I have wanted to leave this bank for time. They are all as bad as each other, HSBC, RBS and I have moved around, but when I learnt this, I knew I couldn’t continue my financial relations with them.
Problem: I had recently become freelance had paid off all my credit cards and loans, so credit rating was worse than ever?
Weird. The bank of choice initially rejected me, then wouldn’t offer the same overdraft, so I was stuck, until finally I was able to pay off my Barclays overdraft and leave. Conversation with very banking assistant at my local branch:
Banking Man: Why do you want to close your account?
Me: Because I want to bank ethically.
Banking Man: Why’s that?
Me: Bank have a dodgy history; funding apartheid, involvement in ‘Bloody Diamonds’ in Democratic Republic of Congo, involvement in nuclear weapons.
Banking Man: You shouldn’t believe everything you read.
We had a nice chat and I filled him, cleared outstanding payments and walked away relieved.
With the tiny bit of power I have, I am going to make sure I at least make sure the tiny bit of money I make is banked wisely.
Still a ways to go, food shopping, clothing etc. but baby steps. Where’s your money going? Loans, overdrafts? If you can move them you should.
Go on Catona!