Using Building Society Like a Bank

Eco_Miser

gsmh said:

 There is no controversy as to what 'ethical' means, it is crystal clear.

And I thought it meant "relating to beliefs about what is morally right and wrong."
But the controversy is about what is morally right or wrong.

8082

Wow so many replies! It's a busy forum :-) 
Also I should add that I don't want an account that requires a smart phone to do online stuff.
I'll reply tomorrow, going offline now.

gsmh

Eco_Miser said:

And I thought it meant "relating to beliefs about what is morally right and wrong."
But the controversy is about what is morally right or wrong.

When a bank chooses to invest in activities which directly contribute to global-warming, for example, then I would imagine the vast majority of people would consider that unethical. There are lots of situations like this where banks make choices and most of us (apart from certain members of this forum) would be able to clearly identify the ethical choice. I have asked here for clarification of supposed alternative ethical frameworks and there has never been a response. If Bank A ranks at 8 out of 10 for ethical practises and Bank B ranks at 3, then it is clear Bank A would be a better proposition for a potential customer concerned about ethical practises. Both banks would have some unethical practises, but Bank A would be better, assuming a properly weighted ranking. I completely fail to understand why this causes problems for some members - unless they really do want their money going to companies engaged in fossil fuel extraction, or the tobacco industry.

penners324

Is the investing in technology stocks classified as unethical? There's a strong argument to say it is. Technology relies on batteries which rely on the mining of lithium, cobalt etc etc.

gsmh

penners324 said:

Is the investing in technology stocks classified as unethical? There's a strong argument to say it is. Technology relies on batteries which rely on the mining of lithium, cobalt etc etc.

Maybe. On the Triodos website you can see which companies they lend money to. There is transparency there which does not exists elsewhere. Remember that sliding scale. If you dig you may find dirt, but IMO there would be a lot less of it in a bank like Triodos than Barclays.

Grabs39

OP- I bank with Nationwide Building Society to balance ethics with providing facilities on my local High Street (I rarely use a branch but others in the community need to).  I certainly agree with you about HSBC.

As others have mentioned the Co-Op (which is not a cooperative...) and Triodos might match your desire to move away from a bank that doesn't match your ethics.

Eco_Miser

gsmh said:

Eco_Miser said:

And I thought it meant "relating to beliefs about what is morally right and wrong."
But the controversy is about what is morally right or wrong.

When a bank chooses to invest in activities which directly contribute to global-warming, for example, then I would imagine the vast majority of people would consider that unethical.

Such as using a vast network of power-hungry computers to process payments instead of eco-friendly quill pens perhaps?

But seriously, I have less faith than you in the ethicality of the vast majority of people, if it will adversely impinge their lifestyle.

gsmh

Eco_Miser said:

Such as using a vast network of power-hungry computers to process payments instead of eco-friendly quill pens perhaps?
But seriously, I have less faith than you in the ethicality of the vast majority of people, if it will adversely impinge their lifestyle.

I'm clearly not explaining myself very effectively. To respond to your particular tongue-in-cheek reference, I think it is sensible to assume that all banks will be doing some things which have a negative impact on the environment. We all have to eat, and whether it is raising animals or growing crops, there is an environmental impact. It is not possible to curtail eating if you want to live. I'm not looking for perfection, that just doesn't exist, I am just comparing banks and with help I am able to see which banks perform better from an ethical point of view. 

I agree that the majority of people don't care about ethics - this forum illustrates that very clearly. Most people, however, could be persuaded. Most people, I believe, know that ethics are important. This forum is the most anti-ethical place I have ever encountered so it is, IMO, rather an anomaly. 

jimbo6977

I went through this rigmarole a few years ago. We went for a N&P BS account but they withdrew the product a while back and we're now with Nationwide BS. 

Other options include Reliance Bank which is owned by the Salvation Army. Whether this makes it ethical is a personal issue. It charges £5/mth for a current account. 

gsmh

jimbo6977 said:

Other options include Reliance Bank which is owned by the Salvation Army. Whether this makes it ethical is a personal issue. It charges £5/mth for a current account. 

No, it makes it more ethical since profits are used to help the Salvation Army's work with those in need. I am sure somebody with little better to do can point out the odd thing the Reliance Bank does which isn't too ethical, but there is far, far more chance of Reliance Bank being ethical compared to the likes of HSBC or Barclays. I pay £3 a month for a Triodos account and would be prepared to pay a fiver to the Reliance Bank, given I could easily give that much away to charity in a month.