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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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High-street banks must stop ripping charities off says Assembly Member
May 23, 2007 1:28 PM
A report by independent monitor Moneyfacts has revealed that charities and other social enterprises are getting worse rates on their deposit accounts than those which the banks give to businesses.
Many charities fear that their growth is being adversely affected. Reacting to the findings, the Welsh Liberal Democrat Assembly Member for South Wales West, Peter Black, said:
"The banks believe that charities operate on lower revenue levels than businesses and therefore need money more quickly, but that is no reason for this discrepancy.
"Charities perform a vital role in society, and are being asked to do more and more. They have a hard enough task without being ripped off in this way by their bankers.
"This, together with the scandalous level of charges they levy on personal customers and the scant care that they exercise over allowing credit to those who cannot afford it, is another example of how the banks continue to put their profits before anything else. The sooner the UK government establishes their promised social investment bank the better.
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