Is it moral to churn bank accounts?

Augustus_the_Strong

I don't see how this is 'immoral' - it's just making use of the banks' various schemes to entice new customers in, but not feeling obliged to hang around when the banks drop their rates and shaft their long-standing customers.

callum9999

Archi_Bald wrote: »

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.

You're seriously doubting that the intention of switching incentives is to gain new long-term customers?

While they may need to in order to attract you, they clearly don't to attract the "average" consumer. What ridiculous percentage of people have never bothered to change accounts? How many people right now use current accounts that offer no perks or interest whatsoever? People aren't as switched on as you seem to think they are!

System

CLAPTON wrote: »

it's legal but immoral as they are clearly not complying with the banks actual intentions

So what are the bank's actual intentions when they reward long-term loyal customers with interest rates barely greater than zero, while attracting new fly-by-night customers with short-term bonuses which they then sneakily withdraw hoping they won't notice?

I'd say their intentions are to say "We don't care about our customers, we just want your money and will trick you any way we can find".

So they reap as they sow.

callum9999

Clifford_Pope wrote: »

So what are the bank's actual intentions when they reward long-term loyal customers with interest rates barely greater than zero, while attracting new fly-by-night customers with short-term bonuses which they then sneakily withdraw hoping they won't notice?

I'd say their intentions are to say "We don't care about our customers, we just want your money and will trick you any way we can find".

So they reap as they sow.

There's not a for-profit company on the planet that "cares" about it's customers... (Well, cares more about it's customers than it's profits anyway)

Primrose

Yes it's moral you've got the time and patience to cope with all the money laundering and administration involved and can be absolutely 100% certain that there's no individual or organisation lurking in the background who might sometime in the future want to pay money into to your account and find it closed, like occasional share dividends or your Great Aunt Maud who might suddenly want to pay a repeat gift of £1000 into your account like she did years ago on your 21st birthday!

forzaitalia

Of course it is not immoral - since when has shopping around been that? The banks are the immoral ones for making huge sums if money out of their customers, and valuing new customers more than current ones.

matty747

I don't think its immoral, I switched accounts a few times then when I got M&S Bank I decided that I liked their customer service and would stick with them, so Challenger banks can get Business from even heavy current-account switchers. I tried many banks for the initial incentive but then just chose the one that I thought was best, not immoral in my book.

MeanJean

Are the banks moral? Reciprocation, reciprocation, reciprocation!

Archi_Bald

MeanJean wrote: »

Are the banks moral? Reciprocation, reciprocation, reciprocation!

That's a bit of a funny view on morals - essentially what you are saying is that it is quite ok to be immoral if someone else is acting immorally.

I am still amazed that anyone thinks morals are involved in taking up bank joining offers.

phone_angel

Do unto others as you would be done by. Sounds like the banks so give it back to them coz we never got any of the fines in compensation fo rthe misery they have and still cause.