Anonymous
Anonymous asked in Business & FinancePersonal Finance · 4 months ago

Why do many people always say that “never trust a bank”?

9 Answers

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  • Anonymous
    4 months ago
    Favorite Answer

    Banks are strictly regulated by the federal government and cannot make random decisions that will negatively impact customers without answering for it. The Consumer Protection Agency requires banks to respond to specific customer issues on a regular basis and banks must pass Federal inspections on a regular basis.

    Think about running your business and then having the Federal Government come in and call you on anything you do that could be perceived as bad for consumers (no matter if good for shareholders) -- this is how banks are governed.

    Source(s): Wikipedia
  • Joe
    Lv 5
    4 months ago

    Nobody has said that since 1939.

  • 4 months ago

    Left over phrase from the 1920's bank failures used by people that refuse to accept that times and laws have changed.

  • RICK
    Lv 7
    4 months ago

    Look at the recent history of Wells Fargo Banks, explains it all

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  • Judy
    Lv 7
    4 months ago

    They do? I never heard anyone say that.

  • Erik
    Lv 7
    4 months ago

    idiots

    ___________________

  • 4 months ago

    People tend to be distrustful of things they don't fully understand. I'm not saying banks are good, but they also aren't inherently bad. They permit outrageous growth to occur and permit people to purchase homes, which would otherwise be unobtainable.

    They also help with the flow of money.

    That being said, don't trust a bank to put the interests of depositors (customers) ahead of the interests of the shareholders...always keep that in mind. If they can make a few extra bucks off of you, they will certainly try.

  • Milly
    Lv 4
    4 months ago

    Do people always say that? Pre-1930s, banks could forceclosure on your house or farm on a whim. There were no particular rules so, naturally, people distrusted banks. After the 2008 financial collapse, I suppose a lot of people do not trust banks because they blame them for this disruption.

  • 4 months ago

    lots of hidden rates=

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