Banks charge interest twice because no one questions it and it is what most Banks do.

Banks supply a service to the government by using loans to inject new money into the economy. When a bank gives a loan, it deposits new money into a bank account, and the borrower repays the money plus interest. Interest is NOT a return on investment; it is a fee to cover the bank's costs and a profit to the bank for providing the service.

It is supposed to be a way of making sure new money is spent wisely.  When a bank charges interest on your account, they extend the loan with more money, but they do not give you money on the extension.  They say they don't because you owe them the money. Of course, you no longer owe them the money because it is paid from the extension, and that means your loan amount should be reduced back to its original amount.

Banks say it does not make sense to them to pay back the interest they have just given you, which is the interest you owe. They forget that it is not their money; it is new government money that they give to themselves instead of to you the borrower. The extra payment goes to the bank shareholders.

This petition is addressed to community banks, where depositors and borrowers are the shareholders and should receive the profits back. However, the executives who operate the banks are rewarded by the profits they make, and when approached they have refused to consider it because they made less profit. The shareholder banks will always refuse it as they are required to look after shareholders first.

If the community banks do not move to a simple interest, the next step will be to get members to put a resolution in their next AGM.

Please pass on the petition to anyone with or who knows anyone with a bank loan.