The governmnent’s new laws to tackle manipulation of the bank bill swap rate may seem like a crackdown on badly behaving bank employees but in reality the Australian Securities and Investments Commission (ASIC) hasn't used the full force of the law in the past to prosecute. So perhaps it's time Australia followed the lead of the US and UK who are really using law to hold banks to account.
Tagged With big banks
You may have met someone who says they don't trust banks and shoves their money under a mattress. You write them off and go on using your debit cards and checking accounts. Then some banking scandal happens and all of a sudden mattressing your money doesn't seem like such a bad idea.
Despite our fears, banks serve us pretty well for the most part. Our money is there when we need to pay rent. We can transfer our cash whenever we want. The system works well for day-to-day transactions, but that doesn't mean banks are entirely trustworthy. It's never been easy to trust a bank, but these days it seems impossible. So how do you pick one that's actually trustworthy? Here are a few options.