I heard a funny line today on a podcast I was listening to. “The Banks, there richer than you think.”

Yes indeed they are – a strong and solid banking system is crucial to our economic system. We would likely all agree to that. However, we do wonder when we see profits that simply continue to roll upwards while fees, banking charges, interest on borrowed money and the cost of doing business with the bank continues to increase to. If we were all shareholders then we would all profit – but banks are not cooperatives or credit union.

I had an account at a credit union when I was young. I wasn’t traveling much and I certainly didn’t have need for financial tools. I had a loan for a car – at a reduced rate of 17.5% because I was a ‘member’ and thus didn’t have to pay the going 19.5% !! And I had a savings account where I was trying to get ahead….phew!

But we now find ourselves in the position, like most, where we do need a bank. Though the insurance industry offers most of the banking tools, I think I’m locked into our current bank for some time.

But yes, the banks are richer than you think.

I was with the VP for real estate with Scotia Bank who had developed the Scotia Bank tower. He was very proud of the grand building… I just kept thinking yup. the banks are richer than we think.