Bank of Dave – Crazy or Brave?

Posted in News
26 Jul, 2012

We all know and cherish our beloved high street banks: Barclays, Royal Bank of Scotland (RBS), Natwest, Halifax, Lloyds TSB, HSBC, Dave……..Yes Dave! Sure it’s a bit of an odd name for a bank, but probably so was Lloyds when it started in 1765. Although Dave isn’t technically a bank yet, it does fit the profile. This may have something to do with the fact that there is no real definition for what a bank is in the Financial Services and Markets Act of 2000. It might also have something to do with the fact that you can save money with Dave and expect a healthy interest of 5%, which believe it or not is 100 times better than what some “real banks” are offering.

It takes a special kind of man to dare take on the entire UK banking system by his lonesome. It takes a special kind of man to embark on a daring strategy of community development without any regard for his own profits. It takes a special kind of man to start his own ‘bank’, and that special man is (you guessed it) Dave. Burnley businessman and bona fide philanthropist Dave Fishwick has taken it upon himself to right the wrongs of poor financial regulations and customer dismay. After witnessing the banking crash and the horrific aftermath Dave decided something needed to be done. He could not understand how the banks could lose £50 billion and still award bonuses (£14 billion in 2010 alone). He couldn’t understand why 40,000 people had to lose their homes and he couldn’t understand why so many businesses had to fold up because they couldn’t get financing from the banks.

And so the Bank of Dave began. His plan was to allow people make deposits and give out loans, to make a profit within 180 days, and whatever profit was left over would be given to charity. Simple enough isn’t it? That is exactly what Dave was told time and time again when he set out on his quest – that his idea was too simple and it would never work. Some people are still undecided as to if this is all a publicity stunt or if this is genuine concern for the community. The owners of Aquascope and San-witches would choose to differ, as it was Dave’s intervention that helped their businesses become profitable. Dave’s banking style differs in one major way from the high street banks in that he knows his customers personally, and he is personally invested in their success and not just his rewards.

Channel 4 has done a wonderful job of bringing the story of Dave unto our home screens, but for those who don’t like television there is also a book written by the man himself. Still undecided what you think about Dave and his ambitious plans? Follow his story on Channel 4 and maybe learn what the Bank of Dave can do for you.

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