Bank of Dave: How I Took On the Banks

by Dave Fishwick

The global financial system is in crisis, bankers are in disrepute, and Britain is on the brink of a double-dip recession. Now one man, fed up with neverending tales of greed and corruption, sets out to prove that there is a different way of doing things—by opening his own bank to help inject much-needed life into local businesses. Dave Fishwick is a self-made, straight-talking man from Burnley who hates the banks. Published to tie in with a Channel 4 series of the same name, this is the story of his attempt to set up a simple, no-nonsense bank that actually cares about its customers. Dave plans to put hundreds of thousands of pounds of his own money into the enterprise; he will offer his customers a far better rate of interest than they get on the high street; he will lend to struggling local businesses that the banks don't want to know about; and he aims to bring the Bank of Dave into profit within 180 days. If he succeeds, he'll give whatever he makes to charity. If he fails, he'll make a terrible loss and ruin his hard-earned reputation as a successful businessman. Can one man really take on the banking giants and make a real difference to local businesses and his community? Dave Fishwick certainly hopes so.

Genres: Nonfiction, Business

288 pages, Paperback

First published May 1, 2012

Reviews

[Rufus · Rating 3 out of 5]

Dave is an ordinary, honest, hardworking self made millionaire (who happens to own a ferrari and a helicopter), who being unhappy with the way the banks are being run, decides to set up his own bank to help ordinary, decent, hardworking people (who are less likely to own ferraris or helicopters) in the local community and their businesses. It's certainly a worthwhile and noble cause especially in the aftermath of the crash when lending to small businesses has all but dried up. The book is an easy and interesting read, however when he announces his interest rates, I think it somewhat undermines his noble objectives. He proposes two rates for his business loans; 17.4% and 29%, which are credit card rates and not particularity sustainable for an ordinary hardworking small business. Yes, they might be a better option that a payday loan, or not being able to get any credit and having your business fold, but I feel that if this is the best he can do, then he hadn't at all demonstrated that he can do banking better as he so assuredly claims. He also markets them as 8.9% and 14.9% "flat" rates which isn't particularly honest or decent either. So an interesting and entertaining read, but mixed feelings about what he's actually achieving.

[Rachel Miller · Rating 5 out of 5]

A very down to earth and enjoyable read. The only book in the world which would make me wish I lived in burnley! Must find the tv program to watch!

[Sarah · Rating 3 out of 5]

Five stars for the idea and execution, three stars for the book

[John Carter McKnight · Rating 4 out of 5]

This is a remarkably solid and engaging little book about one entrepreneur's decision to take on the banking system. I read it for work, for a research project examining alternatives to global banking and how people talk about them, and for that, this was definitely worthwhile. The way the English talk about money and the values around it is surprisingly different from how Americans do: lots more values-talk without the sound of religious dog-whistles, less gee-whizzery and bottom-lining.

Dave's argument is that banking works when it does what it was created to do centuries ago: help grow local economies through direct evaluation of value and risk. He claims, implicitly and sometimes explicitly, that despite "Big Data" and computational analysis, global banks simply don't care about the data that makes solid value/risk decisionmaking possible and useful. He makes a pretty solid evidentiary case, as he describes taking on a series of small businesspeople who'd been rejected for financing by their banks.

HIs core argument is that the deck is stacked against the possibility of alternative banking that actually provides value to borrowers and lenders, and that regulation is deeply complicit in setting up those barriers. His case is solid "Bank of Dave" does everything banks do (except use the words "bank" and "deposit," which would result in serious criminal charges) and does them better, and argues that his success should be an example for similar operations everyhere.

Dave's highly entertaining, makes a good case without getting polemical, and I hope he succeeds: a world of "Banks of Dave" would be a better place.

[Greg · Rating 4 out of 5]

An excellent read full of examples using the people that Dave Fishwick has helped and has met. His creation of a 'bank' that's aim was both to help local people and show that it could be made profitable in 180 days, in the face of crippling regulation, is impressive and shows how we need to get back to local roots in many things. The banking system has failed all but bankers, as this book makes very clear. Dave takes us through the whole story, his visits to the city of London, to the boat builder on a hill, and to Wall Street make a rich tapestry. I look forward to 'The Government of Dave'. Don't we just need it now!

[Steve Snelson · Rating 5 out of 5]

Just started reading it - a gift from my Uncle Pete!

[Colin Wheatley · Rating 2 out of 5]

It’s not a bank. There, I’ve ruined it for you. I was hoping for a detailed account of the supposed bank’s formation (it’s actually a savings and loan as Dave didn’t acquire a banking license, which doesn’t stop him repeatedly referring to his venture throughout the needlessly long book as “Bank of Dave”), but it’s mostly autobiographical anecdotes and everyman philosophising about the big, bad high street banks. And while I genuinely believe Dave is trying to help local people with their finances, some of his ideas are frighteningly naïve. His system for backing up transaction information, for instance: “To back it up, at the end of each day we would write down the days transactions, once in each book. This method of backup has a big advantage over data centres and complicated IT structures. A book, you see, doesn’t crash. It doesn’t require maintenance, engineers or electricity. We’d keep one of the books in the safe with the laptop. One of the Bank of Dave’s staff would take the second book home with them.” And people wonder why data protection regulations exist.

[George · Rating 5 out of 5]

As a rule I don’t give top scores for obvious reasons.
In this instance, I am of the opinion that a 5 is warranted and well deserved.
The author shared the challenges that he faced in his quest, in a down to earth manner.
The humour that filtered through coupled with the practical nuggets of sage advice applicable in any industry/ business/ venture was much appreciated.
Thank You

[laura · Rating 3 out of 5]

Dave is a very inspiring character. The book, however, contains many repetitions of the same content, and feels rather chaotic. I was hoping to read about his legal struggles to set up a bank; an actual history of that. Instead I got mostly a rant about how bad banks are, which could have been kept to one chapter.

[Christine Sinclair · Rating 3 out of 5]

I saw the movie first and really liked the concept of an ordinary British businessman trying to start his own bank. The book is a little less dramatic than the film, since it actually explains the concepts involved in banking, but it's still a really good story and I truly admire the gumption of Dave Fishwick. (With a name like that, he has to be good!)

[Catherine Garibaldi]

Really straight forward account of business and banking

[Dave B · Rating 3 out of 5]

Started off quite good and it was interesting to find out how he started in life and made his money but the book falls away a bit as it becomes a pat on the back for Dave.

[mr. N. Fisher · Rating 5 out of 5]

Bank of a genius

This was a great success story and should be read by every single banker and people with lot's of spare money that they will never be able to spend

[Allan Robertson · Rating 5 out of 5]

Great read

Great book well worth a read, inspiring man, hope Dave keeps fighting, keeps helping small businesses in his area. Great

[Hssauthor · Rating 5 out of 5]

I watched Dave's programmes and thought 'What a legend'. He is prepared to take on the banking system single handed, when they are all so determined to go against him. Not to mention that he is doing what he is doing, for the good of his local community.

This book is a no nonsense, no jargon take on banks and how they lost all that money. He educates people in a very simplistic way on how banks make their money.... and how they lose it. I have to say, seen as though we all use banks, we should all know what they are doing... and not doing!

Dave takes the reader through how he set up his little bank, but also gives people advise on how to think out of the box when trying to get their business booming. He is a self made millionaire and is at a point in his life where he wants to help others. I would definately recommend this book. Its super! AND, what a hero.

[Janet Roberts · Rating 4 out of 5]

I just loved the British TV programme about this chap who wanted to set up his own little bank in his home town of Burnley in Lancashire. It was such a ridiculous idea!
The book is written in the same, chatty, down-to-earth style, and I really enjoyed it, and certainly wish him every success in the future.
I intend to also send him a cheque to start up a savings accounts, with 5% interest (where else would you get that?), and like the way he's using the money to give loans to struggling local people - like the pet shop owner who wanted to add sharks to his shop to attract customers. You can imagine what the banks would have thought of that idea!!

[Bola Owoade · Rating 5 out of 5]

This is a very interesting book by an action oriented man who decided to open his own bank. You can read my full review here on my blog: http://learnabytes.com/2014/12/31/boo...

[Alanmoorenz · Rating 3 out of 5]

Fab series from Channel 4 and great book. It's a shame we have become a society that prevents good men from doing good things - will we ever work it out ? I doubt it!

[Olubunmi Adewumi · Rating 5 out of 5]

Mr David Fishwick is an amazing man. What an inspiring story of Diligence, Doggedness, Resilience, Persistence and to quote him: "never give up, never, ever give up"