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Consumer watchdog advises on switching banking services

Thu, 28 Jan 2010

A consumer watchdog has stressed how easy it is to switch personal banking accounts.

Which? has found that 68 per cent of people would like to switch bank accounts, because they feel they are getting poor service, but do not necessarily actively pursue this aim.

James Daley, money editor at Which?, says that many people are put off switching because they worry about direct debits not transferring or missing payments on bills.

He said: "Actually, it's much simpler than most people realise. Banks are required to have a switching department these days - they help the process go through as smoothly as possible and in the majority of cases, it does.

"Seventy-nine per cent of people that we asked who had switched their accounts said that they had found it 'very' or 'fairly' easy, and over half of them said that they hadn't had any problems at all."

Recent research by money.co.uk found that only 15 per cent of people thought that switching banks would change the way penalty charges are applied to their accounts.
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