Consumers Tired of the Big Banks

February 2010

According to new research from The Co-operative Bank, the number of people prepared to switch current account provider rose by 22% in 2009.

Customer service was cited as the main reason for change – at 29%. And 14% of respondents said they changed because they wanted a more transparent charging structure.

Leading debt solutions business, EuroDebt tackled the issue of consumer dissatisfaction with the big banks last year when it launched its own innovative current account, in partnership with Secure Trust Bank. Featuring a MasterCard® Prepaid Card, the EuroDebt current account provides a genuine alternative to traditional basic bank accounts. The key benefit of the new account is that it features a low (£12.50) flat monthly charge and no penalty charges for failed direct debit or standing order payments.

"The reports of excessive bank charges for current accounts have been rife for some time", confirmed Kevin Still, Director, EuroDebt. "And these charges make life particularly difficult for families and individuals already in financial difficulties, but who are trying to get their finances back under control.

"Our innovative current account aims to take away the uncertainty that is sometimes associated with having a bank account – unexpected charges, etc – whilst still providing the convenience of paying in or withdrawing cash at most banks or other outlets that provide the facility to top-up the card, such as the post office. And central to achieving that goal is having low totally transparent charges that don't penalise people in financial difficulties as well as eliminating charges for failed direct debit or standing order payments."

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