PDA

View Full Version : Ethical Banking



Phoenix1304
6th March 2013, 10:47
Subject seems like an oxymoron I know, but I was looking at this bank today, total transparency??? Wow. Is it time to put our money where our mouths are? Wondered what Avalonians thought of this...

http://www.youtube.com/triodosbankuk

Paul
6th March 2013, 11:16
Subject seems like an oxymoron I know, but I was looking at this bank today, total transparency??? Wow. Is it time to put our money where our mouths are? Wondered what Avalonians thought of this...

http://www.youtube.com/triodosbankuk

Looks like an advertisement for a bank to me :).

From the Triodos Bank (UK) website (http://www.triodos.co.uk):




At Triodos Bank, we believe that profit doesn't need to be at the expense of the world's most pressing environmental problems. That's why we finance organisations from organic food and farming businesses and pioneering renewable energy enterprises, to recycling companies and nature conservation projects.

If you could, I recommend putting a little more explicit information about what you post, especially in the opening post of new threads. Let other readers decide whether it's worth pursuing, without forcing them to click through to a Youtube video (which some users coming in from mobile phones and the like can't even see.)

Phoenix1304
6th March 2013, 11:25
Subject seems like an oxymoron I know, but I was looking at this bank today, total transparency??? Wow. Is it time to put our money where our mouths are? Wondered what Avalonians thought of this...

http://www.youtube.com/triodosbankuk

Looks like an advertisement for a bank to me :).

From the Triodos Bank (UK) website (http://www.triodos.co.uk):




At Triodos Bank, we believe that profit doesn't need to be at the expense of the world's most pressing environmental problems. That's why we finance organisations from organic food and farming businesses and pioneering renewable energy enterprises, to recycling companies and nature conservation projects.

If you could, I recommend putting a little more explicit information about what you post, especially in the opening post of new threads. Let other readers decide whether it's worth pursuing, without forcing them to click through to a Youtube video (which some users coming in from mobile phones and the like can't even see.)

I deliberately put the link, rather than the single vid because there were many other vids on the page from people using the bank that I thought members might pursue if interested. I was asking for opinions on what seemed to be an ethical bank, offering total transparency, not sure what other explicit information you require from me in this case.

Mad Hatter
6th March 2013, 11:26
OP 5th word = bingo !!!


Triodos Bank NV is incorporated under the laws of the Netherlands with limited liability, registered in England and Wales BR3012. Authorised by the Dutch Central Bank (DNB) and regulated by the Financial Services Authority (FSA) for the conduct of UK business. FSA reference number 183366.

Can't see anything ethical about any of that...

Paul
6th March 2013, 11:32
I deliberately put the link, rather than the single vid because there were many other vids on the page from people using the bank that I thought members might pursue if interested. I was asking for opinions on what seemed to be an ethical bank, offering total transparency, not sure what other explicit information you require from me in this case.
Absolutely put in the link :).

But also spell out what's there and what your intention is for the thread you're starting ... as you just now did!

Paul
6th March 2013, 11:37
To restate in one coherent post, four things make a first post on a new thread:

A meaningful thread title
A link to related material or video
A statement of what's at that link
A statement of what interesting to discuss in this material.

With your opening link and thread title, my post quoting the bank site, and your later post stating your intention for this thread ... we now have all the pieces. Good.

TargeT
6th March 2013, 13:53
any bank that functions off fractional reserve lending is NOT ethical, it is based on a lie and contractual fraud at the core of it's business design.

untill that changes you are just shopping for which liar will screw you over the least.

donk
6th March 2013, 14:10
I think Islam got this one right about "Allah not blessing usury". I don't think anyone should. Yet we live as slaves to it.

Spirithorse
6th March 2013, 14:14
Hi guys,

I'm actually a customer of Triodos Bank. The reason why I opened an account (ISA) with them was that I liked their ethical approach. Yes, they actually have one. It is their policy to fund and support alternative businesses. Organic farms, small shops and producers of natural goods, organic cafes... they support people with ethical values. I was part of a group of friends who wanted to set up a self-sufficient community some years ago. We went to Triodos for a mortgage in order to purchase the land. Triodos was extremely helpful. Sadly, some core members of our group changed their minds on what we wanted to do, so our project didn't happen in the end.

Personally, I'm happy to stay with a bank that is ethical, even if it pays a little less, rather than swap to one of the big (and dirty) players who offer a few % points more. Concerning Triodos, their range of banking options is somewhat limited, as they don't have many branches and most of it is online banking.
It's good for people who want to invest their money in something ethical - and it's good for people who want to set up a small, alternative business/ farm shop/ production etc.

For the day to day banking with current account and credit card (pay-back) I use the Cooperative Bank.... also with a certain amount of ethics in their policies.

Prodigal Son
6th March 2013, 14:38
Usury was banned in the Torah. That's the only ethical solution in my book.

SilentFeathers
6th March 2013, 15:01
http://community.jigsaw.com/jigsaw/attachments/jigsaw/theartofselling/9622/1/ferengi-ethics.jpg

GoodETxSG
6th March 2013, 22:11
Thank you Paul for heading up making sure Threads Subjects and Contents match as well as links are proper... I hate wasting time and being disappointed when I enter a thread. I am not talking about THIS THREAD so much... but it has been a problem and I am glad you have been addressing it!


To restate in one coherent post, four things make a first post on a new thread:

A meaningful thread title
A link to related material or video
A statement of what's at that link
A statement of what interesting to discuss in this material.

With your opening link and thread title, my post quoting the bank site, and your later post stating your intention for this thread ... we now have all the pieces. Good.

GoodETxSG
6th March 2013, 22:14
After working for the Federal Reserve Bank and several others (I REFUSE to work at any others) I find it hard to use both of those words in the same phrase. Experience is experience I guess... I have seen ZERO Ethics at ALL levels of Banking and Mortgage Companies I have worked at.

But if a new model can be come up with, NOT using ANY of the people from the old model... I am willing to give it a suspicious one eyed look.

Gardener
6th March 2013, 22:34
Well this actually is ethical banking.......
http://www.burnleysavingsandloans.co.uk/about-us/

Their slogan is 'Bank on Dave' all the profits after overheads go to local charity and 20,000 has been given in the last year. The interest on savings is 5% and there is a two year waiting list to open an account. That's because he is only allowed to accept deposits of 100,000 per month. Loans are at between 8-14%
This guy is local to me and has been in business selling mini buses for a long time. The FSA (financial services authority) have tried to close him down and are imposing a lot of restrictions on him hence the 100,000 limit on deposits.
Anyway its a scam free bank on which everyone benefits.

Poly Hedra
6th March 2013, 22:56
Yes the Bank of Dave. Fantastic.
http://http://www.burnleysavingsandloans.co.uk/about-us/

What I found very interesting was in his last show on TV he went to Germany to look at all the small local banks. He also went to a town in England that had lost its local bank. He made a very acute statement about local banks knowing their customers, who's reliable etc.
I would like to know what percentage of the deposit he can lend out. As we know in the banking world you can loan 10 times the original amount. But this guy is amazing yes!
The credit union seems perfect except for the fact I have heard of a few being embezzled by the director. They seem like the closest to ethical banking as you can get at the moment. Credit unions are run by its members, some are paid but most volunteer. My grandfather volunteered for 40 years. I manned the junior savings accounts desk :)
Do you have credit unions in other parts of the world besides UK and Eire?


Burnley savings and loans FAQ question and answer no. 13: (love it)
"Do you credit score?
No, we manually underwrite every application. You obtain a decision from a person, not a computer."

Corncrake
23rd August 2013, 21:38
Thanks for the thread.

I have only just got around to watching the Channel 4 documentary on the Bank of Dave and was impressed! Community banking as it should be.

http://www.huffingtonpost.co.uk/2012/07/19/tv-review-the-bank-of-dave_n_1687702.html
http://www.channel4.com/programmes/bank-of-dave/4od