Many 'trapped' by banks
Published On 10 March 2007
Almost two of three bank customers wish to change their bank, but feel like they can't, a recent survey has discovered.A full 75 per cent of consumers are itching to switch banks but feel they can't, usually because they owe too much, the survey from consumer advice company The Motley Fool found.
And one in four of those surveyed said that they saw little point in changing banks, as they all closely resemble one another in policies and rates.
David Kuo, head of personal finance at Fool.co.uk said: "It is disappointing to see that two out of three people are shackled to their banks.
"It is also upsetting to discover many people are under the misapprehension that switching bank accounts is both futile and troublesome."
Though many believe that being overdrawn prevents them from moving banks, in fact this is not the case, added Mr Kuo.
Earlier research from The Motley Fool discovered that four out five customers of the big five high street banks are ready to switch banks, after being charged unfair fees.
