The Co-op bank have closed the Palestine Solidarity Campaign bank account!

PSC along with 20 local groups working for Palestine (including 10 PSC branches) have had their bank accounts unilaterally closed by the Co-operative bank. The reason? The Co-op bank say they’ve changed their “risk appetite”. Apparently Palestinian human rights are too “risky” for the Co-operative bank.

PSC is not having it. Today it launched a legal case against the Co-operative bank calling this what it is – discrimination. (See press release for details). As well as taking legal action. PSC needs you to stand with them and show the Co-op bank that campaigning for Palestinian human rights shouldn’t be punished.

If you have an account with the Co-op bank, write to tell them you’re closing it because of their actions

So many of us opened our accounts with the Co-operative Bank because they market themselves as an ethical alternative. Professing their moral high ground in their ethical policy they proclaim to act with “honesty and transparency,” to treat their “customers fairly” and to believe in “promoting human rights and equality”. Well there is little evidence of any of these principles today. 

They have chosen to close the accounts of 20 organisations working for human rights and equality for Palestinians – and they have offered no honest or transparent explanation, only citing the banking jargon “risk appetite”. 

It is quite clear the Co-operative Bank no longer cares about human rights – the Palestinians suffer incursions on their human rights day in, day out at the hands of an occupying military force that continues to violate international law. In the UK we have a great tradition of solidarity organisations coming together to stand against human rights violations throughout the world – this is something that the Co-operative Bank should support, not punish.

To those who still bank with the Co-op because of their ethical principles – it seems they have turned their bank on their ethics, so PSC is asking you to turn your back on them. 

Close your Co-op bank account and write to them to tell them why.

For suggestions of alternative banks, visit www.moveyourmoney.org.uk. While their ethical banking page still lists the Co-op (don’t worry we’re writing to them about this) they do offer other alternative options.

Moving bank account is a big decision – and it can be a real pain! But we need to show big businesses they can’t profit off of fake ethics. If they believe in human rights and equality – that includes Palestine too.

6 thoughts on “Time to close your Co-op bank account

  1. It will take more than people closing personal current accounts. They don’t care. We need to find out which major charities have deposits there, Then make it clear to those charities that if they maintain those accounts there will be a mega coordinated campaign to stop donations to them.

  2. This needs to be put into context … the “Co-operative Bank” is no longer part of the Co-operative movement. It was lost in a unforgivable piece of wheeler-dealering and mismanagement and left open to attack from financial vultures. It is now owned and controlled by US hedge funds. The cheif executive is a former HSBC banker.

    The “Co-operative Bank” is not a co-operative organisation or owned by a co-operative. As far as I’m concerned it is trading under false pretenses and is now bringing the Co-operative movement into disrepute. An “ethical policy” from the likes of Aurelius Capital Management, Beach Point Capital Management, and Silver Point Capital (the majority owners and controllers of the bank) is ridiculous to the point of obscenity.

    I stopped using my Co-operative Bank account as soon as this disaster happened in 2014. I had only ever used the Co-op and opened the account because the bank was owned by the Co-operative movement.

    Fortunately, there was another organisation that I could switch to; that is the Nationwide.

    Nationwide is a member of Co-operatives UK and has a democratic co-operative structure. I am happy there, but still angry over the unmitigated disaster of the loss of the Co-operative Bank.

    So, close you accounts anyway, this is not an “ethical” organisation and whatever they claim is simply marketing spin from the rapacious venture capitalists who set out to destroy the Co-operative Bank and now control and operate it under false pretenses..

  3. Sorry, I have NO intention of closing my bank account on your say so. I do not support funds using my money to go to activist groups of ANY nature. Who the hell are you to tell me what to do? You don’t run my life. Telling people to close their accounts is just as unethical as sending funding to activist groups. You’ve got a nerve.

    • What is the hysteria? If you feel that the banks should have power to close down accounts aimed at preventing genocide, then no one can force you to take a principled position. In fact we can see that you are taking an unprincipled position on principle.

  4. I wrote to the Co-operative Bank about this a week ago and have still not had any reply – despite having four accounts. I think we now need to close them anyway. Thanks, Andrew, for the information about the Nationwide. We will investigate that. Metro Bank has also been cited as having ethical policies, so that needs to be investigated again.

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