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You can find the current article at its original source at http://www.guardian.co.uk/money/2012/jun/30/natwest-rbs-customers-vote-with-feet
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| Version 2 | Version 3 |
|---|---|
| Angry NatWest and RBS customers vow to vote with their feet | Angry NatWest and RBS customers vow to vote with their feet |
| (about 20 hours later) | |
| Angry customers are switching bank accounts in their droves, following the IT problems at the RBS group and the scandal surrounding Barclays' interest rate manipulation. The Co-operative Bank, one of the few unsullied by the latest scandal, has seen a 25% increase in online applications week on week. | Angry customers are switching bank accounts in their droves, following the IT problems at the RBS group and the scandal surrounding Barclays' interest rate manipulation. The Co-operative Bank, one of the few unsullied by the latest scandal, has seen a 25% increase in online applications week on week. |
| A poll on the Guardian Money website that started on Friday is asking readers whether they are fed up enough with their bank to switch accounts. By the time of going to press it had a "yes" response from 77% of the nearly 2,000 who had voted. | A poll on the Guardian Money website that started on Friday is asking readers whether they are fed up enough with their bank to switch accounts. By the time of going to press it had a "yes" response from 77% of the nearly 2,000 who had voted. |
| Who can blame them? Many at Natwest, RBS and Ulster Bank are suffering another weekend without money, as the problems at the group mean customers are still without access to their bank accounts. Barclays, meanwhile, has been caught up in the double scandal of Libor manipulation and the mis-selling of financial products to small businesses. | Who can blame them? Many at Natwest, RBS and Ulster Bank are suffering another weekend without money, as the problems at the group mean customers are still without access to their bank accounts. Barclays, meanwhile, has been caught up in the double scandal of Libor manipulation and the mis-selling of financial products to small businesses. |
| Comments on the internet and elsewhere suggest customers of the high street banks are increasingly looking for alternatives that focus on customer service and face-to-face banking. | Comments on the internet and elsewhere suggest customers of the high street banks are increasingly looking for alternatives that focus on customer service and face-to-face banking. |
| "Ethics and behaviour are important but have to visit branch 3/4 times a week so ultimately it's face to face service that's important," said Natalie on Twitter. | "Ethics and behaviour are important but have to visit branch 3/4 times a week so ultimately it's face to face service that's important," said Natalie on Twitter. |
| Many RBS Group customers are likely to be waiting for their problems to be sorted out or to receive compensation before changing accounts, while Barclays customers may want to see which other banks are caught up in the Libor issue before deciding where to switch. | Many RBS Group customers are likely to be waiting for their problems to be sorted out or to receive compensation before changing accounts, while Barclays customers may want to see which other banks are caught up in the Libor issue before deciding where to switch. |
| But others are already investigating their options: on Friday the product comparison website Moneynet reported that traffic to its current account pages has increased by 12% in the past week compared to the rest of 2012. | But others are already investigating their options: on Friday the product comparison website Moneynet reported that traffic to its current account pages has increased by 12% in the past week compared to the rest of 2012. |
| Nationwide building society which, like the Co-op, has not been dragged into the Libor fixing review, has also begun to benefit. It said: "We are already seeing an increase in the numbers of people asking to move to Nationwide from other banks. After recent events we expect those numbers will increase." | Nationwide building society which, like the Co-op, has not been dragged into the Libor fixing review, has also begun to benefit. It said: "We are already seeing an increase in the numbers of people asking to move to Nationwide from other banks. After recent events we expect those numbers will increase." |
| Many readers have expressed their intention to move to the Co-op bank, ethical bank Triodos or a building society, while others have started to take notice of other less obvious competitors, including peer-to-peer lenders and credit unions. | Many readers have expressed their intention to move to the Co-op bank, ethical bank Triodos or a building society, while others have started to take notice of other less obvious competitors, including peer-to-peer lenders and credit unions. |
| Handelsbanken, a Swedish bank, has more than doubled its branches across the country to 129 since the start of the banking crisis in 2008. It takes a strong community based approach: branches only deal with individuals and businesses whose premises lie close to the bank. | Handelsbanken, a Swedish bank, has more than doubled its branches across the country to 129 since the start of the banking crisis in 2008. It takes a strong community based approach: branches only deal with individuals and businesses whose premises lie close to the bank. |
| Each branch manager makes his or her own decisions about marketing, lending and even pricing of the branch's products. Management is not rewarded with bonuses: instead, all staff benefit from an equal profit share scheme that pays them when they turn 60. | Each branch manager makes his or her own decisions about marketing, lending and even pricing of the branch's products. Management is not rewarded with bonuses: instead, all staff benefit from an equal profit share scheme that pays them when they turn 60. |
| The bank will not appeal to everyone, however. Although it is not a high-net worth bank, it does cherry pick customers. "We don't expect all our customers to have a huge salary but we are looking for people who take an active interest in their money and are in control of things," said a spokesman. "If someone came to us with a huge overdraft and wanted to switch to us we would probably turn them away." | The bank will not appeal to everyone, however. Although it is not a high-net worth bank, it does cherry pick customers. "We don't expect all our customers to have a huge salary but we are looking for people who take an active interest in their money and are in control of things," said a spokesman. "If someone came to us with a huge overdraft and wanted to switch to us we would probably turn them away." |
| If you are not ready to move your account, there are other ways to express your dissatisfaction: | If you are not ready to move your account, there are other ways to express your dissatisfaction: |
| Sign a petition | Sign a petition |
| Ann Pettifor, director of thinktank Prime, has put a petition on the Number 10 website calling for a Leveson-style inquiry into the behaviour of banks. If it gets 100,000 signatures it could be debated in the House of Commons. | Ann Pettifor, director of thinktank Prime, has put a petition on the Number 10 website calling for a Leveson-style inquiry into the behaviour of banks. If it gets 100,000 signatures it could be debated in the House of Commons. |
| Pettifor's petition states: "We the undersigned call for an independent, judicial public inquiry into fraud, wrongdoing and ethics of British banks, their management and their staff, and the role of the British Bankers Association." | Pettifor's petition states: "We the undersigned call for an independent, judicial public inquiry into fraud, wrongdoing and ethics of British banks, their management and their staff, and the role of the British Bankers Association." |
| Join a campaign | Join a campaign |
| The Move Your Money campaign, a child of the Occupy Wall Street movement, offers advice on how to organise a protest or meeting, template emails you can send to friends and family urging them to switch their cash away from the traditional banks, and template letters you can send to your MP asking him or her to support an early day motion calling for a "more sustainable banking system". | The Move Your Money campaign, a child of the Occupy Wall Street movement, offers advice on how to organise a protest or meeting, template emails you can send to friends and family urging them to switch their cash away from the traditional banks, and template letters you can send to your MP asking him or her to support an early day motion calling for a "more sustainable banking system". |
| Buy shares and vote | Buy shares and vote |
| One way to have your say is to become a part owner of a bank. Gavin Oldham, chief executive of the Share Centre, says: "Shareholders do have a lot of influence – personal shareholders particularly – so all directors are aware that they are willing to speak to the media and raise issues. Chairmen and non-directors give attention to personal shareholders quite disproportionate to the value of their holding." | One way to have your say is to become a part owner of a bank. Gavin Oldham, chief executive of the Share Centre, says: "Shareholders do have a lot of influence – personal shareholders particularly – so all directors are aware that they are willing to speak to the media and raise issues. Chairmen and non-directors give attention to personal shareholders quite disproportionate to the value of their holding." |
| Buying a share could get you into an AGM where you can stand up and ask a question, but if you have a bigger holding you could stage a protest at any point – if you can get support. If you have shares with a nominal (not market) value of £100 and can get the signatures of another 100 shareholders with holdings also worth a nominal £100, you can propose a shareholder resolution calling for changes. | Buying a share could get you into an AGM where you can stand up and ask a question, but if you have a bigger holding you could stage a protest at any point – if you can get support. If you have shares with a nominal (not market) value of £100 and can get the signatures of another 100 shareholders with holdings also worth a nominal £100, you can propose a shareholder resolution calling for changes. |
| With the same backing, you can put a message out to all other shareholders, which might be a good way to raise awareness of an issue you think needs action. If you are buying through a third party, as most people do, make sure it extends the shareholder rights to you. | With the same backing, you can put a message out to all other shareholders, which might be a good way to raise awareness of an issue you think needs action. If you are buying through a third party, as most people do, make sure it extends the shareholder rights to you. |
| Top savings accounts | Top savings accounts |
| Coventry BS | |
| Skipton BS | |
| Manchester BS | |
| Powered by MoneySupermarket for the Guardian | Powered by MoneySupermarket for the Guardian |