IN my daily newspaper I noticed yet another mutual company was about to become a 'bank', promising a couple of thousand pounds windfall to its members who will become shareholders.
Defenders of such changes say this helps the members because as shareholders they will have direct influence on the actions of the 'bank'.
However, there is an undeniable trend that small shareholders quickly sell out and the shares accumulate in the hands of individuals or large companies thereby giving them greater influence in directing the 'bank'. Thus the small share holders' effect on change is minimal. If you don't believe this, try being heard when your 200 shares are up against those who have two million!
It was such events which led me to work for the establishment of a Credit Union in Tavistock and District. The full advantages of a CU can be obtained from the address below, but some factors which drew me in are the minimum requirements to be a member, the individually tailored loan repayments and each members having a single vote regardless of amount saved. Truly the wheel has gone full circle as this is how the mutual societies originally worked!
If you're as unhappy as I am about the banking situation in this area you might be interested in helping to set up the Tavistock and District Credit Union and show the banks and building societies that if they don't want to do business with us, we'll do it ourselves!
Contact Sandy Brookes on 01822 617683 or Nick Mills-Hicks on 01822 612615, or drop a line to:
19 Whitchurch Road
Tavistock