some one can PLEASE EXPLAIN.
Unexplained.
Nobody will ever explain to me why banks charge a $500 fee for initiating and/or granting one a mortgage. And, believe me, I have asked.
Banks are in the business of borrowing money from the public and then lending it to someone else for a higher percentage than they paid for it. I have no problem with that. It is no different from any retailer purchasing goods and distributing them at a greater price. Someone has to do it and it is a way to make a living.
When one applies to a bank for a mortgage their only consideration is to whether you are going to pay it back or not. It is someone's job to assess that. In this day and age , five minutes should cover that. Apart from that, just someone doing their job, the only other expenses are sheets of paper. The contracts have been written well in the past and only require printing out and no other expenses are involved. So why the fee. It is charging customers to come into their money shop.
Perhaps they print on very expensive paper. I don't care what they do, but just explain it.
Unexplained.
Nobody will ever explain to me why banks charge a $500 fee for initiating and/or granting one a mortgage. And, believe me, I have asked.
Banks are in the business of borrowing money from the public and then lending it to someone else for a higher percentage than they paid for it. I have no problem with that. It is no different from any retailer purchasing goods and distributing them at a greater price. Someone has to do it and it is a way to make a living.
When one applies to a bank for a mortgage their only consideration is to whether you are going to pay it back or not. It is someone's job to assess that. In this day and age , five minutes should cover that. Apart from that, just someone doing their job, the only other expenses are sheets of paper. The contracts have been written well in the past and only require printing out and no other expenses are involved. So why the fee. It is charging customers to come into their money shop.
Perhaps they print on very expensive paper. I don't care what they do, but just explain it.
Comments
Why write this then
Feckin' robbers!!
Apart from the fact that it is a racket, of course.
It's a bit like the letters they send people to say they're slightly overdrawn. There's a charge for sending the letter and then charges for the overdraft and soon a miscalculation or oversight on the customer's part results in a massive debt they can't shift.
Those bonuses have to be funded somehow.