Wednesday, 17 April 2013

What's a poor (notso) capitalist bank supposed to do? Time for a community financial alternative?

Many have rightly noted that as a profit-obsessed bank RBC's outsourcing adventures recently exposed at and in many other media sources, are just par for their chosen course. But this case appears to be a one of especially bad behaviour -  it's not just that RBC may have done the dirty on their Canadian staff, the imported replacement workers have reportedly been shafted too. Ingratitude thy name is RBC? The good news is that there are alternatives if such behaviour is making you unhappy with your bank. As a matter of principle, and with the added advantage of avoiding banks' more odoriferous behaviours, TorontotheBetter has always done its banking with a community credit union, Alterna, in Toronto. Credit unions are democratic, community owned co-operative institutions, so if you don't like what they're doing you have the right to do something about it. As locally controlled institutions whose purpose is member service, we bet there's one thing they'll never try - outsourcing their staff's jobs. For the many now rethinking their choice of RBC and other similar capitalist banks we suggest taking a look at credit unions.       

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