TSB...ethical?

elizaclmn_2

Like alot of us I am unsettled by how unethical the Co-Op have appeared...highlighted by their debts being partly caused by the PPI scam. So while I am with them, and made the move when I was also retiring...I wish I had not now, especially as they look like they may go into administration.

So do I move my money now before I await the possible administration hitting, and then having to wait for them to give me my money back?

I tried to get some sense from TSB today. Three times I phoned through to their customer line and three times they did not respond to the word ethical....three times I had to explain what I meant eg their policy on investing in the arms trade, factory farming etc. The first time I was asked to phone back later and talk to my local branch, the second time time they went searching for a manager but I inadvertently cut myself off so on phoning back was told to talk to HQ. I phoned their HQ, and the person on the switch board needed a name to put me through to which I did not have...I said what about investments....she could not help me as she had over 300 names to choose from.

I can only conclude that ETHICAL is not a priority of TSB...their new image is a smoke screen for another inethical bank.

adindas

elizaclmn wrote: »

Like alot of us I am unsettled by how unethical the Co-Op have appeared...highlighted by their debts being partly caused by the PPI scam. So while I am with them, and made the move when I was also retiring...I wish I had not now, especially as they look like they may go into administration.

So do I move my money now before I await the possible administration hitting, and then having to wait for them to give me my money back?

I tried to get some sense from TSB today. Three times I phoned through to their customer line and three times they did not respond to the word ethical....three times I had to explain what I meant eg their policy on investing in the arms trade, factory farming etc. The first time I was asked to phone back later and talk to my local branch, the second time time they went searching for a manager but I inadvertently cut myself off so on phoning back was told to talk to HQ. I phoned their HQ, and the person on the switch board needed a name to put me through to which I did not have...I said what about investments....she could not help me as she had over 300 names to choose from.

I can only conclude that ETHICAL is not a priority of TSB...their new image is a smoke screen for another inethical bank.

I think the main issue here is the commonly agreed definition and interpretation of ethical and unethical.

I have seen some people in this forum interpret ethical and unethical based on their personal experience. If they get hit by the fee which is due their own fault as it is clearly stated on the T&C, or they did not get the loan they requested they will say this bank is unethical ....There are a lot of ways the people interpret ethical and unethical ....

But hey they are there to make money, not to help people. They have shareholder to please, they have employees and their family to feed .....

antrobus

elizaclmn wrote: »

....So do I move my money now before I await the possible administration hitting, and then having to wait for them to give me my money back?....

Personally I doubt whether there is much risk in the Co-Op Bank actually failing in the near future. (Those hedge funds will want to see a return on their investment.)

elizaclmn wrote: »

...I can only conclude that ETHICAL is not a priority of TSB...their new image is a smoke screen for another inethical bank.

As far as I am aware the new TSB has made no claims to be an 'ethical' bank in the sense in which that word is normally used, although they have made certain claims regarding being 'different', see (for example) http://www.tsb.co.uk/we-are-different.asp?

anotheruser

Have you not seen the TSB adverts?
They give your money to local businesses.
However all banks and businesses in the end will hide their money making profits.

ColdIron

For once I agree with you antrobus on both points

I think TSB's focus is on local banking and support for small businesses but using a different model to the Co-op. OP, since they appear to have no investment arm at all your concerns about the arms trade etc are probably unfounded

thenudeone

There are plenty of alternatives for those who don't want to be involved in the arms trade, tar sands, or whatever.

Have a look here:
http://www.ethicalconsumer.org/ethicalreports/ethical-finance/moveyourmoneyscorecard.aspx

innovate

thenudeone wrote: »

There are plenty of alternatives for those who don't want to be involved in the arms trade, tar sands, or whatever

If, however, your criteria include no PPI mis-selling, the list suddenly becomes incredibly short, lol.

jonesMUFCforever

The management of TSB now is the same as when it was Lloyds TSB - do you think the management leopards have changed their spots?
Do me a favour they need to make huge profits short term to look attractive to investors when they are floated from the Lloyds banking group.

gt94sss2

thenudeone wrote: »

There are plenty of alternatives for those who don't want to be involved in the arms trade, tar sands, or whatever.

Have a look here:
http://www.ethicalconsumer.org/ethicalreports/ethical-finance/moveyourmoneyscorecard.aspx

Listings like this are frankly a joke.

Looking at the list, one is automatically downgraded if:

- they are not a mutual; and/or
- are a member of the BBA

They also downgrade if:

- their directors are paid more(i.e. no distinction made between global banks like Santander, HSBC and Citibank where the Directors are responsible for much larger organisations and a small mutual);
- deciding to use data from overseas subsidiaries where its negative, rather than just looking at UK operations so comparisons would be on a like for like basis;

Regards
Sunil

JuicyJesus

I think this line is quite interesting from their "we are different" spiel, as a question to ask your bank:

"Does your bank serve only local people and local businesses, not big corporations?"

Well, local businesses often blossom into big corporations. Tesco was a sole trader to begin with. Waitrose came from what was essentially a corner shop called Waite, Rose and Taylor. All this implies to me is that TSB may be "different" now (because all the big corporates got left with Lloyds Bank) but give it 50 years and they may well have more than a few "big corporations" on their hands.

If they haven't been swallowed up by someone else, that is.

It is quite impressive how TSB have somehow managed to make people think that a wholly owned subsidiary of Lloyds Banking Group which is due to be floated on the stock market is some kind of mutual though.

Archi_Bald

JuicyJesus wrote: »

It is quite impressive how TSB have somehow managed to make people think that a wholly owned subsidiary of Lloyds Banking Group which is due to be floated on the stock market is some kind of mutual though.

If you tell people often enough what they would like to hear, they think you are wonderful. All Marketing departments try that trick, and too many people are still falling for it.