(UK) Banking: thousands of customers switch their accounts out of the big five

[alp227]

Source: the observer

Consumers are deserting major high-street banks in unprecedented numbers after a slew of revelations about unethical behaviour, according to data from the Move Your Money campaign.

Building societies, credit unions and co-operatives have all reported a sharp rise in new business over the past 12 months as the reputation of the major banks has taken a hammering.

Laura Willoughby, Move Your Money's chief executive, said: "Anger with the banks is turning into action. This year British banks have been exposed for exploiting their customers, starving the economy of credit and flouting the law."

Credit unions – small, usually locally based savings groups – have attracted almost 20,000 new accounts in the past six months, according to Move Your Money, while ethical banks Triodos, Ecology and the Charity Bank have all reported a jump in customers.

Read more: http://www.guardian.co.uk/business/2012/dec/22/banking-thousands-customers-switch-accounts

[CarmanK]

1. M&T Bank, and others are introducing a whole slew and wide range of FEES to access Ur money.

My daughter jus got a notice from her bank, that they are introducing a whole new bunch of FEES for use of her checking account and ATM machines both foreign & domestic. Other banks like Bank of AMERICA and CitiBank are also getting creative with their new convenience FEES and awards points for 2013. Remember when they told us, but getting ATM machines, it would keep costs down by getting rid of labor. Well use of an ATM card never seems to be FREE and at least the tellar had some manners. There has been a constant drive on part of banks to increase fees. Now, they want to charge fees for paying bills on lines etc... We are getting ripped off. The consumer financial protection agency needs to get on line quick. We need Elizabeth Warren in the Senate ASAP.

[davidwparker]

4. Sounds like someone needs to move their own money.

I did and don't look back.

[L0oniX]

11. +1

[L0oniX]

9. Move to credit unions. I did and love it.

Car refinance loans 2.9%, home loans 3.9%, credit card 6.9%, 1.12 %savings, auto deposit, no checking fees, no atm fees. There's almost no excuse to not move to a credit union. Banks are for stupid republicans.

[davidwparker]

2. I did that when Move Your Money was popular here.

I was a fan bigger fan of nationalizing the banking that were "too big to fail", firing the top executives, and charging them after the investigations.

Love my credit union. Pay day comes the day the money is deposited into the account and is immediately available. There is no longer the wait until some calendar day while it uses my money instead of me.

[underthematrix]

3. alredat moved my money from one of the big five

We'll see how many jobs the job creators can create without consumers.

[bhikkhu]

5. It can take awhile, but its worth the effort

I switched the majority of my banking to a local credit union about a year ago, and it feels very good.

I still have to keep two accounts open at large banks to service my first and second mortgages, but in 3 weeks, at long last (some credit repair was involved), we are supposed to be signing the papers to refinance them both (and a student loan) into one 3% mortgage with the credit union. We'll save a bundle in interest and monthly payments, but another good part is being able to finally close those old accounts.

[SoapBox]

6. The big banksters are run by 1%er's FOR 1%er's...

all the dollars that they steal from you are just icing on the cake.

Get smart people...find a Credit Union and tell these assholes to fuck off.

[dipsydoodle]

7. They're either the ones who don't use any form of credit

or they're stupid.

[L0oniX]

10. If you are talking about people who move to a CU, You IMO don't know what you are talking about!

[dipsydoodle]

12. Ok then

list out how the credit scoring system works here in the UK to match credit underwriting criteria.

[L0oniX]

13. Don't know about the UK. Here you usually need a good score to get into a credit union. Mines 798.

[dipsydoodle]

14. Exactly - you're not UK

I'm quite aware that stuff differs between the two countries.

I didn't mean getting just a Credit Union a/c anyway. I meant getting credit for stuff of substance where you'd be expceted to have fixed telephone line, not mobile , and also have had an a/c at the same bank for x years. I have a feeling the CU's also use the external databases for some of their decision making too especially "willingness to pay" ie absense of County Court judgements.

:hi;

[snot]

8. Now if only we could get our gov'ts to stop funding them.

[lunasun]

15. +1......if only........