Is it moral to churn bank accounts?

joehoover

Of course it's fine, why debate it? it's as if you would feel bad for shopping at Morrisons instead of Tesco.

Cimscate

Speaking as a credit card tart I don't really care if it's moral or not, if it saves me money I'll do it. There are plenty of people who don't remember to switch and that's who the banks are interested in. They EXPECT to have a percentage who are in it to make dosh!!!

psionicman2000

some would say that credit card snoozing is immoral but if it makes me money then so be it.

Cookie1986

Your friend gives the bank his business for a bit, then they get a better offer and move on nothing wrong with that.

Saetana

Really scraping the bottom of the barrel now with these "moral" dilemmas, I'm convinced the MSE team make most of them up

Tali_2

It's hardly a question of morality, but the point surely is that every pound taken by those working the system is paid by those that don't (you surely don't imagine the bank suffers!)
Because they have so little brand loyalty, something they've worked hard to erode over the years, they resort to encouraging supplier promiscuity by making offers to new customers that aren't enjoyed by existing customers. Perhaps MSE would like to start a campaign for rewards to stay rather than rewards to leave - I'm in!

callum9999

Archi_Bald wrote: »

You are surely jesting - - - how are you going to determine a bank's "actual intentions"? As none of these are documented and therefore have no legal right.

If we are to pay moral attention to a bank's "actual intentions", then surely banks will also have to pay moral attention to their customers' "actual intentions", aren't they?

As in:

• my actual intention (undocumented) was to make 4% net after tax interest. The bank did not deliver this, so acted immorally.
• my actual intention (undocumented) was to pay 0% for an unlimited overdraft. The bank charged me, so acted immorally

The actual intention for each bank is that you switch and use their account as your main (preferably only) account for the foreseeable future. If you don't think that's blatantly obvious then I'd question your logical reasoning ability!

I do agree with you though, their intention is completely irrelevant. If you fulfil all the requirements they place on you then it's 100% moral. Unless you also believe earning interest is immoral because it's conflicting with the banks intention to make as much money as possible off you!

Archi_Bald

First the question about morals, now people get accused of promiscuity for changing banks, roflmao. Whatever next.

Archi_Bald

callum9999 wrote: »

The actual intention for each bank is that you switch and use their account as your main (preferably only) account for the foreseeable future. If you don't think that's blatantly obvious then I'd question your logical reasoning ability!

Well if that is their intention then many, if not all, of the ones offering joining incentives would need to come up with something tangible that actually encourages people to stay on. Such as interest for staying in credit etc. Airy-fairy stuff such as being an "ethical" bank or having the "best customer service" don't wash with a lot of people. Particularly if these people do have alternatives to go to.

meknowalot-51

To switch to another bank account he has to have fulfilled the terms of the agreement of the bank he's with,e.g. stay with them for at least 6 months or pay a penalty.As long as he follows the rules then there's no problem.I think you should have said,is it imoral to cash in on the free offers/bonuses,the answer to that would be no.You could change your utilities provider as often as you like and cash in on any deals they offer.When you go shopping i bet you don't stick to the same store,offers and deals are almost everywhere,you get very little for loyalty these days.