A New Bank ??

08 Mar 2009

Alexander Curzon is looking into setting up a new bank. Here is my understanding of the proposals:

The idea is to run current accounts only - no lending, no speculataion - just a boring safe haven!

Multi Currency Accounts should be possible - the concept is ZERO risk so no interest would be payable.

Any venture would need to partner with others (eg: Co-op?) to access the cash machines & visa networks etc.

Alex doesn't appear to be after any investment on your part.

	comments . . .
05 Mar 2009 Anonymous	sounds dodgy to me
05 Mar 2009 Alexander Curzon	Ha Ha Anonymous? If i put in 5 million of my OWN money WHATS DODGY about that?
05 Mar 2009 Jericoa	John How about adding a line on this on the main lobbygroup.org site? Alexander You got a name for the bank yet?
06 Mar 2009 Chris	What is it that you're looking for Alexander? Investors, depositors or both? I'm a bit vague on exactly what's required to start with - I'd be willing to deposit money (assuming some clients get around to paying me this month) but can't afford to invest just at the moment. I could help with technical "stuff" (software development etc.) but would imagine that there are already established off-the-shelf software packages for this sort of thing.
06 Mar 2009 Alexander Curzon	Re BANK SUBJECT TO APPROVAL BY FSA ETC...... THE IDEA IS TO RUN CURRENT ACCOUNTS ONLY. NO LENDING! NO SPECULATING. JUST A SAFE BORING HAVEN!!
06 Mar 2009 Alexander Curzon	THE NAME? NO NAME YET? GORDYS PIGGY BANK? Seriously we havnt bothered just yet with a name its the concept that needs approval.
06 Mar 2009 Jericoa	Crikey, I would not use GB's name to promote anything..even in jest and at his expense. The concept is fine, the timing and the promotion of it is everything surely. What could you offer that the co-op bank does not for example except more capacity? When I switched to the co-op i just asked for an account exactly exactly like you are offering , it is called a 'cash minder account'. no thrils no spills no overdraft just a place for your cash, a dibit card and ability to set up standing orders and direct debits. I actually felt quite liberated by it! Forget about 'burn your bra' (for the ladies) 'burn your bullshit fancy bank account' should be the new cry of liberation.
06 Mar 2009 Anonymous	I always wanted to have a swiss bank account there was an internet bank swissnetbank.com which shut down in 2004
06 Mar 2009 Anonymous	foreign currency accounts should be available for savings e.g. gbp usd eur chf yen at least we wouldn't spend foreign savings
07 Mar 2009 Jericoa	I agree with annymous last point. When i lived in hong kong even basic current accounts allowed you to hold several different foreign currencies in seperate silos within it and transfer between them at will. Jericoa
07 Mar 2009 John Bray	Euros would be better for me.
07 Mar 2009 Anonymous	maybe savers should get some company shares and dividends as well as reasonable interest rates (& possible offshore tax breaks)
08 Mar 2009 Alexander Curzon	Re Multi Currency Accounts? Take it as read! The concept is ZERO risk so no interest payable. The Cooperative still trade the money markets they still have some write offs to come albeit modest. Any venture would need partner with others to access the cash machine & visa networks etc etc.
08 Mar 2009 John Bray	I'd be happy with that -just some confidence that what money I have so far is not lost.
08 Mar 2009 kooltidings	I would be interested too. As a straight forward current account would be fine. Partner need to be probably along the 'ethical' ones like co-op etc. Also would we access on line or where would the 'branch' be?
08 Mar 2009 Jericoa	I think for this to fly commercially you have to have something in the locker that the co-op bank does not. I am interested but in terms of broader public perception. ''I am already with the co-op now, what can you tell me to move to your bank?'' ''Even if I banked with RBS why should I change to you..why not the co-op again?''
09 Mar 2009 Alexander Curzon	Jericoa? RBS/NATWEST!! Stay there if youre happy? The plan is to provide Risk free Current/Deposit accounts subject to being licensed to operate.There would be a monthly charge flat fee or transaction charges at cost plus 15%.We would need access to the Link system plus the clearing system and VISA/MASTERCARD ETC.
10 Mar 2009 Chris	Alexander, I think Jericoa's point was that if you were at Natwest/RBS or whoever and wanted to change to an ethical bank, then why would you choose a new bank rather than e.g. the co-op? One assumes that therefore the differentiating factor is that the new bank is to have totally risk-free current accounts, whereas the co-op still has some measure of risk due to exposure to the money markets?
10 Mar 2009 Alexander Curzon	Re Cooperative Bank I have the accounts there is some bad news to come aswell as debt write offs but nowhere near as bad as SOME!
14 Mar 2009 nikki	Does your bank provide free financial advice? :)
16 Mar 2009 Alexander Curzon	IF we get a licence?? There will be no financial advice! All i intend to offer is a PLACE OF SAFETY!!
18 Mar 2009 bobajob	If I deposited a cheque drawn on another bank into my account with your bank, you would have a claim on that bank. So now you are taking a risk by running accounts with all of our other banks. How are you going to keep our deposits safe unless we give you cash/banknotes? [Those too?]. Would you insist on the other banks giving us Treasury Bills or BOE securities?