Customers cite ethical concerns for switching banks

| February 4, 2010 | 0 Comments
Customers cite ethical concerns for switching banks

The popularity of current accounts with ethical provider The Co-operative Bank soared in 2009.

Current account sales at the bank increased 38%, with the number of customers switching to The Co-operative Bank from other major providers rising 22%.

Research by The Co-operative Bank found that 10% of consumers switching current account providers do so because they want their money to be invested ethically.

Other reasons cited for changing banks included customer service (29%), a need to use online banking facilities (23%), and access to a local branch (19%).

One in seven (14%) said complicated overdraft fees motivated them to move banks.

“The findings clearly show that customers are now increasingly likely to switch their bank account, if they are unhappy with the service, facilities or ethos of their provider,” said John Hughes, spokesperson for The Co-operative Bank.

“In the past moving a current account often seemed daunting, but actually, most banks now do all the work, including transferring all direct debits and existing balances, which makes the process much easier for customers.”

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