Today, April 17th 2020, a Community Bank oppened in the small city of Chaville, near Paris. The inhabitants, tired of usual banks decided to open their own, under the status of non-profit-making association. The cornerstones of this association is trust and knowledge of each others. They reproach actual banks to be blind, heartless, and to play with money as if it was nothing.
Here is an interview of the president of the Community Bank of Chaville, retired economist.
How do this story began, Mr. Michaud ?
It all began three years from now. Some of the actual members where in the chest association of Chaville. We wanted to organize a big chest tournament. So we went to see a bank for a loan to pay the rent of the place and the food and drinks of the events. We knew it will be repaid by entrance fees. The first bank commercial consellor looked enthousiast with that project, and he told us he will ask its superiors. After one month, as we had no news, we came back to the bank and have been told this consellor moved to another bank. We were then given another consellor, but he totally rejected the project. And so, we talked to other associations and Chaville's citizen :hey all faced one day or another such issue, so we decided to do something !
Why do you think people will come to the Community Bank of Chaville rather than to a traditionnal bank ?
First, our rate of interests are very low, because we don't have to follow the official state rates, as we are a non-profit-making association.
Second, people of Chaville knows us, and know we are serious people, what they don't know about bank's employee, that change every month. And we also publicly display our rates (the same for every one) and the current amount of money people loaned and saved at our bank.
Third, as the Community Bank of Chaville is run by volonteers, we are open late in the evening and the week end too.
In addition, I think this project will be sucessful because the bank is open not only to citizen of Chaville but also to people brought here by Chavile inhabitants, so we know we can trust them too, because they are friend of people we know. It will increase a lot the number of potential clients.
How are you facing the costs of a bank ?
The place where we are now has been lended by an inhabitant of the city, and all employee are volonteers. Every member of the project has given some money to make it begin : thus, we can begin taking savings and paying back the interests, and also we can begin to offer small credits. We are trying to balance both to keep a correct revenue.
What will you do if the project is successful ?
We will begin to hire employee to help us. Then, we will pay the rent of the place we are in, to thank Ms. Marlière. We will also give back the initial investment association's member. Then I think we will offer more important credits (to buy houses for instance) and also the possibility to leave more money.
Interview made by the Evoke Team
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