Wednesday, November 08, 2006

No interest paid over 4.45 Billion Czech Crowns

A recent news report mentioned the following:

"People still have CZK 4.45 billion in anonymous bank books at CS
Prague, Nov 6 (CTK) - People had CZK 4.45 billion in anonymous bank books in high-street bank Ceska sporitelna (CS) at end-Sept which means they withdrew CZK 570 million in the first nine months of this year, CZK 140 million of it in the third quarter, Helena Matuszna of CS press department has told CTK.
The bank has to cancel anonymous bank books within the fight against money laundering. Since the decision made in 2002, people have withdrawn over CZK 115 billion. They still have time to do so by end-2012.

Since 2003, the bank has been paying no interest on deposits in these bank books."

I completely understand the need to cancel these deposits however you issued them in the first place, you keep the bank books valid and still 4.45 Billion czk is outstanding on these special bank books but you refuse to pay interest on the money that you have in your accounts on behalf of these clients.

Seems like a neat little trick to me Ceska Sporitelna. Let the money stay with you until 2012 and reap the benefits of this extra capital but ofcourse the actual owner of the money doesnt get to share the benefits and you keep all that for yourselves. Sounds like a typic Ceska Sporitelna thing to do if you ask me.

Bravo Bravo to the largest Czech Bank. You guys stink!

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