Putting your heart where your money is

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Category: Business

Listening

Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. fixture / ˈfɪks tʃər / (n.) – someone or something that has been part of a place for a long time
    Example:

    The little restaurant has been a fixture in the neighborhood for many years.


  2. disperse / dɪˈspɜrs / (v.) – to scatter or distribute something
    Example:

    The supermarket dispersed over $5,000 in food products after the flood.


  3. pick up the tab / pɪk ʌp ðə tæb / (idiom) – to pay for something for someone else
    Example:

    David picked up the tab for his friends’ drinks to celebrate his big promotion.


  4. splurge / splɜrdʒ / (v.) – to spend a lot of money, usually on something expensive
    Example:

    I just received my bonus, so I splurged on a designer bag.


  5. have (one’s) heart in the right place / hæv hɑrt ɪn ðə raɪt pleɪs / (idiom) – to be generous, kind, or thoughtful
    Example:

    It’s clear to me that Alan’s always had his heart in the right place. He’s done so much good for the community.


Article

Read the text below.

Ever hear of the phrase “putting your money where your mouth is”? It means to act in a way that matches what you say. If you say you believe in helping people but in reality you don’t, then your money and your mouth are not on good terms. When a bank in upstate New York celebrated its 170th anniversary with 170 acts of kindness, it showed the world that its money and its mouth have an excellent relationship.


Ulster Savings Bank, or USB, has been a local fixture in the Hudson Valley since its establishment in 1851. Ahead of its 170th birthday in April, CEO and President Bill Calderara said that USB would be dispersing nearly $65,000 (¥7.1 million) among its customers to use for things like pizza, groceries, flowers, haircuts, auto inspection bills and other services. USB also donated puzzles and toys to a local homeless shelter and stuffed animals to a child abuse prevention facility.


After a year of pandemic lockdowns and restrictions, people in the Hudson Valley were finally venturing outdoors again. That didn’t mean they weren’t worried about spending money, especially on treats that could otherwise brighten up their day. But with USB picking up the tab, they could afford to splurge a little. Calderara told reporters: “We were founded for our customers and for the benefit of the community at large. That’s part of our DNA.”


USB has always had its heart in the right place. In 2020, the bank gave out almost $600,000 (¥65.8 million) in grants, and the employees dedicate part of their time to community service. Calderara explained that, as a mutual savings bank, USB has no shareholders to answer to. This means it is 100% community oriented, and the bank values customer loyalty above all other concerns. Maybe this is the ideal business model for a more scaled-down and humane economy. (The Japan Times)


This article was provided by The Japan Times Alpha.


Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • Calderara explained that USB has no shareholders to answer to, and the bank values customer loyalty above all other concerns. Do you think more companies should be like USB, or is that not very realistic? Why? Discuss.
  • USB celebrated its 170th anniversary with 170 acts of kindness. If you were in charge of planning their 170 acts of kindness, what would you choose to do (ex. pass out gift cards to struggling families, buy supplies for animal shelters)? Why? Discuss.

Discussion B

  • USB said it would be dispersing nearly $65,000 among its customers to pay for things like pizza, groceries, flowers, haircuts, auto inspection bills, and other services. If you were a USB customer, how would you spend the money? How would you feel about receiving the money from your bank (ex. thankful, uncomfortable)? Why? Discuss.
  • The author says that USB has always had its heart in the right place. When choosing a bank or other company to do business with, are you more willing to choose companies that help their communities, or do you not really care about that? Do you think many people feel the same as you? Why or why not? Discuss.