Here is an even better idea.
http://www.counterpunch.org/ebrown10292010.html

"The simplest public credit model is the electronic community currency system. Consider, for example, one called “Friendly Favors.” The participating Internet community does not have to begin with a fund of capital or reserves, as is now required of private banking institutions. Nor do members borrow from a pool of pre-existing money on which they pay interest to the pool’s owners. They create their own credit, simply by debiting their own accounts and crediting someone else’s. If Jane bakes cookies for Sue, Sue credits Jane’s account with 5 “Favors” and debits her own with 5. They have “created” money in the same way that banks do, but the result is not inflationary. Jane’s plus-5 is balanced against Sue’s minus-5, and when Sue pays her debt by doing something for someone else, it all nets out. It is a zero-sum game."

The rest of the article goes into more detail including addressing problems and scaling up to larger businesses and projects.

Lets see the banks compete with community credit. hahahaha

*No Fees
-Profit goes back to benefitting THE COMMUNITY rather than greedy CEO's who swim in their money like scrooge McDuck.*

Ah Boaz, your envy is just dripping off the OLO pages. All emotion
and no reason, is not just a good thing.

You don't want bank fees but you clearly want bank services handy.
You want something for nothing. You must be Scottish :)

Bank profits do indeed benefit the community. Apart from the taxes
they pay, virtually every Australian super fund account holder,
benefits from bank profits. Westpac alone has another 560'000
shareholders. Those grey nomads cruising around Australia, who
saved their pennies years ago, all now benefit. Good on them!

Why is it ok to pay footballers, golfers, tennis players, singers,
actors, etc, large salaries, but not people loaded up with huge
responsibilities?

Gail Kelly for example, is responsible for six hundred and eighteen
thousand million dollars. That is the amount of assets on the Westpac
books. You begrudge her a house. Much of her pay this year, was
a performance bonus. You might have noticed, but our bankers came
through the GFC somewhat better then British bankers of American
bankers. Staff who achieve those kinds of results, deserve more
then a gold watch IMHO.

Gail Kelly is married to a surgeon. You have no idea as to how
much he contributed to her house. I think she should be admired,
for starting as a bank teller and achieving what she has.

All you can do is drip envy. That is really sad

My understanding of a financial loan is, it is the same as a hire purchase loan. You get an item on hire purchase with the ultimate end result that you own it when the final payment is made. Is a mortgage not a hire purchase loan? When you purchase an item on hire purchase the interest is fixed for the life of the loan and does not alter even with RBA interest hikes. Mortgage loans should be the same, if it was it would stop the banks dictating interest rates on their customers. I would assume that would be a fairer system to everyone. It would allow people to budget better and hopefully not lose their homes back to the banks due to struggling to keeping the payments up.
Fixed interest for the entire life of the mortgage would certainly safer way to go - variable interest is dangerous and unsafe.

Interest rates, pincer rates, what are the real cost drivers? I know the federal government may have no control over green labor states when affordable housing is the main cost concern. Most of the posts here go on about utility prices and blame the liberals for basically, not having more money to spend, but it is labor and their green mates and their regulations which inflate all prices over all products and services, the biggest being housing cost inflation which no one wants to really talk about and if they do it is to blame the banks. What about the supply side of housing where people on private property want to build affordable housing but the labor state and local council won't let them. Where is competition in the housing market to stimulate choice or price? No I am not a labor mate who gives donations to political parties to gain approval. It seems those who own a home don't want any others building more homes in their backyard, as it may be a newer model than theirs. But it is not their backyard but others who do want to supply housing, which will make a difference and also deliver what people really want, competition.

"Bank profits do indeed benefit the community. Apart from the taxes
they pay"
-which would consist of the entire profit if nationalized, as opposed to a portion of it.

"Why is it ok to pay footballers, golfers, tennis players, singers,
actors, etc, large salaries, but not people loaded up with huge
responsibilities?"
Strawman.

King Hazza:

Simple answer to your question;

"Why is it ok to pay footballers, golfers, tennis players, singers,
actors, etc, large salaries, but not people loaded up with huge
responsibilities?"

When I turn on my shiny new updated technologically perfect HD Television set, the programmes are evenly divided between Sport on the one hand and Business news on the other. Apparently nothing else in life matters but sport and banking!

Conclusion:

Since obviously the population is evenly divided between Bankers and Sportsmen, then to pay them evenly is only fair.