Having moved away from the Co-operative bank as i lived too far away, I’m thinking about moving back. It’s great to have an option for ethical banking and know that your money’s not being used for industries that may be leading to orangutans losing their habitats or the environment being damaging irrevocably. [choose.co.uk]
When my money is aligned to my beliefs I rest easier. Anyone else feel the same way?
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Co-operative banks are a great idea. In Ireland we have what is called Credit Unions. As a member, you save there, and when you take out a loan, the Profits from the Loans are paid to the Credit Union Members as a dividend every year. Banking without profits will always be more ethical.
dermot235
Level 7
Sep 5, 2020
2
We have Credit Unions in the US as well. They work about the same as yours.
@MissKathleen As a credit Union member you get an annual report that tells you where the profits are used. My annual report usually indicates they're building a new branch with the profits.
@MissKathleen maybe not exactly, though the money lent out helps to generally keep interest on savings a little higher than profit banks. I have never belonged to one myself, but that is the way they are supposed to work.
Each time I built up a decent stock of funds in the Channel Islands, I looked at buying property or expanding my business. That's because I took a massive "haircut" in the 1987 stock market crash.
Petter
Level 9
Sep 5, 2020
0
Well i guess that stops the money being used unethically in the long run. On the understanding that your business is responsible 
@girlwithsmiles "Was". I'm now retired. It was a publishing business which built up a reputation for not being afraid to challenge corruption, never using superlatives and general honesty.
Shall I polish my halo? 
@Petter yes, please do, the skies a bit grey here, it’s helping 
@girlwithsmiles "skies"? Surely you mean "sky's".
That's the ex-editor in me being pedantic.
@Petter oh yes, so it is. I’d never put much thought into it before. Thank you.
@girlwithsmiles My pleasure. Old habits die hard.
@MissKathleen Not when it implies "sky is", as opposed to the plural.
Credit Unions!
AnneWimsey
Level 9
Sep 5, 2020
2
I’m with a Building Society, i just think the ethical stance of the Co-Operative bank is something to support.
A UK thing, they are like clubs, they give loans to and only take investment from their members, they are none profit making, charge low interest and belong to the members. They are regarded as part of the charitable sector, speciallize in lending to vunerable people, and exist to make exploitive money lending by, what I think you call loan sharks, unviable.
@girlwithsmiles credit unions are owned by their members, you can attend the meetings & introduce your ideas if they do not already support something you like.
Really good information thank you. I am thinking of putting money into a credit union so that sub-page about those is really useful. PS. I did not realize that we are quite near neighbours, at least in global terms.
Fernapple
Level 9
Sep 5, 2020
1
Oh yes, i used to have a manager from Grimsby, great guy.
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