Conscious Banking

5 posts
Want to Fight Poverty? Give Women Financial Equality.

It seems hard to believe, but as recently as the 1970s, it was still legal for U.S. banks to refuse to issue a credit card to a woman because of her gender, and to require a husbands’ permission before married women could get credit or start a business. Keep that context in mind as you consider the following statistics about women’s financial and economic rights and access in the developing...

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‘Free Banking’ is a Myth.  Why Won’t Banks Admit It?

Remember the days when most banks offered free checking accounts? The next generation probably won’t. To the annoyance of consumers, recent years have seen most leading banks curtail these accounts, or load them down with new restrictions. Nowadays, only 38% of checking accounts at big banks are free – down from 76% in 2009. In the words of one analyst, this amounts to "the steepest decline that I’ve ever seen,...

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Overcharging the Poor: Why Do We Accept Banks’ Pricing Double Standard?

Consider this shopping horror story: You go to the supermarket to buy groceries, selecting your usual items. But when you arrive at the checkout line, the clerk asks for your annual income. Though the question seems rather intrusive, you tell her. As she begins scanning your purchases, you notice that each item has two price tags on it, one white and one red. The white tags reflect the regular prices,...

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“Banksters” vs. “Banktivists”: The Battle That Could Determine Our Economic Future

The term “bankster” has an interesting history. A combination of “banker” and “gangster,” it was first popularized in the throes of the Great Depression, when a tenacious, cigar-chomping prosecutor led tumultuous Senate hearings on the causes of the 1929 crash. The hearings became something of a media circus, as some of the richest bankers in America were raked over the coals for their role in the stock market collapse. At...

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Socially Conscious Banking

Alerting all banks! Last month, Cisco released a global customer survey revealing some alarming news for banks. In the 12 countries surveyed, nearly one in four bank customers intend to choose another provider for their next financial product or service. And four out of five would trust a non-bank to handle their banking needs. But perhaps the most noteworthy finding was this: almost 30 percent of bank customers do not...

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