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Business banking with strong ethical policy

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Hi, we are reviewing our business banking and looking for banks with strong ethical policy together with the usual services (online access, checks processing, account manager etc).  Any recommendations from experience? Also, just to add, not for investment banking just for day to day business account.

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By Richard Grant
30th Nov 2021 11:36

I think you will find they are all the same so don't waste your time.

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By Roland195
30th Nov 2021 11:42

If they had strong, ethical policies they wouldn't be banks. I wouldn't waste your time.

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Replying to Roland195:
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By Tax Dragon
02nd Dec 2021 12:48

There may be something in that. Co-op has a longstanding strong ethical stance and a small market share.

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By Leywood
02nd Dec 2021 13:20

That is on their marketing blurb at any rate!

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By Tax Dragon
02nd Dec 2021 14:21

I need someone with a longer memory than me to verify this, but I believe it was their USP way back when you could walk into a bank with a promissory note and walk out with a CGT asset. (Except CGT didn't exist. Hence some dodgy court judgments.)

Ie they marketed themselves as ethical long before it was fashionable to be ethical - which does give the claims some credence.

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By Paul Crowley
30th Nov 2021 11:56

Who decides what strong ethical policies are?
If this is a company, then the fiducial duty of directors is to maximise profits for the shareholders.
Are the shareholders going to decide which ethics are important to them?

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By DHLJ
30th Nov 2021 12:25

+1
For Triodos from clients feedback.

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By Leywood
30th Nov 2021 12:34

Not an accountancy question.

Plus one it seems maybe on the wrong side of the pond.

'checks' (sic). Misspelt.

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By KriszDeak
01st Dec 2021 15:16

Thanks for your feedback, I don't think it matters where I am and how we spell ckecks….you are right, not technical question but ECG is relevant in accounting.

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By Leywood
01st Dec 2021 20:31

[quote=KriszDeak] ‘Thanks for your feedback, I don't think it matters where I am and how we spell ckecks’

Of course it matters where you are.

Plus how you spell cheques / checks because the way you have indicates you are in the USA.

So how would you expect people in the UK to comment on banks in a foreign country?!

Accuracy is key in accountancy.

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By Paul Crowley
01st Dec 2021 20:46

Agree
Accountancy is about communicating efficiently, correctly and accurately.
If words are careless, clearly the figures are treated the same way
I love the yanks, I really do but thank goodness for the great big pond

ECG
https://www.google.com/search?q=ecg+meaning&rlz=1C1GCEA_enGB871GB871&oq=...
Electrocardiograms do keep us alive

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Replying to Leywood:
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By paulwakefield1
02nd Dec 2021 15:00

Could be an American living in the UK. Could be they need a UK bank. Could be they learnt English as a foreign language, etc.

Not jumping to conclusions is key in accountancy.

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By paul.benny
30th Nov 2021 12:40

Is a bank considered ethical/unethical because of their customer base or because of their own practices?

Either way, the 'new' banks like Starling and Metro are tiny and their clients are tiny. So even if they are Bad (whatever that means), their Badness is also likely to be tiny and so unlikely to hit the headlines.

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Replying to paul.benny:
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By Paul Crowley
30th Nov 2021 12:47

But their service is less good
There was a whole thread on client wanting accountant to pay wages based on client having a rubbish new bank that could not group up the wages

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By paul.benny
30th Nov 2021 13:01

Point missed - probably because I didn't make it clearly.

If HSBC do Bad Things, we'll hear about it. If Monzo do Bad Things, we won't. Reporting of misbehaviour is inherently biased towards big business (because amounts are bigger) but lack of reporting doesn't mean small businesses are 'better'.

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By KriszDeak
01st Dec 2021 15:18

Great, this is what I was hoping, real experiences (good or bad) not what we hear or read on their websites..Thanks all.

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