MSE News: New rules to help customers choose a bank by its service

Former_MSE_Megan_F

Customers will be given more information to help them choose a bank by its service, under new rules which come into force next year...

Read the full story:
'New rules to help customers choose a bank by its service'

Click reply below to discuss. If you haven’t already, join the forum to reply.

RG2015

MSE_Megan_F wrote: »

Customers will be given more information to help them choose a bank by its service, under new rules which come into force next year...

Read the full story:
'New 'sustainable' loyalty scheme launched for Mastercard customers'

Click reply below to discuss. If you haven’t already, join the forum to reply.

Megan,

You appear to be mixing up two news articles.

RG2015

What will banks have to publish?

Under the new rules, customers will be able to find:

How and when services and helplines are available
Contact details for help, including for 24 hour helplines
How long it will take to open a current account
How long it will take to have a debit card replaced
How often the firm has had to report major operational and security incidents
The level of complaints made against the firm

I am not convinced that this would help. It reminds me of OFSTED school performance stats or NHS waiting times. Clever management can just manipulate the figures.

agrinnall

RG2015 wrote: »

Megan,

You appear to be mixing up two news articles.

It is the right link but the wrong title in the link.

ceredigion

I went to find it as it looked more interesting than the intended article
https://www.moneysavingexpert.com/news/shopping/2017/12/new-sustainable-loyalty-scheme-launched-for-mastercard-customers


Sadly most definitely underwhelmed .

colsten

RG2015 wrote: »

Clever management can just manipulate the figures.

Not only that. As everyone knows from the investment world, and it applies here as well, past performance is no guarantee for future performance.

18cc

None of those things are the slightest bit of interest to me when deciding whether to choose or even keep a bank account what I look for all the level of Perks switching bonus interest on balance etc etc

I don't care if they have a £10 a minute contact line because I never call them anyway and I really really don't care how many complaints the've had

Caddyman

18cc wrote: »

None of those things are the slightest bit of interest to me when deciding whether to choose or even keep a bank account what I look for all the level of Perks switching bonus interest on balance etc etc

I don't care if they have a £10 a minute contact line because I never call them anyway and I really really don't care how many complaints the've had

I couldn't agree more, I too don't choose a new bank on whether they've been bad or good in the past, it's totally down to the perks being offered at the time, especially when it comes to switching.

For first time 'new comers' to banking, whether anyone actually bothers to sit down and compare all of what the banks offer or their quality of service, is anyone's guess. I suspect some people still choose a bank as recommended by their parents or other family members. Let's be realistic here, most people just won't be interested or savvy enough to research how many security complaints a bank may or may not have had. It just isn't the top of many people's agenda.

Some folk won't even get a particular type of bank account with their preferred bank, because they may not either earn enough to fund the account or they have a poor credit history with serious debt problems, then they're pretty much at the mercy of whichever bank will offer them any sort of account at all. Every bank carries out a credit check on a potential customer's suitability. If a particular bank offers an account but the bank themselves have a poor customer service history or other issues, then that past history suddenly becomes irrelevant because depending on the customer, the customer may have little choice but to accept what is offered to them or suffer the inconvenience of having no banking facilities at all. Some people do actually get turned down by banks when trying to open an account, or the potential customer might only qualify for a 'Basic Banking Account', which isn't entirely ideal.

RG2015

agrinnall wrote: »

It is the right link but the wrong title in the link.

Thanks and yes, I realised that but was just trying let Megan know so that she could correct it. Apologies if I added to any confusion caused.