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Abbey: too much trouble to switch

01 December 2006
Almost two thirds of UK consumers – 65 per cent - believe changing their bank account would be too much effort because of having to transfer direct debits and standing orders, a report from Abbey has found.

The YouGov statistical research on 'banking inertia' also found that 26 per cent of respondents believed banks would not help them transfer.

In fact, the Banking Code requires banks to provide departing customers' standing order and direct debit details to the new provider, taking the onus off the customer.

Nearly half of all consumers surveyed – 49 per cent – said they thought there is little point in switching banking provider because all banks are similar.

Steve Shore, Abbey's head of banking marketing, noted that people are more likely to undertake major life changes like changing partner or moving house than they are to switch bank accounts.

"The perception remains that account switching is complicated and ridden with potential pitfalls," he said.

But among customers who had switched, 90 per cent found the move to a new account had been "very easy or fairly easy".

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