Many of us have banked with the Co-op for years. We do so not because of their financial wizardry, but because of their reputation as an “ethical bank”. We need to think again.
In Sheffield, the PSC account, the Yorkshire Palestine Cultural Exchange account and the Sheffield Palestine Women’s Scholarship Fund (a Registered Charity) have all been given notice of closure.
Across the country, twenty accounts belonging to groups which support the Palestinian cause are to be closed, including national PSC. PSC’s legal challenge to the Co-op is in the pipeline.
The Co-op has decided to define accounts which support legitimate, morally valid work for justice as incompatible with their “risk appetite”. There is more than one kind of risk for a bank. What if all of us who currently bank with Co-op decide that their business is incompatible with our “ethical appetite”?