“It’s obvious that HSBC is closing the small business accounts with low profitability. This is outrageous and it’s discriminatory. Can a bank decline opening an account to a person because that person is poor? So why a bank can decide not to accept a business because it’s small or simply not profitable for the bank?”
The Victoria Times Colonist reports today that a small business owner has been cut off by his bank. Is this news? Not really. Is it the beginning of a disturbing trend? Yes. So read it and weep. Owner Yiu might be out a few bucks since he just purchased new print cheques that he can’t use, but otherwise, he’s probably better off with another bank, who might appreciate him as a customer.
Does your bank care about you? If this question makes you laugh, it’s because you have empowered banks with more authority and importance than they deserve. Banks were established to help us keep our money safe from home burglars. At one time, we could save our money in banks, and earn interest. That’s pretty much a dead issue with most major banks. Now they charge us small fees for “the privilege” of banking with them. Now they’ve become so powerful that they have the leverage to make our lives miserable if they want.
The solution? Well, there’s always PayPal and Bitcoin. In the meantime, call your bank today and set up a meeting with your branch manager. Find out if they really care about you as a customer. And if they don’t, find another place to put your hard-earned money, because YOU HAVE CHOICES.