The following post is about the more ethical choice and alternative. We receive no money, referral fees or other benefits through promoting the following businesses. We solely do this to help promote the alternative where we vote with our purchase.
I have to admit like many people I was manipulated into a commonwealth bank account through their Dollarmite account set up to recruit children to their bank for life. I guess I never thought too much about changing banks, the devil you know is better then the devil you don’t. Most of the major banks have been investigated for their unconscionable and illegal behavior from charging fees which they were not entitled to loaning money and approving credit cards to people they knew were unlikely to be able to repay.
There is all the other accusations of scandals and unethical yet sometimes legal behavior which some people would rather not support and want their money to feed if there was an alternative or if they knew of such matters. These range from loaning money to fund -armed militia and wars, mining operations with a tragic environmental history, embezle money, child pornography and other criminal activity, the list goes on and on and makes most people including myself until recently bury their heads in the sand.
So whats the alternative…….. Well we have now opened accounts with Bank Australia.
- Deposits with Bank Australia are protected under the Australian Government’s Financial Claims Scheme (FCS). What this means is all banks approved banks (inc Bank Australia) are guaranteed up to $250 k per customer from the government. In the very unlikely case that the bank was to collapse the government would reimburse you up to this amount. Find out more about f.S.C here.
- They do not offshore jobs.
- Australia’s first customer owned bank. Profits are returned to customers through better rates and fees and the investments are used to create positive social and environmental change
- The bank runs on renewable energy and refuses to loan or invest in the fossil fuel industry.
- The money in your account is used by banks to make loans and investments – to industries that do good or those that do harm. So where you bank ultimately shapes the world we live in.
There is a myriad of reasons to use Bank Australia -environmentally, socially, financially over the other big four banks. And benefits for customers using a bank not ran by shareholders for profit. To find out more on this ethical alternative to banking click on the following link. https://www.bankaust.com.au/about-us