Michael Thomas Lynn 60 years of age from Cleveland has embarked on an ambitious financial journey which has been described by negative observers as harebrained fantasy and by others as visionary and forward thinking.
Michael Thomas Lynn said that the origins of his idea stemmed from what he described as the loathsome fraud that the banking fraternity had entered into in the now all to famous meltdown in 2008 with the Lehmann brothers collapse ,the subsequent systemic failure of the various other banks who had to be bailed out by the taxpayers.
He described this systemic collapse of the financial system as being the collective responsibility of the political classes who allowed and in fact encouraged the collapse and erosion of some of the fundamental principles of banking which were; knowing your client and real and substantive assessment of risk.
Michael Thomas Lynn’s idea is that each local community should form its own NOT FOR PROFIT BANK
. He knows that the word not for profit and bank are rarely uttered in the same sentence. However he strongly believes that the time has come to create a LOCAL financial structure for communities throughout the world.
The proposed structure would be as follows:
1) Members allowed to join would be from a defined geographical area.
2) The local bank would be called just that with the last name being based on the area name. (Local Bank Wilderwood Ohio)
3) All deposits would be accepted. There would be no limits.
4) The funds held on deposit would be placed in the institution which would best serve the interest and ethics of the members.
5) There would be quarterly reporting which should be examined by a local accountant who would agree to act on a quarterly basis free off charge. It is required that this individual would change on a quarterly basis thus ensuring openness and honesty.
6) Loans would be issued to members only.
7) There would be no limitation on how low the loan could be.
8) The member would not be allowed a loan in excess of three times the deposit held in their favor in the local bank.
9) The account holder would have a checkbook and debit card when their deposit reached a certain specified limit. Before reaching this limit because of the local nature of the bank it is envisaged that access would be more easy because the bank would be in your locality and also would remain open seven days a week 12 hours a day.
10) The amount of staff employed on a permanent basis would relate directly to deposits held and initially Michael Thomas Lynn envisages that employees would be retained on a voluntary basis.
11) The bank also intends to have a strong versatile and vibrant online presence to allow this to develop and reducing the actual physical man hours of work required to be reduced substantially.
12) The online banking portal would gain a steady income source from local businesses which would advertise their products and also announce any new business ideas.
13) The online bank would also advertise local events and truly embrace the idea of assisting the local community evolve at all levels.
Michael Thomas Lynn said that this concept would be revolutionary because it would prove that small is beautiful and that this business concept can be a sustainable entity from a financial and social perspective.
Michael Thomas Lynn has a financial background with upwards of 30 years experience. He wants to create a revolution in our thinking as to what a bank should truly be and is adamant that we must as a human race commence to make changes in our local area first, allow the change to be embraced fully and allow it to spread organically.
Michael Thomas Lynn has registered this concept. For the mainstream banks watch out soon we all may be ”shopping local”