please help
2006-10-04 08:50:55 · 10 answers · asked by Anonymous in Society & Culture ➔ Other - Society & Culture
i just mean it provides a service to the public, is this true, is it a publ;ic service organisation.
2006-10-04 08:53:59 · update #1
A bank is not a public service; it's a business. A public service is anything that is done for the public good, without charge, making no profit. When a TV station announces local happenings like church suppers, block parties, blood drives, library book sales, etc. that's performing a public service. When the police department has a bicycle safety day, and checks kids' bikes and helmets to be sure they are safe, that's a public service. When the drugstore has a machine where you can check your own blood pressure for free, that's a public service. Understand?
2006-10-04 08:52:27 · answer #1 · answered by MOM KNOWS EVERYTHING 7 · 1⤊ 0⤋
Thirty years ago they at least pretended to be a public service. Now it's all about sucking as much of your money out of your account and into their owners' and shareholders' as they can bribe the government to let them get away with. I'm loathe to call them a business, but my alternative would certainly breech etiquette and that's the way of business these days.
It's not all hopeless though. They, and every other business, need our money to survive. Each $, £ and ϵ that we own, however briefly, is a chance to pick a better world.
See if you can find a credit union (deposits are shares) that respects its members and treats them fairly.
2006-10-04 09:08:25 · answer #2 · answered by The angels have the phone box. 7 · 0⤊ 0⤋
It's a business, unfortunately, and we all need to have a bank account, so I think it's not fair that most banks make so much money out of OUR money - above all when they pay ads with it. I don't know about America, but banks charge more and more for the tiniest "service" in France.
2006-10-04 09:04:12 · answer #3 · answered by Offkey 7 · 0⤊ 0⤋
Banks are private entities, controlled under Federal Banking Laws, with deposits up to $100,000.00, insured under FDIC, (Federal Deposit Insurance Corp); meaning that should a bank fail, depositors are reimbursed up to that amount.
Federal Bank Examiners regularly audit a bank's records in order to ensure that the bank is not carrying excessive risks in their loans.
When high risks are found, the bank must set aside cash reserves in the amount of those risks. These reserves cannot be used for loans or investments, which reduces the bank's ability to "earn interest", and affects their net assets.
When "high risk loans" become excessive and it's determined that the bank is insolvent, the examiners close the bank.
I had a bank close on a Friday, and that was my payroll day. My account, as all accounts, were frozen and were inacessible for withdrawls. It was hell, trying to pay my help that day. No checks could be cashed. Even if one held one of my checks and tried to cash it, and if the bank was called to verify funds, they found the bank closed and the check would be refused. It was resolved on the following Monday, but there was no way of knowing that.
The feds assumed operations, until another bank assumed the "selected loans of their choice". Those that a bank declined, were then held by the Feds. The feds collected on the balance of those loans until a bank was willing to assume them. All deposits up to $100K were insured and reimbursed.
On that Friday morning, a customer had deposited $100,000.00 in that bank, increasing their total deposits to about $200,000.00. They lost $100,000.00, that day.
The reasons for the bank failing is another story. Lots of inside shady loans. Can you say "crooks"?
I had always questioned, who in hell allowed those guys to buy a bank, just a few months earlier. I knew they were shady.
2006-10-04 09:32:16 · answer #4 · answered by ed 7 · 0⤊ 0⤋
a bank is a business that provides a public service do you see the difference?
2006-10-04 08:53:43 · answer #5 · answered by Kate T. 7 · 0⤊ 1⤋
A Bank is a business specialising in financial services. Its out to make money from you and nothing else.
2006-10-04 08:53:23 · answer #6 · answered by Anonymous · 1⤊ 0⤋
no, the bank is not a public service it is a multi-billion dollar business. Although they want us to think it is lol.
2006-10-04 08:54:50 · answer #7 · answered by J. A. M. 4 · 0⤊ 0⤋
no its not a public service because a public service is where you come out with something like food or clothes. eg a hairdressers is not a service because you dont come out with anyting
2006-10-04 08:54:40 · answer #8 · answered by sup. 4 · 0⤊ 2⤋
no its a business, its out there to make money for its investors
2006-10-04 08:56:15 · answer #9 · answered by SCARFACE 2 · 0⤊ 0⤋
banks are businesses,
2006-10-04 08:53:05 · answer #10 · answered by ginger 6 · 0⤊ 0⤋