Money Experts Move Banks

ALMOST 13,000 consumers a day are switching banks in protest over penalty fees, according to a survey by MoneyExpert.com.

This adds up to around 2.29 million dissatisfied customers taking their financial business elsewhere in the last six months.

With a ruling from the Office of Fair Trading indicating that the ridiculous penalties - up to £39 for bouncing a cheque - amount to nothing less than illegal charges, irked consumers are launching claims for a refund before looking for a new bank.

The Mail says that the big banks, such as HSBC and Barclays, are dangling big incentives in front of new customers in an attempt to stop the exodus.

But with consumers learning how to play the system by frequently changing banks, credit cards and loan providers, it’s becoming harder to attract people who won’t stand for uncompetitive deals anymore.

According to MoneyExpert.com chief executive Sean Gardner: “Customers are getting the message that you don’t have to just sit there and take it. With banks under threat for overdraft fees, they are the ones feeling the pinch at the moment.”

Who would have guessed?

Anorak

Posted: 25th, April 2007 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink