Banks

Banks profit first

Profiteering behaviour by banks is allowed to happen by customers unwilling to change.  Banks in Australia increased margins, increased fees and profited during the financial crisis.  This put increased pressure on small business.  Westpac talked about banana smoothies while redundant workers with a mortgage could not afford milk.  This most profitable bank is also one with low customer service.  When interviewed, Westpac CEO Gail Kelly explains the pressure she is under while collecting a multi-million dollar salary. The government gave the banks a "free kick" by guaranteeing deposits - this has now meant mortgage business has been consolidated in banks and there is reduced competition.

There is a definite black art to the design of bank fees and charges.

I imagine a team with spreadsheets open. They design fees and charges based on the criteria of obfuscation and "death by a thousand cuts".