Rip-off merchant bankers

The last couple of months have seen many newspaper reports about how British banks have been overcharging its customers with hefty overdraft fees. Banks have been charging customers £30 a time every time they go over their overdraft limits. According to consumer watchdogs, British banks have been acting illegally. As a result, people have been claiming back such charges.

However, there is one thing to be said about British banks: They don't charge people for having money in the bank, providing they are in credit. In Slovakia and the Czech Republic, however, the banks sting you for every penny, whether you are in credit or in debt. They charge 100sk for opening an accuont. You get charged extortionate amounts for withdrawing money from their machines. If you withdraw money from a cashpoint machine that isn't from the bank you belong, you get charged even more.

The Tatra Bank in particular are ruthless and crafty with their customers, despite their excellent reputation as an award winning bank. I recently learned about how the bank often adds extra money to people's accounts. This 'extra' money into people's accounts isn't actually theirs. It is a loan that the bank puts into people's accounts, even when they don't ask for it. This is so that they can sting the customers for interest on such loans. This recently happened to me when I found I had 7,000sk more than I actually should.

Despite such charges, most Slovaks seem to grin and bear it and say this is the way it is. When I mentioned to my boss about how such charges may be illegal, she said that the top banks would never act illegally.

Do's and Don'ts.

• DO NOT take out small amounts of money at a time. Instead, take out large sums in one go. This is because they will charge you every time they use the machines.
• DO NOT go for the internet banking option unless you really have to. The fee is very pricey
• DO NOT choose weekly or monthly bank statements. Go for quarterly statements, as they sting you for statements.