Ethical Banking

There's a building in Manchester that was, until recently at least, the largest in the city.  The CIS building, home to the Co-operative Bank, towers above the city.  Of course, it would be lost in the mix if you put it in any other large city in the world - it probably wouldn't even get into the top 50 tallest buildings in Manhattan.

Still, the Co-op has for over a hundred years been a source of pride for those in the north of England.  Born in the nearby town of Rochdale, the Co-op - originally known as the Rochdale Equitable Pioneers Society - began as a way to increase buying power among groups of relatively impoverished workers.  Growing from this base the movement grew from a loose collection of shops and other interests to become the massive worldwide movement we see today. 

These days the Co-op is best known in the UK as the Co-operative Bank, along with its Internet branch Smile.  Still true to their roots, the bank is wholly owned by its employees, and the profits are re-invested back into the company instead of channeled to a small group of owners.  The Co-op recently announced an update ethical policy that outlines its intentions for the future, focussing on the development of ethical Banking and ethical insurance. 

I've always been a fan of the Co-op.  I financed a trip to Australia in 2002 by a Co-op overdraft, and even when I fell behind on my repayments for 6 months they treated me fairly, keeping the late payment fees to a minimum.  I got a letter from them this morning, in fact, reminding me that I still owe them a couple hundred to clear the account, so since I have a little money in my current account right now I might as well finally pay them off.