Some banks don't like other banks.
Now that's news isn't it?
Not really ... until some banks start advertising how other banks are rubbish.
Thanks to the Financial Brand, we've seen quite a lot of this in the USA where I've been following Jeffry's regular posts about credit unions taking the mick out of large bailed-out banks.
My favourite is still Associated Credit Union's advert with the pigs:
But then I like pigs ... bacon in particular.
More recently, Jeffry's also pointed me to checkout USA Fed, Coast Capital Savings, United FCU and more ... and now the fight between these David's and Goliath's is over here as the Co-operative Party launch a website titled, "the feeling's mutual".
It kinda speaks for itself on their homepage:
"The Co-operative Party wants to help build a financial system
that puts people before profit.
We want the banks that failed us in the credit crunch, like
Northern Rock, to become mutuals again.
If you agree, sign up for our campaign or read more about us."
Bear in mind that the Co-operative Party is related to the Co-operative Society who run a bank and insurance firm under their Co-operative Financial Services umbrella, and this is kind of like chucking rocks at the Rocks.
Mind you, they have a point as some of the biggest messes of the last couple of years have been made by the banks that converted from mutuals, such as Abbey, Alliance & Leicester and Bradford & Bingley (all now under Santander) and the Halifax (HBOS, now Lloyds).
These banks described themselves as mortgage banks, and mortgaged themselves to the hilt.
Nevertheless, its impressive that they managed to make a little video with John McFall, Chair of the Treasury Select Committee:
Mind you, John's been pretty anti-big bank for most his tenure, even though his Committee failed to regulate or anticipate this crisis, like most.
So, I wish the Co-operative Party well with their campaign. It'll be worth watching ...
Oh yes, and before I forget, my second favourite bank that Jeffry's site got me following is the Redneck Bank ... and it's fer real!
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...