Misplaced loyalty means old banks prosper while new ones suffer
Misplaced loyalty - it's a common problem. Tens of thousands of you peruse this esteemed organ every month, despite our constant abuse of you, the avid reader. And millions of you refuse to move your bank accounts despite being treated like roadkill.
These are the findings of the Office of Fair Trading (OFT) and Consumer Focus - new banks waiting to accommodate our needs are having difficulty getting established because customers remain with their current banks regardless of how they're treated.
It seems we're happy to spend an age shopping around for loans, but there's very little that'll persuade us to move personal or business accounts. A spokesperson for Consumer Focus, said:
"Often people are unhappy with their bank but still do not switch, put off by things going wrong, the hassle involved or a negative effect on their credit rating.
"The unacceptably high level of bank complaints suggest that this loyalty is often misplaced. Until people start voting with their feet, banks have little incentive to raise their game and consumers may be missing out on better deals and service."
So we have the banks we deserve, people - there's not a great deal of incentive for institutions to treats us better, because we'll seemingly suck up whatever we're dealt. Of course, there's nothing to prove new companies like Metro Bank will treat us any differently, but it's in their interests to do everything they can to attract and retain new customers in the short-term.