Wells Fargo: microfinance savings account
13 people support this idea
10 comments
I am often troubled by the amount of interest earned in my savings accounts at Wells Fargo, an interesting alternative would be a microfinance-based savings account (either interest bearing or not).
This would definitely help me feel better about keeping my money at Wells Fargo as opposed to another higher yielding account. An idea like this could be implemented in partnership with existing companies like Kiva.org
posted about 1 year ago by rod for Wells Fargo
Change business
+ Post your idea!
Stats and Impact
- 2379 active people
- 511 active companies
- 89 ideas
- 1 considered ideas
- 2 launched ideas!
Comments
The gauntlet is down for great ideas. I love this one, would definitely use a microfi savings account.
I wonder if there would be any tax benefits to having this sort of account?
posted by Loren (verified representative for dotherightthing.com) about 1 year ago
Very interesting, that would be a bonus and sounds reasonable to me.
To clarify the idea, I was thinking that this special savings account (either interest bearing or not) would utilize my funds or a percentage of them for a given period of time to do microfinance loans to the poor in a similar way that kiva.org operates today.
posted by rod (verified representative for dotherightthing.com) about 1 year ago
This would definitely be a win win for all parties involved. I could see this yielding a strong positive PR for Wells Fargo.
posted by Niloofar about 1 year ago
This sounds sticky, especially in these times of financial unrest and general distrust of banks. The fact is that micro-finance savings accounts would be higher risk than existing accounts and would not be FDIC insured.
So, the idea is great, and I think the goodwill generated by such a move would outweigh any extra costs, but banks may not be so quick jump on board until those issues were solved.
As we’ve seen from the spate of bad-mortgages out there, you can’t just tell somebody is risky, apparently you also have to tell them what they should and should not do based on their particular situation.
I would personally sign up for one though :)
posted by rwdaigle (verified representative for Y|Factorial, LLC) about 1 year ago
I agree as a Wells Fargo customer and a regular donor to Kiva that I would like to see those microamounts go to something sustainable such as microloans…ket’s get Wells Frago onboard!!!
posted by vivigive about 1 year ago
If you’re looking for interest on microfinance loans then you should check out MicroPlace. It’s more like a CD than a savings account in the sense that you put in your money for a fixed period of time. Definitely a good alternative until the big banks get up to speed!
posted by adamjbaron about 1 year ago
For years since the Grameen Bank began I have tried to think of innovative ways we could adapt microfinance to main stream America. This sounds promising — just have your interest deposited in a non-profit microfinance pool account. I love it. I am working on a book about how to align success and significance; this would be a great example: easy and effective!
posted by annemccrady about 1 year ago
I think the goodwill generated by such a move would outweigh any extra costs, but banks may not be so quick jump on board until those issues were solved.
======
Savings Accounts
posted by habika 2 months ago
The initiative taken for the concern is very serious and need an attention of every one. This is the concern which exists in the society and needs to be eliminated from the society as soon as possible. I subscribe to Insider Score, and that is correct there has been scant insider buying. Insider Score’s market wide buying indicator tracks very closely my sentiment indicators.
========
Compare ISA
Related Image
posted by Thekiroshimasylvia 2 months ago
The above thought is smart and doesn’t require any further addition.
It’s perfect thought from my side.
————
Structured Investments
posted by shashi00 about 1 month ago