Banks are not 'doing enough' to help customers

25 January 2010

A quarter of Britons do not feel they can trust their banks at all, new research has shown.

Figures published by money.co.uk have revealed that 25 per cent of banking customers feel the financial institutions are not to be trusted.

The report also revealed that many customers feel banks do not do enough to ensure penalty charges are avoided.

Just 15 per cent of those asked said the banks do enough to stop customers incurring unauthorised overdraft charges when ATM withdrawals or debit card payments take them beyond their limits.

The study also showed a lack of alternatives as just 15 per cent said changing banks would make a "real difference".

Chris Morling, the website's managing director, said: "The erosion of trust should be a real concern and the perceived lack of an alternative even more so.

"Based on these findings, I believe the banks have much work to do if they are to win back our trust - particularly when it comes to individual treatment and ‘fair play'."

Expensive bank charges may add to the financial struggles felt by many during the economic downturn.

This could lead those who own their own home to use some of the value of their property to ease their difficulties with an equity release plan.