Why do many people always say that “never trust a bank”?
- Anonymous4 months agoFavorite 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
- JoeLv 54 months ago
Nobody has said that since 1939.
- SumDudeLv 74 months ago
Left over phrase from the 1920's bank failures used by people that refuse to accept that times and laws have changed.
- RICKLv 74 months ago
Look at the recent history of Wells Fargo Banks, explains it all
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- JudyLv 74 months ago
They do? I never heard anyone say that.
- ErikLv 74 months ago
- Casey YLv 74 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.
- MillyLv 44 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=