Two-thirds do not trust banks
23 March 2004
According to ING over two thirds of customers do not trust their banks.
The direct savings bank conducted a survey on consumer banking views and found 90 per cent believed bank profits were excessive and 41 per cent argued they felt undervalued by their bank.
Lindsay Sinclair of ING Direct UK explained to Guardian Unlimited: "The UK savings market is crammed with complicated products which often hide the real rate of interest given.
"Banks and building societies must provide simple products with total transparency, giving straightforward rates and good service."
Reportedly almost three quarters of banking customers believed their financial institution created too many clauses in accounts in order to craftily offer less interest without consumers realising and 59 per cent did not think they were getting the best possible interest.
In addition to the concerns customers complained over queues at ATMS, long clearing times for cheques and lengthy periods of waiting on the phone attempting to reach call centres.