mrs.anteater's picture

mrs.anteater

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Ethical banking

I searched this, but it seems nobody has brought this up yet.

I know some churches use Credit Unions for their banking- are they really more ethical than others? Is there any place to put your savings, be relatively sure you will get at least the same amount back if you need it and feel good about it? Or is it best to stuff it in a box and keep it in the closet?

You still need a chequing acount somewhere. What are you doing?

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trishcuit's picture

trishcuit

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 I was with CIBC for about

 I was with CIBC for about ten years and  those guys were Satan. I switched to a Credit Union that I was very happy with but their system had its limitations and would occasionally 'go down'.  Usually when I was standing at the cashier with a bunch of groceries and a debit card.  I asked my landlady who was very savvy with money to recommend someone and she said  'Bank of Montreal'.  I switched about seven years ago and am very happy. No complaints whatsoever.  I believe our church is with one of the gov's charter banks.

MistsOfSpring's picture

MistsOfSpring

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This is something I'd look in

This is something I'd look in to if I had any money to invest.    

trishcuit's picture

trishcuit

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Sorry about the little aside

Sorry about the little aside but your investing comment made me think of an article I read on CBC online.   I wish I had money to put towards a cell phone company because (apple/mac perhaps)  The concept of unlocked phones is slowly coming into Canada.  In other words, but the phone you want and take it to whomever you want for a contract. Shop for  the best service deal.

 

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seeler's picture

seeler

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A few years ago - long enough

A few years ago - long enough that I don't remember the details - we had an evening meeting about this very topic.  There was a guest speaker - I belief that he was someone from the economics faculty at the univeristy.  He talked about banks, about mining, about oil and gas, about fair labour practices, about polution, about safe working conditions.  The thing that stood out for me was - its complicated.  The very company that shows up well on human rights issues might be poluting the rivers - the one that protects the wildlife might exploit the people.  The small coops that offer the best return to the small farmer might have the worst record in another matter.  So you have to decide where to invest your money.  That is, if you have any to invest.  I hope that my government who looks after my OAP and my CPP are doing the very best they can. 

 

As for church finances.  I think I heard at a board meeting that we have our investments in ethical trading companies.  I stay as far away from church finances as I can while working at Christian Development and Pastoral Care.

 

I do my banking with TD bank.  I once worked for a trust company that was eventually absorbed by the TD bank.  I will say that in my department, working with Wills, trusts, and estates we did our best to look after the interests of our clients.  A client could trust my supervisor, a lawyer, to draft the very best will, after an thorough interview to make sure we understood the wishes of the testator, and he understood the implications of those wishes.  And we protected the assets and distributed them according to those instructions.  Yes, we had to pay the faxes and debts first.  We were a small department, only five people at our branch, but we did our best to ensure that all transations we were responsible for were looked after competently an humanily.  We got to know our clients personally.  We listened to their problems.  We cared about them.  (When the staff at a local nursing home went on strike, one person from our department spent her days off going over to sit with and assist two of her clients. - That's above and beyond the call of duty.)  This same company, when it decided to close its small trust departments and regionalize the work, treated the employees of this department terribly.  But I still trust them with my money.

 

mrs.anteater's picture

mrs.anteater

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This indeed seems to be

This indeed seems to be really really complicated.

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