iSAYSO
WHERE THE MONEY GOES AFTER IT LEAVES YOUR ACCOUNT.
Courtsey of
Corruption in New Zealand
Corruption in New Zealand
Shane Murray
I FOUND WHERE THE MONEY GOES AFTER IT LEAVES YOUR ACCOUNT.
Not the fees. Not the interest. The profit. The actual money four banks clear every single year off the backs of every mortgage, every overdraft, every gap between what they pay you and what they charge you.
It doesn’t stay here.
When the Reserve Bank lifted a Covid-era restriction that had capped what banks could pay out, one of the big four sent close to two billion dollars across the Tasman in a single year. Ninety one cents of every profit dollar it made in this country. Gone. https://www.interest.co.nz/…/aussie-parents-nzs-big…
Ninety one percent.
Sit with that for a second. Imagine your own paycheck working that way. Ninety one cents of every dollar you earn, automatically forwarded somewhere else, and you keep nine.
That’s not a scandal I’m alleging. That’s a disclosed dividend payment. Public record.
And the thing is, this isn’t new. It isn’t hidden. It’s sitting in company filings and Reserve Bank statements the whole time, waiting for someone to actually add it up and say it plainly.
So I did.
Tonight’s post lays out exactly what the government’s own competition watchdog called this arrangement after a fourteen month investigation. Their word for it, not mine. It’s blunter than you’d expect from a government report.
Tag someone who still thinks switching banks fixes this.