Apr 4, 2019 • 25M

'Hippie' Immigrant Launches Good Money Banking Co-Op For The People - #1092

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Devin Thorpe
Some of the world's great changemakers join host Devin Thorpe to share leadership lessons you can use to increase your impact.
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Never miss another interview! Join Devin here: http://bit.ly/joindevin. Read the full Forbes article and watch the interview here: http://bit.ly/2FSsjLX. Gunnar Lovelace, founder and CEO of Good Money, was raised in a “hippie commune” in California. He doesn’t think much of the banking system in the U.S., so he’s launched Good Money, a consumer banking platform structured as a customer-owned cooperative, to change things--radically. In the video player above, you can watch our full interview. This is how he framed our discussion: Just to clearly frame the problem--the average U.S. consumer today spends $360 a year for a s****y banking product where banks pay practically zero on your money as a customer then leverage your money on a 10x ratio to go fund things like the Dakota Access Pipeline and private prisons and make a bunch of money on that and then pay you nothing. As a consumer you kind of say that out loud that “I'm going to give you money to make money on my money, messing things up while paying me nothing” is the definition of insanity. You double click even a little bit further than that. The top banks today make $30 billion a year in overdraft fees just out of people's checking accounts and they will run a large check first so that all of the small checks in a check clearing cycle cause an overdraft fee. They then run and share a blacklist amongst each other so that if you don't pay the overdraft fees you get blacklisted out of the traditional banking system into a much more predatory and pernicious prepaid debit market and payroll market system. Read the full Forbes article and watch the interview here: http://bit.ly/2FSsjLX. Click the following link to learn my insider secrets to media publicity for social impact: http://bit.ly/75offmedia.