Umbrella Company Contractors shouldn’t put up with poor service from their banks

inevitable, but we never get around to doing it... why?



According to new research by Customer Focus found that only three quarters of consumers have ever switched their bank accounts, even though 17% of us (approximately 8 million of us) have considered moving but didn’t see it through. The research found that the main reason for this lack of pro-activeness was mainly down to the ‘hassle’ associated with a switch and also fearing the effect on ones credit rating. Additionally, many consumers believed that there were few differences between the banks, suggesting another reason why so many of us decide against switching banks.



Many of the high street banks have been known for their shoddy service levels. Two out of five (44%) customers who do switch have experienced problems and word of mouth spreads fast.



Sarah Brooks, Head of Financial Services at Consumer Focus, said:



‘For too many people, switching current accounts simply does not enter their mind, even if their bank has let them down. Until more people are prepared to vote with their feet, there will not be enough pressure on banks to improve their performance. Complaints against banks are persistently at an unacceptably high level. We need to promote switching and make it less error prone if we are to force the banks to raise their game.



‘Banks must be fair and upfront about their charges so consumers can make informed choices about which bank offers the best deal. Until consumers see the value in switching and can do so simply, quickly and with no errors, the industry can’t be considered truly competitive.’



Danbro’s Marketing Consultant, Gerry Gregoire said:



"It’s important for umbrella company contractors to pick a bank which will give them generous interest rates whilst providing excellent customer service. It’s increasingly important for contractors to make their money work harder for them as there is a higher degree of uncertainty of where the next assignment will come from."



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