Banking customers point to switching fears

Fri, 09 Mar 2007

The majority of banking customers feel unable to move banking accounts for a variety of reasons, according to a new financing study.

A reader survey from financing specialist The Motley Fool has discovered that two-thirds of people would like to move their banking accounts to another financial services provider, but do not feel that it is possible at present.

Explaining their concerns, one in 16 banking customers admit that they do not want to move because they are concerned about direct debits and standing orders going astray.

Meanwhile, one in seven confess that they feel unable to switch because they are currently overdrawn - a misconception highlighted by David Kuo, head of personal finance at The Motley Fool.

"Perhaps the most distressing finding is that many people believe that being overdrawn prevents them from moving bank," he said.

"These customers can benefit greatly from moving to banks with better deals."

Last month, several of the UK's biggest banking institutions received criticism after announcing double-digit increases in profits.

Barclays, for instance, reported a 35 per cent year-on-year rise in pre-tax profits to £7.1 billion.

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