Banking Gets Charitable

Banks are usually in the business of making money by lending money for interest and fees. These bank loans take the form of mortgages that help people buy their own garages with garage doors, or home equity loans that help people make home improvements like garage door replacement. But TD Ameritrade and sister company TD Bank spent the summer raising money for the Special Olympics, this time to give it out rather than lend it for interest and fees.
The Special Olympics provide Olympic sports for differently-abled persons to compete. Competing in the Special Olympics instead of the regular Olympics helps even the playing field. The Special Olympics is a non-profit charitable foundation designed to run the games. It relies on donations, corporate sponsorship, and volunteers to survive.

TD Bank and TD Ameritrade recognized the need for support and funding that the Special Olympics constantly struggles with and spent the summer trying to raise more than $1 million United States Dollars (USD). The financial institutions encouraged employees to donate, and encouraged clients to donate as well. Employees also signed up to work the upcoming Special Olympics, providing a badly needed volunteer team to help pull the whole thing off. At the end of the drive, TD Bank and TD Ameritrade had raised well over the goal of $1 million USD.

This is actually the second annual TD Bank and TD Ameritrade fundraiser for the Special Olympics. The fundraiser is titled “Be a Fan!” and both institutions sold bracelets at their brick and mortar locations. The proceeds from the bracelet sales go to the Special Olympics.
Some may argue that the sister companies are only raising money for charity to get the positive PR in a time when banks and other financial institutions are viewed unfavorably by the general public. True charity vaunteth not itself, but does it really matter what the reason behind the fundraiser and volunteer drive is?  Over $1 million USD was given, and over 2600 volunteers donated time and energy. That’s impressive charity work, regardless of what the motives might be.

For the employees who donated time and money, and the clients who purchased bracelets and put money in cans, as well as for the people whom the Special Olympics serves, the motive is pure and true. Helping people enjoy lifetime achievements while furthering a cause for research is not a bad thing. True, all that good PR is not a bad thing either. It likely has driven more business to the bank, allowing it to lend out more money at lower interest rates for more people to buy their own garage doors.