The dislike for banks and other financial institutions is currently on a worldwide high. But for once, one bank has decided to do something nice for their customers. French bank Crédit Municipal de Paris has scrapped the debt of its poorest customers. They have announced a one-time cancellation of the debts of customers who owe the bank R1 500 or less. Regardless of the motives behind this action, I’m sure the 3 500 people who are benefiting from this won’t be complaining.

The announcement marks Crédit Municipal de Paris’ 375th anniversary. The Parisian institution offers small, low-interest loans against inexpensive valuables. It was created in 1637 by Théophraste Renaudot, a doctor, journalist and philanthropist who wanted to combat poverty by giving the needy access to fair banking.

Bank officials say that the European economic crisis has resulted in a 30% increase in customers, adding that “people used to get their property back after 11 to 13 months, now have to wait closer to 24 months.”

[Source: Good.is]