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Banks still failing to impress

Hefty cash penalties for a bounced cheque or direct debit force almost 13,000 consumers a day to ditch their current bank accounts.

Figures obtained by The Daily Mail reveal around 2.29million have done so in the last six months, and the industry predicts the exodus is set to get worse.

Data from MoneyExpert.com reportedly shows an extra 453,100 people moved their accounts in the three months to the end of March, compared to the previous quarter.

The consumer backlash over penalty fees, typically incurred through overdrafts, coincides with separate complaints about banks from small businesses.

Although the majority of company owners are satisfied with their bank, they, like personal account users, bemoan poor customer service, particularly when there is a problem.

Such is the verdict of the Federation of Small Businesses, which yesterday called for a culture change inside the banking industry to begin meeting the needs of private sector customers.

“When the service goes wrong it goes badly wrong,” the FSB said, reflecting on its poll of 4,000 of its members.

“Switching accounts, overcharging and poor customer services are the main areas where small businesses are not satisfied. A major cause of this is the lack of understanding of small businesses by bank staff.”

Apr 26, 2007
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