Lloyds Are The Latest Bank To Rip Off Innocent Customers
Time and time again, new evidence emerges which brings to light just how badly banks are treating their customers, and over the past week, it has materialised that Lloyds Banking Group are the latest culprits who have continued the trend of taking advantage of their customers’ inexperience in the currency and payments world.
As we’ve been saying for a very long time now, although banks will advertise that they don’t charge fees on their currency payments, they compensate for this by adding a huge mark up on the interbank exchange rate, which often, the customer will not be aware of and so will also be unaware of how much money the bank is making from them, or, more strikingly, how much, as a customer, they are NOT receiving from their transactions.
On top of this, it has recently emerged that at Lloyds Bank, currency traders are actively encouraged to impose an “Added Value” charge of up to 1.5% on each conversion, where Lloyds Currency Traders are pressed to “take into account the services and intellectual capital afforded to the client”. We interpreted this genuine company policy in the following way: If you think the customer has little knowledge of currency/financial markets, then squeeze every penny out of them!
As is usually the case, it is the everyday customers and small-to-medium sized businesses who feel the force of the exploitative nature of the big banks. It may not even be a case of lack of financial sector experience, but more an unfortunate mistrust that, you’re receiving an honest service, when in reality, the banks are completely taking advantage of your good nature.
At Racing FX, we pride ourselves on offering our customers a transparent service, with fair and honest prices. We value our clients as much as they value their funds and so we endeavour to give Racing FX customers the best service possible.
Together we can beat the banks once and for all! And if you open a Racing FX account today, you’ll be entered to win a luxury summer hamper! www.racingfx.co.uk/personal-account.