Ethical banking

WillPS

bapwich said:

I'm also happy to pay the £3, seeing it as more like a charitable donation.

Feel free to see it as that but you should know that it absolutely is not. You are paying for the services of a bank, not a mutual or a charity or anything like that - the bank makes a profit which is used partially to fund dividends for shareholders.

Alex9384

WillPS said:

Feel free to see it as that but you should know that it absolutely is not. You are paying for the services of a bank, not a mutual or a charity or anything like that - the bank makes a profit which is used partially to fund dividends for shareholders.

Triodos say it's a fair price that covers the costs of running your account and that they don't do it like other banks that offer "free accounts" which are in reality paid for by vulnerable customers (regularly overdrawn, etc.)

WillPS

Alex9384 said:

WillPS said:

Feel free to see it as that but you should know that it absolutely is not. You are paying for the services of a bank, not a mutual or a charity or anything like that - the bank makes a profit which is used partially to fund dividends for shareholders.

Triodos say it's a fair price that covers the costs of running your account and that they don't do it like other banks that offer "free accounts" which are in reality paid for by vulnerable customers (regularly overdrawn, etc.)

I'm not questioning the justification for a fee, I'm questioning the logic behind seeing payment of the fee as a charitable donation.

Nurse2047

Not sure if helpful however 
https://www.ecology.co.uk ethical building society- read in Martin’s info this week about NS&I green bonds

[Deleted User]

Alex9384 said:

WillPS said:

Feel free to see it as that but you should know that it absolutely is not. You are paying for the services of a bank, not a mutual or a charity or anything like that - the bank makes a profit which is used partially to fund dividends for shareholders.

Triodos say it's a fair price that covers the costs of running your account and that they don't do it like other banks that offer "free accounts" which are in reality paid for by vulnerable customers (regularly overdrawn, etc.)

Vulnerable customers should be looked after by the regulator, government and to an extent the social policy of the bank. Also, I struggle to see why you should put up with a third rate service to be ethical too.

middlingditch

I bank with Triodos (switched from Smile (Coop) in 2020 - after 19 years - when their system downtime and degraded customer service just got too much) and haven't noticed any trouble with Faster Payments, or anything, really. I don't mind paying £3 per month to know I am banking ethically, but of course that's a personal/individual decision. 

I agree the little Digipass is fiddly. However, I do pretty much everything on the app and don't often need to use the fiddly little thing. They seem very secure, too - perhaps there's an extra security step here and there that can get annoying, but I'd rather they were too security-leaning than the other way. Anyway, just an upvote for Triodos from me.

Alex9384

middlingditch said:

I bank with Triodos (switched from Smile (Coop) in 2020 - after 19 years - when their system downtime and degraded customer service just got too much) and haven't noticed any trouble with Faster Payments, or anything, really. I don't mind paying £3 per month to know I am banking ethically, but of course that's a personal/individual decision. 

I agree the little Digipass is fiddly. However, I do pretty much everything on the app and don't often need to use the fiddly little thing. They seem very secure, too - perhaps there's an extra security step here and there that can get annoying, but I'd rather they were too security-leaning than the other way. Anyway, just an upvote for Triodos from me.

Does Triodos appear on all your credit files?

middlingditch

Alex9384 said:

Does Triodos appear on all your credit files?

I don't know; I don't have access to all my credit files. Why?

Daliah

middlingditch said:

Alex9384 said:

Does Triodos appear on all your credit files?

I don't know; I don't have access to all my credit files. Why?

It's easy, free, and a good idea to periodically check your credit files

gsmh

Alex9384 said:

Does Triodos appear on all your credit files?

I've just checked my files with Equifax, Experian and TransUnion and details of my Triodos current account only appears in my Experian report. There is no mention of it in the other two.