Triodos Bank recently carried out a customer survey, asking people if they knew where their money was going. Whilst 41% did know where their money was going almost 60% didn’t.
Not all banks are the same. Some banks (Triodos Bank and Cooperative Bank are two examples) adopt specific ethical and environmental policies, others have weaker or non-existent policies. We use the Cooperative bank for some of our processes.
Oxfordshire Credit Union has a simple and ethical model. We use your deposits to lend to other members. The money goes around in a virtuous circle. Moreover by offering lower cost loans, we provide a genuine alternative to high cost lenders.
We are also a cooperative. Our administration is undertaken by a workers’ cooperative; Credit Union Solutions. So when you speak to one of our staff you are talking to a cooperative ethical business.
This year we changed our telephone provider to Phone Cooperative – a leading ethical business, who invest half their profits into other cooperatives and social enterprises. They are even based in Chipping Norton in Oxfordshire!
So when you save and borrow from us your money directly supports other members, and indirectly benefits a wider cooperative community.