Who will save our thrift clubs?
Thursday 18th February 2010, 3:00PM GMT.
Mont Félard landlady Sue Egan (right) and some of the pub’s regulars Picture: TONY PIKE (00893143)
THE days of the traditional pub thrift club could be over.
The Royal Bank of Scotland International is refusing to manage the savings accounts any more because it involves ‘too much administration’. And it is likely that other banks will follow.
The news has outraged pub landlords, who say that ending the tradition would tear ‘the heart and soul’ out of Island pubs. Thrift clubs are deep-rooted in Jersey’s pub culture and have been running for decades.
John Barker, who has spent the last 24 years as landlord of the Royal, St Martin. and been a pub landlord for 39 years, has always run a thrift club.
‘It generates a good atmosphere in the pub and brings people together,’ he said. ‘To lose the thrift club would tear the heart out of the pub and the community. We live in a small community in Jersey and have to be careful we don’t lose that community spirit.’
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Does this mean the end of the pub Christmas Club?
What will small charities, such as places of worship, do when they wish to bank monies being held on behalf of their indigenous mutual aid funds?
It’s the old story: the Jersey finance industry prefers to worship Mammon rather than God.
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I thought perhaps as we own the banks (more or less) we could tell them what to do !!! All Hail the Money God!
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Any thrift club member in RBSI should close their account. Interesting how banks take ‘bailout’ money but do little to support local commnities if it means them paying something back.They should administer thrift clubs for free, Maybe a slight reduction in Directors bonus’s would cover the cost
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well, if there was not
fat cat bonuses, then maybe there would be more cash to administer the small people.
why dont we all go down to the bank and take our hard earned cash out , bar say ten pounds, just to keep the account open.
“its a wonderfull life”
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Banks are not charities ! If it was your business, would you undertake work that lost you money, I doubt it?
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Perhaps Brian Curtiss of The Community charitable trust-Community Bank would be able to help out or even the post office or Coop…same old song the small people just don’t matter.
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The thrift club has been a tradition for many years and gives people the chance to save some cash for Christmas. Previously the banks were only too happy to accept large amounts of thrift club monies when people were saving to pay their tax. To say that administration costs are too great is rubbish whoever heard of a bank refusing money! It is utterly disgraceful that ordinary decent people should be treated like this. Banks should be encouraging people to deposit money not turn it away. The people of Jersey are the ones who are the banks’ bread and butter and will be long after all the tax evading clients and companies have moved on to greener pastures!
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Thrift clubs could be disguising laundered or untaxed earnings and who is responsible if the pub and/or thrift club goes bankrupt – then shall we blame the banks for allowing illegal savings clubs.
Why don’t members simply open their own savings account?
The Non-Profit Organizations (Jersey) Law 2008 (the “NPO Law”) was registered by the Royal Court on 25 July 2008 and comes into effect on 8 August 2008. This legislation requires NPOs to register with the Commission in certain circumstances.
http://www.jerseyfsc.org/anti-money_laundering/other_businesses_and_organisations/NPO_Application.asp
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Comments on here get more silly by the day. RBSI hasn’t been bailed out, is hugely profitable and isn’t in the APS. Its the owner of RBSI which has been bailed out! Maybe take the business to RBC ? oh hang their target customer is 1m+
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Thrift Clubs will become extinct due to the amount of moaning folk do in pubs about the finance industry. The finance industry is the back bone of the island of Jersey and should be respected. The amount of cash collected for charity mostly comes from the finance industry.
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I stopped paying into Thift clubs back in the 90′s. Two Bar managers managed to run off with the money in two of my drinking palces in the space of 3 years. Used to be all the rage back then.
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@ Moggit #2
“We” don’t own the banks, the British tax payer does. If you are Jersey resident and pay UK tax, then yes, you do own some of the banks.
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“The finance industry is the back bone of the island of Jersey and should be respected”.
The tourism industry WAS the backbone of the island of Jersey. It should HAVE BEEN respected.
The same was true for tomatoes and cut flowers. We threw those money and job making crops out in favour of worshipping the great god Mammon.
Don’t worry, Toastedteacakes. Once the bankers have squeezed Jersey dry they, too, will move on.
And we will have nothing. Back to the prewar years, before we were “rich”.
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I as many others used thrift clubs to save for my tax bill.
Now the States take it straight from my wages, then they invest it so they get the interest instead of me.
Double taxation?
If not, double unfair.
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I would agree with #8, the amount of checks that banks have to perform to open an account, in respect of knowing your customer (KYC) are significnat. The keep the regulator happy, being teh Jersey Financial Services Commision, these accounts are probably too much of a risk.
Anyway, everyone has been crying out for a Depositor Protection scheme, which we now have, so I am unsure as to why people are that upset with the demise of the Thrift Club, and its attendant risks of money being miss-apropriated.
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Sorry Mogit (2) and David (3). It is the UK taxpayer who has bailed out the UK banks, not the Jersey taxpayer. As such the UK taxpayer now also owns a slice of the Jersey finance industry.
HM Treasury is nw in a position to call the shots in Jersey as never before. Interesting times!
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@8 That’s right, people pop up to the pub 48 weeks a year to launder ten or twenty quid a time.
They don’t open a savings account because they want to go and try their luck in the meat raffle or open the box and have pint with their mates.
Additionally the ‘bonus’ paid at the end of the year, derived from the footy cards etc, and shared equally amongst all members, is quite substantial, massively in excess of what their money would have earned on deposit in a bank.
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What is so terrible about walking to a bank or postoffice in town to open an account and save for Christmas. Better than shoving it under the mattress.
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Know Your Customer (KYC) is only of value for small clients.
Someone who is involved in a large scale fraud or laundering operation will have false papers, letters from banks and a fake passport if needed.
Trafficking in people, drugs, arms, prostitution etc produces billions of pounds sterling annually in profits.
Eventually this money has to be processed in to the legitimate banking system so that it can be invested or spent.
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In answer to the main question, Spiderman!
@15 & @19
What does KFC have to do with thrift clubs??? and i`m fairly sure they KNOW their customers…. and it is the opposite of small clients, they are great big fatties!
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