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Should people switch bank accounts?

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Robdemanc
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04 Jul 2012, 3:32 pm

Barclays bank has shamed itself. It seemed to get through the crash in 2008 without needing the government to bail it out. Yet it has benefitted from the Quantative Easing, but has been committing fruad.

Today their CE quit but he'll get a big pay out.

I think customers of the bank should switch to another bank, and it sounds like lots of them are in the UK.

I think this is the only way that the banks can be pulled into line. The politicians are going to do nothing so its up to consumers to do the right thing. It may be tuff if they did it en masse and Barclays collapsed but it would teach the City a lesson and it would be a long time before it was forgotten. It would also send a message to politicians that the consumer, not the bankers are in charge.

Any thoughts?



enrico_dandolo
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04 Jul 2012, 4:02 pm

Yeah, because the other banks are so much better, right.



Robdemanc
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05 Jul 2012, 9:14 am

In the UK a lot of customers have switched to The Cooperative Bank, which is different from the typical banks.



SpiritBlooms
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05 Jul 2012, 9:48 am

...



Last edited by SpiritBlooms on 09 Jul 2012, 7:07 pm, edited 1 time in total.

Oldout
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05 Jul 2012, 10:12 am

My experience of trying to get a bank (M&T Bank) to honor its own checks without a fee, has convinced me that the The Fed and its banks are the largest criminal organization in the world. Their activities would make the La Cosa Nostra blush.



ruveyn
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05 Jul 2012, 11:28 am

Oldout wrote:
My experience of trying to get a bank (M&T Bank) to honor its own checks without a fee, has convinced me that the The Fed and its banks are the largest criminal organization in the world. Their activities would make the La Cosa Nostra blush.


When was the last time the Fed had someone whacked?

ruveyn



Kraichgauer
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05 Jul 2012, 11:57 am

SpiritBlooms wrote:
Robdemanc wrote:
In the UK a lot of customers have switched to The Cooperative Bank, which is different from the typical banks.
Is that like a credit union? Here in the US a lot of people have switched from banks to credit unions. I don't have a credit union near me, but I switched to a smaller bank.


My wife and I moved our account from Bank Of America to Numerica Credit Union, and we're a whole lot happier with the service. Plus, when we turn on the news, we don't hear anything about Numerica exploiting customers and breaking the law.

-Bill, otherwise known as Kraichgauer



Robdemanc
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05 Jul 2012, 12:42 pm

SpiritBlooms wrote:
Robdemanc wrote:
In the UK a lot of customers have switched to The Cooperative Bank, which is different from the typical banks.
Is that like a credit union? Here in the US a lot of people have switched from banks to credit unions. I don't have a credit union near me, but I switched to a smaller bank.


It is similar I think. They make profit but they invest wisely and ethically, and their customers are considered members. Apparently in the week since the Barclays scandal The Cooperative Bank had more new customers than they have had in the previous six months.



thewhitrbbit
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05 Jul 2012, 1:58 pm

If you don't like your bank's business practices; switch.

That's what capitalism is about.



Robdemanc
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05 Jul 2012, 2:57 pm

thewhitrbbit wrote:
If you don't like your bank's business practices; switch.

That's what capitalism is about.


The problem I have is that my bank is now owned by the tax payer, so I don't think it would be a good idea if lots of people switched their bank accounts from it; it might end up worthless and the tax payer owns most of its shares.



TallyMan
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05 Jul 2012, 5:42 pm

I think you should all put your money into my bank account. :P


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noname_ever
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05 Jul 2012, 5:56 pm

Robdemanc wrote:
thewhitrbbit wrote:
If you don't like your bank's business practices; switch.

That's what capitalism is about.


The problem I have is that my bank is now owned by the tax payer, so I don't think it would be a good idea if lots of people switched their bank accounts from it; it might end up worthless and the tax payer owns most of its shares.


That's a risk you take when you don't let the bank fail on its own. People should still switch if they want, tax payer be damned.



Joker
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05 Jul 2012, 6:00 pm

It wouldn't really matter. A bank account is a good thing. But it costs money to switch. "Bank' Accounts.



thewhitrbbit
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05 Jul 2012, 8:20 pm

Joker wrote:
It wouldn't really matter. A bank account is a good thing. But it costs money to switch. "Bank' Accounts.


Unless you buy checks, I've never had to pay to switch. Sometimes I even get free checks.



YippySkippy
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05 Jul 2012, 8:38 pm

I switched from Bank of America about a year ago, and it was a pain but it was well worth it! B of A does nothing but come up with new fees. I was constantly going in there, signing up for direct deposits I didn't want and making other changes to my accounts just to avoid fees. My new bank has never asked for a dime.
I hate Bank of America. :x



Kraichgauer
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05 Jul 2012, 9:45 pm

YippySkippy wrote:
I switched from Bank of America about a year ago, and it was a pain but it was well worth it! B of A does nothing but come up with new fees. I was constantly going in there, signing up for direct deposits I didn't want and making other changes to my accounts just to avoid fees. My new bank has never asked for a dime.
I hate Bank of America. :x


Seconded! I hate Bank of America, too.

-Bill, otherwise known as Kraichgauer