The "Bank of Dave" 5% Savings Interest? .. or not (What is this?)

grey_gym_sock

who froze your bank account? i'm guessing the bank did because companies house struck your company off (for not filing accounts), but i may have the wrong end of the stick ...

why fax the head of GS? (if RBS is your bank, i can sort of see why you might fax stephen hester, not that it would do any good.)

your story doesn't contradict most of the negative or cautious things said in this thread. most ppl were not questioning dave fishwick's motivations.

i am not surprised if the FSA are trying to shut down bank of dave. if the documentation quoted in post #27 is accurate, then it is operating in a legally curious way. apparently, all lenders are supposed to be members of a 'common interest group' with the company (BS&L), and

Any person considering making a peer to peer lending transaction with or via ourselves should regard any such transaction as made primarily to assist the furtherance of the Company’s objectives and the charities it supports and only secondarily, if at all, as an investment.

unfortunately, whether or not you agree with the law which the FSA may try to use against bank of dave, the possibility of FSA action increases the risks for lenders.

chewmylegoff

Kimble-Wetherby wrote: »

Just to ask all you 'doubting thomas's" out there think again about The Bank Of Dave. I own a very small business. I am over 6 months late posting my accounts to Companies House. Last Friday, without any warning, they froze my bank account. I hadn't got enough money for a loaf of bread. I now have to deal with the Treasury Department (really, me, haven't they got bigger fish to fry!!), and companies house. Once I have completed a 8 week period of completely being cut off from my bank account and funds - I cannot pay in customers cheques, take payments electronically, or draw out any money - then my funds are released back to me less a huge fine. (Charged at the same rate to me as the head of ICI if he was late with his accounts - where is the fairness in that?) Me & my hubbie hadn't got a crumb. It was the most stressful weekend of my life. On the Monday I drove to Burnley from Yorkshire and found Dave Fishwick. Believe me, this guy is the real deal. He is weighed down with the responsibility of what he has started. He is overcome by all the applications from people like myself who just need a helping hand for a short period and ordinary people trying to pay their gas bill. He cannot lend any more as the FSA are trying to shut him down and possibly take him to court. The guy spent 45 minutes with me late after work trying to come up with ways around my situation. I need access to my funds to keep my business afloat, pay for supplies and equipment to fit in customers homes and EAT !!! This man is an angel. He is helping me both with advice and help. If the FSA think he is lending one penny to anyone they will have him. Yet Fred the Shred still lives a life of luxury. Please support this man and his ideas to change banking for the better, and for the good of the people. I have looked into his eyes and he is 100% genuine. He is a one off hero taking on the government and the banking fat cats and their bonuses. I faxed the head of Goldman Sacs and Mr 'Bonus' Hester from RBS asking for help. I didn't even get a reply. Dave Fishwick is a national treasure. Please don't be cynical. This is one man against the might and power of the banks. Please support him as you will be supporting us all really. The ordinary person or business owner needs help. Dave Fishwick is our only answer.

he is not the only answer. an alternative answer is for the directors of a company to understand what their responsibilities and then to properly comply with those responsibilities. if you had just done that then you wouldn't be scraping around trying to borrow money from expensive fringe money lenders.

innovate

Kimble-Wetherby wrote: »

I am over 6 months late posting my accounts to Companies House.

Why are you late posting your accounts? Why would you expect any bank - or anyone, for that matter - to lend money to a company that fails to file accounts in a timely manner?

A private company must file its first accounts with 21 months of the date of incorporation. After that, they must be filed within 9 months of the company’s accounting reference date, as defined by Companies House.
If they are not filed within the appropriate amount of time, then penalties will be applied, these range from £150 to £1500 for a private company and from £750 to £7500 for a public company.

http://www.companieshouse.gov.uk/about/gbhtml/gp5.shtml

sabretoothtigger

I hope Dave succeeds in doing something new. Is he a for profit or mutual kind of organisation. The problem with money lending its so easy to repeat mistakes already made

alanq

An update on what has happened to this venture since the original programmes were broadcast will be shown on Channel 4 on Thursday 28th February at 22:00.

http://www.channel4.com/programmes/bank-of-dave/episode-guide/series-3/episode-1

sabretoothtigger

He cannot lend any more as the FSA are trying to shut him down and possibly take him to court.

Thats completely believable, the system is rigged to favour the largest of firms who can employ a legal department to juggle the constant stream of regs then write off any losses or shuffle profits around as multi nationals have been shown to do a few times.

On the other hand most people are bad at finance and extend that to a company they operate, doesnt work out well

Ifts

Dave Fishwick's 'tiny tiny' bank is offering a big 5% on savings

Read more: http://www.thisismoney.co.uk/money/saving/article-2283361/Dave-Fishwicks-tiny-tiny-bank-offering-big-5-savings.html#ixzz2LmH1XG00

Biggles

Ifts wrote: »

Dave Fishwick's 'tiny tiny' bank is offering a big 5% on savings

That was (and still is) the title of this thread, back in Nov 11.

But it still comes without FSCS protection, so 5% is small in my book, due to the risk.

innovate

Doesn't he claim he has "full insurance cover" for all deposits?

VoucherMan

Ifts wrote: »

Dave Fishwick's 'tiny tiny' bank is offering a big 5% on savings

But no doubt still a massive waiting list so no good for this year.