How the banks defraud us

It’s no wonder the banks make so much money. My brother transferred some money from his online account to my online account. He telephoned me to tell me he had just done it. Several hours later I logged onto my account to see if it was there.

It wasn’t.

I waited twenty four hours and tried again.

Still not there.

I checked with my brother that he had taken down the correct bank details before ringing my bank to ask where the money was. My bank told me it took three or four days for the transaction to complete. Three or four days!

In an age of instant electronic communications this is scandalous. The thing is though, that money is no longer in my brothers account, neither is it in mine; so where is it?

The banks have it of course, so they’re the ones earning interest on it. You multiply a few hundred pounds by several million transactions and you have a large pile of cash which does not belong to the bank but which is earning interest for them.

What a scam.

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