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Further proof that we need a banking system for good

Blog Post | September 10, 2016

 

We at Beneficial State Bank serve our mission to change the banking system for good. This week's round of fines for predatory bank behavior represents just more, and more tragic, evidence that nothing short of changing the banking system for good will suffice. Banking must come back into alignment with the interests of the public. That's who gives banking its license and mandates.

This latest announcement riles not just because of the harm to consumers, the banking system, and society but because of the thousands of bank employees who wonder when something they have been incentivized, led, or even pressured to produce will become the next big "no no" and they will be out of a job with no support or accountability from their top leadership.

Gosh...we can and must do better. And we will.

To quote a treasured Beneficial State Bank colleague on the front lines:

"Are you scared of being stopped by a banker and having to sit at their desk? Of course, you are and it's because you know what I know. Instead of teaching a new banker fiduciary responsibility, the big banks teach them high-pressure sales.

For those older than my generation, they will remember a time when your banker was a trusted professional in your community, like a doctor or a teacher. They listened to your financial needs and provided the healthiest solutions or guidance. That is called fiduciary responsibility.

That idea alone is the most important thing we can do to fix retail banking. I don't care where you bank but get to know your banker, find out what they are all about, and make a change if necessary. If you are worried about sitting with your banker, something is wrong."

 
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