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Our top banking gripes revealed by Nationwide

12 January 2005
Lack of loyalty from banks to their customers annoys 96 per cent of the population, according to Nationwide Building Society.

The society has released a document called "Putting consumers first" to try and rectify the biggest gripes that the public has with the financial services industry.

Nationwide points out that over 80 per cent of customers find offering customers discounted rates and then raising them later is not acceptable.

Offering the best deals to newcomers, and excluding existing customers, is something more than four in five people find unacceptable.

Stuart Bernau, executive director of Nationwide, noted: "The banks are making record profits estimated at more than £30,000 every minute of every day and it is no wonder that consumers feel that they are not getting a fair deal. Some providers continue to offer poor value to their existing customers and our market research shows just how dissatisfied people feel about this.

"Clearly we are not saying that all profit is bad. All organisations, including member-owned building societies, need to make enough profit to support the growth need of their business, but there is a context to this.

"If providers want to restore confidence in the industry they need to deliver consistent good value and policies of fairness, honesty and transparency."

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