23 Jan 2011

A Financial Transaction Tax of 39.32%

I can imagine that if the banks hear me calling for a Flat Rate Financial Transaction Tax of 1%, they will complain that this value is outrageously high, and will ruin their business.

Well, what about the 39.23% financial transaction charge that we just paid for cashing a check for $175.98 into our account at the Credit Lyonnais in France?

As you can see from the three statements below, not only did we get charged €51.83 euros (which amounts to 39.32% of the value) for the service, they even managed to take 7 weeks and 4 days to do the transaction. The first image shows that they acknowledged receiving the check on Thursday the 12th of November, but nothing appeared on our account until Tuesday 4th January.

What happened to our money in the 7 weeks and 4 days it took them to do their job? No doubt the banks were using our money for speculating and making even more money.

If they say that it's complicated to change dollars to Euros, then I would say that this is simply a lie given that  the banks were trading  $1 trillion into euros and back every day in April 2010 (see the BIS Triennial report).

No. I think that this is simply legal robbery. Somebody stop them- please! And if there are any banks out there that don't behave in this way, then let everyone know. They will have all our custom.

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