Many set to switch bank accounts
5th March 2007 10:17
Growing dissatisfaction over penalty charges may lead to many consumers choosing to switch bank accounts, according to a new report.
Research by Fool.co.uk found that four out of five customers of the big five high street banks in the UK said they are prepared to switch to another provider, with two in five of those who have never changed their bank stating they will do so.
Commenting on the situation, David Kuo, head of personal finance at the firm, said: "There is tremendous tension between banks and their customers.
"This has not been helped by the embarrassing exposure of punishing charges at a time when banks are also reporting huge annual profits."
Customers are urged to be "vigilant" over potential fees to ensure they are receiving the best deal possible, he added.
Following speculation that banks would soon begin to charge for current account services, Alison Melville, spokesperson for Iva.co.uk, said that this would be a "crazy" step.
Ms Melville argued that the banks would be "asking for money from people who don't have it".
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk
