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More people set to ditch bank after poor treatment

A study from Which? has revealed that record numbers of people are expected turn their back on their bank in the coming year, as consumers become more fed up with how they are being treated.

More than a quarter of people have admitted they have had a problem with their current account, while a fifth of people who went on to make a complaint to their bank said it was not resolved satisfactorily.

Consumer confidence has been affected by a succession of scandals over the last few years, with the mis-selling of products and serious system failure just a couple of examples in a series of incidents.

High street chains are now starting to offer consumers an alternative to their bank, with Marks and Spencer and the Post Office launching current accounts recently. It is thought that Virgin Money and Tesco are planning similar moves this year, in a bid to offer fed up customers a substitute.

Which? reported that the Bank of Scotland, Barclays and the Co-operative Bank received the highest proportion of complaints from customers, while Nationwide and First Direct had the fewest.

Chief executive of MoveYourMoney.org.uk, Laura Willoughby, said: “This will be a big year for switching, partly because of the faster switching service, but also because of the new entrants expected to shake up the market”.

If you have any questions related to this story, or any other financial issues, please contact out advisors who will be happy to help.

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