It appears compound interest is worldwide, so I have changed the petition to apply to any bank that uses compound interest rather than simple interest and to emphasise the double interest payment.

Most people believe depositors in banks get compound interest if they leave their money in the bank, and hence, banks should get compound interest on their loans. I agree that depositors and borrowers should be treated equally.

I disagree with banks' thinking that they are lending their money and should receive an interest payment. Banks are intermediaries and provide a service, and one of the costs is interest to depositors. They do not own the money and should not rent it.

To a bank, compound interest means they can extend the loan with interest without giving the borrower any credit on the extension. They say that paying the interest by extending the loan is enough as it is rent on the money. They don't recognise the interest payment as an extension to the loan; hence, they do not credit the loan account with the interest payment and ask the borrower to pay it again to cover their costs.

Most people I have spoken to believe in banks and are surprised when I point out the double interest payment.

Tomorrow, I will pass on the latest with my asking a bank to change to simple interest. 

Please pass on the petition with this email https://www.change.org/PayInterestOnce