Report: 75% have never considered switching current accounts

Monday, 11 October 2010 12:00

Three-quarters of Britons have never even thought about switching their current account to another provider, despite complaints about banks being "persistently at an unacceptably high level", Consumer Focus has said.

According to the organisation, another 17 per cent of people have thought about voting with their feet but had not gone through with a transfer because of concerns about the hassle involved and the possibility of a move having a negative impact on their credit rating.

Its study found that in the past two years, only seven per cent of bank customers have changed their current account provider, while 31 per cent of households have switched energy companies and 26 per cent have opted for another telecoms firm.

Consumer Focus said it was "worrying" that 29 per cent of people who had thought about switching were unhappy with their bank but had not taken any action.

Its survey showed 44 per cent of those who had changed accounts said it had thrown up difficulties, particularly in the area of changing direct debits.

Responding to the report, the British Bankers' Association said a recent Office of Fair Trading study had put customer satisfaction levels with the switching process at 85 per cent.

It added that most consumers are happy with their existing bank, so in the most part there is "no need" to change.

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