Have you ever closed a current account or savings account for ethical reasons?

confederated

Yes

EarthBoy said:

I think you'll find that for many people, their only principle is "does it affect me personally?"

I get that, but often it does affect us even if indirectly. As a gay man I cannot support businesses which are clearly in favour of homophobia by supporting groups and regimes which have anti-LGBT laws - like Ecotricity. However I have gay friends who think nothing of travelling to countries where their very existence is illegal, so I think it's actually worse than you suggest.

I ought to add I am opposed to pink-washing too.

subjecttocontract

Ethics ?  I'll put up with pretty much anything if it brings me in a profit.

GeoffTF

I can reasonably assume that a UK bank will comply with the law and risks being held to account if it does not. Beyond that it is morally neutral. Banks provide a service that everyone needs. I do not believe that they should pick and choose on the basis of whether or not they like their customer.

subjecttocontract

I'd imagine that a large proportion of the population, perhaps even the majority, wouldn't give ethics a thought if they were making a financial choice. Those that do will frequent threads such as this to describe the virtues or otherwise but it makes little difference to the overall situation. 

powerspowers

I closed my HSBC account and moved to cooperative earlier in the year. I wanted something more in line with my values, accepting that nothing is perfect and I don’t want to s9end a lot of time reading investment strategies!

I do still have a joint hsbc account with my partner as he can’t get into changing, as well as a few other accounts. About a quarter of my savings are with my local credit union, the dividend is only 1- 2% but I see it as a way for my easy access savings to support people locally, rather than funding war etc

blue.peter

No

subjecttocontract said:

Ethics ?  I'll put up with pretty much anything if it brings me in a profit.

I can understand that position, though it's not one with which I agree. It's pretty much the way that most banks themselves think.

Banks are owned by shareholders. A business owned by shareholders tends to be amoral (as distinct from immoral). It will, generally, do pretty much anything within its area of trade that's not actually prohibited in pursuit of profit, and hence dividends for shareholders. The only moderating influences are normally legislation and regulation - and even those don't always work. (Bribery, for example, is supposed to be banned. But it's still sometimes seen simply as a cost of doing business.)

Banks aren't legally prohibited from investing in things that are seen by many as unethical. They're profitable, so that investment happens. Any limitations, such as those operated by Co-operative Bank, are purely voluntary.

Some people would prefer to take shareholders out of the equation, and favour mutuals and co-operatives for this reason. However, I'm not entirely convinced that this always works - customers and/or staff looking for the best outcomes for themselves can be just as prone as shareholders to ignoring wider issues.

Mee

Thanks for all the comments - lots to think about.
I don't expect any bank to miss my custom, but I think I will sleep easier at night. What I've done in both cases is email the CEOs to indicate I'm aware of what their UK or US arm has done, like withdraw from Net Zero Bank Alliance, and that it will influence my decision to reinvest or renew any savings product, i.e. I'm slowly divesting.

GeoffTF

Mee said:

Thanks for all the comments - lots to think about.
I don't expect any bank to miss my custom, but I think I will sleep easier at night. What I've done in both cases is email the CEOs to indicate I'm aware of what their UK or US arm has done, like withdraw from Net Zero Bank Alliance, and that it will influence my decision to reinvest or renew any savings product, i.e. I'm slowly divesting.

Your mattress will be pleased.

Mee

GeoffTF said:

Mee said:

Thanks for all the comments - lots to think about.
I don't expect any bank to miss my custom, but I think I will sleep easier at night. What I've done in both cases is email the CEOs to indicate I'm aware of what their UK or US arm has done, like withdraw from Net Zero Bank Alliance, and that it will influence my decision to reinvest or renew any savings product, i.e. I'm slowly divesting.

Your mattress will be pleased.

My mattress has a conscience too...

HillStreetBlues

Mee said:

GeoffTF said:

Mee said:

Thanks for all the comments - lots to think about.
I don't expect any bank to miss my custom, but I think I will sleep easier at night. What I've done in both cases is email the CEOs to indicate I'm aware of what their UK or US arm has done, like withdraw from Net Zero Bank Alliance, and that it will influence my decision to reinvest or renew any savings product, i.e. I'm slowly divesting.

Your mattress will be pleased.

My mattress has a conscience too...

Mine hasn't as it's never complained about me lying.