Bank of Dave: How I Took On the Banks

Bank of Dave: How I Took On the Banks

Dave Fishwick

Language: English

Pages: 288

ISBN: 0753540789

Format: PDF / Kindle (mobi) / ePub


The global financial system is in crisis, bankers are in disrepute, and Britain is on the brink of a double-dip recession. Now one man, fed up with neverending tales of greed and corruption, sets out to prove that there is a different way of doing things—by opening his own bank to help inject much-needed life into local businesses. Dave Fishwick is a self-made, straight-talking man from Burnley who hates the banks. Published to tie in with a Channel 4 series of the same name, this is the story of his attempt to set up a simple, no-nonsense bank that actually cares about its customers. Dave plans to put hundreds of thousands of pounds of his own money into the enterprise; he will offer his customers a far better rate of interest than they get on the high street; he will lend to struggling local businesses that the banks don't want to know about; and he aims to bring the Bank of Dave into profit within 180 days. If he succeeds, he'll give whatever he makes to charity. If he fails, he'll make a terrible loss and ruin his hard-earned reputation as a successful businessman. Can one man really take on the banking giants and make a real difference to local businesses and his community? Dave Fishwick certainly hopes so.

Sex and the City

Sex and the City

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in some swanky restaurant. At heart, I’d like to think I’m still that kid from Nelson. So what would that kid from Nelson have thought about the way banks have behaved over the past few years? What would he have said if you’d asked him? He wasn’t educated, and he didn’t have much experience of the real world. But he did have a healthy dose of common sense. I’m sure he’d have realised that there was something not quite right about buying and selling things with money that didn’t really exist.

idea’s good, and your business is well run, you’ll come out the other side without too much trouble. And if you can make it work in difficult times, you’ll make a fortune when things turn round – which they will, I promise. So, the idea of starting up a new venture when the economic climate was, to put it mildly, difficult, didn’t worry me too much. In fact, from a certain perspective, it was the main reason I was doing it in the first place. But I had to be honest with myself. The truth was

is a number between 0 (the worst) and 999 (the best) – and make their decision solely based on that number. To my mind, that’s a blinkered way of doing business, because the credit score is only half the story. Somebody may have got into difficulty in the past – we all know that life can throw surprises at us – but it seems to me that it’s not so important that they might have been in arrears in the past, but rather how they dealt with it at the time. Did they make a successful effort to pay the

providers were offering. The reason everyone has to present their loan rates as APRs is a good one: if there is a standard measure of interest, it means customers can compare the cost of loans from different providers and know that they are comparing like with like. A flat rate, of course, looks cheaper than an APR. But I also felt that it was simpler to understand. Borrow £100, pay back £8.90 a year, or about 75 pence a month, in interest, or about £9 monthly in repayments of interest and

had a brew. It’s time for bed. You’re probably not thinking too much about the contents of your bank account, about what’s happening to your hard-earned money while you sleep. Perhaps you should. We’ve already seen that the traditional banking model is based on a little sleight of hand. We all assume that if our bank balance says £200, that money’s actually in the bank. It isn’t. Some of it has (or should have been) loaned out. Our ability to withdraw our £200 relies on the assumption that not

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