Banking with Honor!

Posted by financer | July 1, 2010 .

The following statement was released by a bank several years ago. This statement is still very much applicable today. It is a reminder for everyone involved in banking or any type of business to do things upright.

There is no field of human activity in which ideals applied are of more value than in business. Winning is not enough, this game must be played right.

A good contract is a transaction which benefits both parties to it. It is expected to state all the conditions relevant to a deal. Half-truth, misleading assertions, and statements made without a foundation of knowledge can do nothing but harm to a firm.

It is an obligation recognized by business people to keep advertising and sales representations truthful and fair. They should give customers a complete understanding of the quality, quantity, price and function of the commodities or services. It is not ethical to sell to a person a service or a commodity that he cannot use to advantage any more than it would be to misrepresent the worth of materials or workmanship. Quite as many articles are bought because of our faith in the seller as because of our faith in merchandise.

In business of any sort, a person is only as good as his actual performance proves that he is. Every person selling goods or services is in a position that law books refer to as “quasi-public”. He has a responsibility to customers as well as to the firm. People will trust the firm whose officers always behave in a dependable and foreseeable way. As someone said, “Virtue has survival value”.

One’s judgment of what is right is determined by his acquaintances with the best standards. A business must have standards, and it must have rules to enforce the standards.”

Hence, doing things the right way makes success more rewarding.