Banks littered with conflict of interests

I AM the managing director of an independent, family-run financial planning firm in Cork.

We employ 13 people. On lodging a cheque on behalf of one our clients in our local bank today my colleague was told to please hold while the bank got clearance to lodge the cheque. Our local bank is a small bank. In fact, it is a tiny bank.

The teller went across the room and phoned what appeared to be head office. She told head office that a five figure some of money was being lodged to this person’s bank account and the person in head office said: “It could be a good opportunity for you.” The significance of this act is huge, and summarises one of the big problems with our banking institutions.