The Bank of Dave!

There was a brilliant programme on TV last night – all about a community bank in Burnley. The theory is simple – people save, people borrow and the profit goes to Charity.

Dave Fishwick

It was so liked by the public that he had a 2 year waiting list for people to deposit monies. But of course there is a shed-load of red-tape involved in ‘banking’. In fact you need a licence and in the last 100 years only one has been given! It would seem that the barriers to entry in this market are high – so high as to be impossible.

But Dave didn’t give up – he campaigned hard. Burnley Savings and Loans was born. It is a Bank with a difference – they don’t credit score. They lend money to people not credit scores. And they reward savers well – 5% AER. You borrow at between 9 and 15% – but the amounts are modest – £500 for individuals and £7,500 for businesses. They need to be in the Lancashire area.

What I love about this story is that this man has taken on the system – and he has won. The FSA have approved him.

The Community Bank will probably spread now.

It was refreshing to see. The guy has a huge personality and is from the school of ‘never give up’.

I have some monies deposited at my ‘local’ Building Society. The Rate of Interest at paltry would be good. But have you tried to move an account – they want you to go in for an interview! It is really frustrating and designed to make everything as difficult as possible.

If Dave opened up a Bank here – I would gladly place some money with him…

By Tim GARRATT Posted in Business, Grumpy Old Man! Tagged Bank of Dave, Banking, borrowings, Burnley Savings, FSA, never give up, Nottingham Building Society, Savings

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