Competition for Savings Account pay day loan companies?

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Q. Competition for Savings Account pay day loan companies?

A. - It wasn't too long ago that a bank turned me down for a savings account. I didn't even think they could do that. Now banks fight for my business. Guess which one doesn't get it. - Only thing that caused me a bit of concern is that they stressed that they are a "not for-profit" organization. I heard an interview a few days ago on CBC about a similar bank that's operating in Bangladesh. The Grameen Bank borrowed more than 610 million dollars, had a 99 percent repayment rate and showed a profit of more the 15 million in 2005. This bank and it's founder have just won a Nobel prize. They've done good work and showed a profit, nothing wrong with that. http://www.cbc.ca/news/background/nobel/yunus-microcreditbank.html I just hope that the Winnipeg bank doesn't become a money pit, dependant on government grants to remain in operation.

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