I hate banks.
I mean, I really, really hate banks.
In fact, nobody I know loves or even likes their bank. At best they are held in mild contempt one level above politicians and lawyers.
You deposit your hard-earned money in a bank in return for a poor interest rate that is often under the rate of inflation. The bank will then charge you a fee for holding onto that money while providing below par customer service and going on to charge you another fee if you want to give that money to someone else or use it. Then it takes your deposit and uses it to create loans in multiples of the total deposits in the bank and charges interest and fees on those loans.
Who profits from your money?
The banks. They are dependent on your deposits, in the form of bonuses and shareholder value. In 2018 the top banks in the USA made over $100 billion in profit. The top 1% of America owns 50% of the total shares on the stock market, so that’s where that profit is going.
Where did it all go wrong?
I’m not against profits and im all for compassionate capitalism. I understand the need for a system where profits are made, even within the banking system. A lot of my friends are bankers, venture capital and private equity fund managers and — full disclosure — I work on the periphery of banking in that banks are my clients and effectively pay my salary.
However, our current capitalistic system is broken, it’s working to profit the 1% and further indebted the 99% — and part of this crippled system is the exploitative banking industry.
Let’s build a bank we’ll actually like.
When was the last time your bank put a smile on your face? Did something beneficial for you?
I’ve realized in recent years that there is a growing feeling of hopelessness for many people who want a better future. Hence, I’ve decided to create my own bank, an end-to-end digital bank.
I won’t go into the technicalities of it right now, that is something for another post. However, this is an insight into my vision and my plan for an evolved bank. A bank that gives back.
How will it work?
The goal is to evolve the social contract between banks and their collaborators, both customers and employees, so they can actually benefit from the system.
This bank will challenge the moral and social conscience of the industry.
Not only will it increase trust and offer exceptional customer service, but it will also have clear, simple, jargon-free terms and conditions. Instead of being beholden to maximizing shareholder value or bonuses, it will give back to its community.
This is a bank that values maximizing social well-being and inclusiveness over profits, one that gives people hope for the future, the opportunity to make life a little bit easier and reach towards achieving their goals and dreams.
It is a bank that forms a community of collaborators who help each other out simply by banking, the way we usually do it. It lets them know that they have someone in their corner, paying an equal monthly dividend to all depositors to help cover some of their basic needs.
F.U. Bank (yes, really)
I’m calling this bank the Freedom United Bank, or as I prefer to call it F.U. Bank.
F.U Bank is about using and directing vast amounts of capital for a common benefit, using the financial markets as a tool to generate profits and help solve social and personal issues.
Consider it a sovereign wealth fund for humanity, an evolution of capitalism rather than a revolution.
It’s a bank that pays you.
The aim is to pay a depositors’ dividend of $1,000 a month (depending on the country of residence and different standards of living). It will start small and then scale as we get more money under deposit.
The dividend will grow as profits grow. The collaborators who join us in the early days will benefit in line with when they joined the community. We will only take on more collaborators when we can pay more of a dividend.
My goal is to be a billionaire, not in the traditional perspective with material and personal wealth, or company value, but in terms of the number of lives, F.U. Bank can positively affect.
By paying the equal monthly depositors’ dividend (our term for a universal basic income) we hope to bring communities and people together with a common vision for increasing freedom, reducing poverty and inequality, supporting entrepreneurship and liberating creative minds. We want to give value to those who dedicate their lives to volunteering or homemaking, reduce crime rates and the stress associated with not knowing if there will be enough money to survive another month.
Let’s do what the modern banks can’t do (or more to the point, won’t do). Let’s build a community.
There has been so much talk from politicians, genius tech icons and billionaire hedge fund managers that Universal Basic Income (UBI) could be a panacea to a lot of the world’s issues. There is proven evidence from many projects to show the multiple benefits of a UBI.
What is missing is a clear will to implement such a concept.
Politics is too bi-partisan and overly influenced by the wealthy few and lobby groups to legislate easily, quickly and without bureaucratic red tape.
We aim to take the debate out of the political arena and take matters into our own hands.
Ever since the F.U. Bank concept was first revealed, collaborators who share our vision have joined.
We are at the initial stages, having just completed due diligence on the location of a license and regulation. We are currently in the process of evaluating whether we apply for a new license or purchase an existing one.
Our priority is adhering to the highest regulation and compliance requirements as well as insuring the deposits of our collaborators.
We will remain a lean business but we are expanding to hire a CTO, CFO and CCO shortly as well as employing legal, compliance, image and licensing consultants. (So if you know anyone who this may appeal too, send them this way)
If this vision resonates with you and you too believe that a community can change the status quo of the banking industry and make life just that little bit easier for the many, not just the few, then get in touch.
We would love to hear from you as a future collaborator, customer or team member.
Who knows? Banking could be about to change the world for the better.
To contact us or to become involved as a collaborator please go to www.freedomuniversalbank.com and sign up or we can be reached at email@example.com (we are not asking for your money or to be your bank just yet, we are a while away from that. However, now is the time sign up to express your interest so that you can be the first to be notified when we do launch.)