Misplaced loyalty means old banks prosper while new ones suffer

5 November 2010

Bitterwallet - Metro BankMisplaced 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.

[BBC]

TOPICS:   Consumer Advice   Banking

3 comments

  • Paul C.
    Hmmm - Consumer Focus. Another TOOTHLESS waste of tax payers money. And I quote.... "Consumer Focus has strong legislative powers. These include the right to investigate any consumer complaint if they are of wider interest, the right to open up information from providers, the power to conduct research and the ability to make an official super-complaint about failing services. " A SUPER complaint. WOW! I bet the Lloyds horse just shit itself. The mere fact that this organisation exists to tell me the painfully obvious at the expense of my tax money irritates the fuck out of me. YES, I know if I get shit prices to move to another supplier if I'm not getting the best value for money. Misplaced loyalty - absolute tosh. LAZY CUNTS - yes.
  • phil
    Metro bank - is it two branches, both central London? No, I can't think of any reason they're not getting the uptake of new customers. Any other new banks we can scoff at?
  • Nobby
    If a bank is to survive, it doesn't just have to be "nice". It has to be straight and provide information when it is required. I just spent four minutes on Metro's website. I cannot find their interest rates for bank accounts or savings. I wouldn't think about banking with them if they do not publish such information, or publish it but hide it so it cannot be found quickly.

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