RandomBacon & MargarineFlowers

Food, general thoughts, food…

Correspondent Bank

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Here is a phrase for today ‘correspondent bank’
You know what that means?
It means that your bank has no agreement with the foreign bank you are transferring money too, so they deal through a middle man who helps complete the transaction.
What it actually means is that there is a nice neat tidy way for more of your money to filter away into the ether and no-one is accountable for it.
No one knows who this bank is, no-one can tell you what their fees are going to be or what the fees are actually for, you are not provided with a record.
Once you get the remnants of your hard earned cash and query where a large chunk of it vanished to your bank will tell you they have no idea, they have no record of the correspondent bank or what its fees are, and frankly no responsibility or interest in finding out..
So actually my bank could take an extra $20 or $30 dollars from each transaction, not tell me about it, make no record of it and then if I have the audacity to actually query it they just say it’s someone elses fault.
They cannot or will not provide any details on who this ‘mystery bank’ is.
I have to just trust them to be telling me the truth.
I am not sure I am comfortable with that but short of sending and receiving wads of cash in the post (and I am not sure I entirely trust the postal service either) what choice do I have?

I hate feeling so powerless.


Author: kolandasimone

40, on my way to 40 something...Still not sure what I want to do when I grow up, retire probably... Food obsessed, love to cook it, read about it, eat it... Chock full of useless information that crowds out the useful stuff sometimes.

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