26,000 switched away from TSB between April and June - MSE News

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  • EachPennyEachPenny Forumite
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    eskbanker wrote: »
    If they're going to mingle switch and non-switch data then they should obviously include non-switch closures as well as openings - I'm not one to jump on the 'bash TSB gratuitously' bandwagon but I would see this as being duplicitous use of selective statistics....
    On top of that, some of the incoming switches will be to existing accounts, not necessarily new customers and/or new accounts. The waters are very muddy indeed.

    But to be fair to TSB, the figures in their statement might draw the reader to certain conclusions, but don't specifically make some of the reported claims. E.g. the 900 figure appears to be of MSE's invention, not a figure TSB are claiming.

    TSB cannot be held liable for other people's abuse of statistics. ;)
    "In the future, everyone will be rich for 15 minutes"
  • CityOwlCityOwl Forumite
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    I concede that we were very fortunate as we did not lose access to our accounts for any significant amount of time and suffered no financial loss. Our main account is elsewhere and we have a further 4 current accounts that give us access to 5% regular savers. Thanks to TSB the 3% we were receiving on £4,500 is now 5%, so our accounts will be staying where they are.

    We can all appreciate just how worrying and frustrating this has been for those caught up in this fiasco. I would definitely not take kindly to being parted from my money for any length of time and, although hindsight is a wonderful thing, this confirms that you should never have all your eggs in one basket.

    Our finances, which include credit cards, savings, ISAs and pensions, are spread over a number of institutions. Although this has happened more by accident than design, I am always on the hunt for the best deal/interest rate/cashback, it has meant that we are not at the mercy of one provider. It has also proved to me that no one bank/provider will be the best for all our financial needs and that banks do not tend to reward loyalty.

    It does feel like TSB are getting a bit of a kicking when we need competition for the big banks. Whatever the circumstances, they did not set out to do this on purpose and TSB are trying to put it right, albeit very slowly.

    They have been good for us and I would be sad if they took a long term hit for something that the majority of their employees had no control over. I am sure many of them, who probably aren’t the highest paid within the organisation, have had a torrid time and I hope the people at the top appreciate that.
  • eskbankereskbanker Forumite
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    EachPenny wrote: »
    On top of that, some of the incoming switches will be to existing accounts, not necessarily new customers and/or new accounts. The waters are very muddy indeed.

    But to be fair to TSB, the figures in their statement might draw the reader to certain conclusions, but don't specifically make some of the reported claims. E.g. the 900 figure appears to be of MSE's invention, not a figure TSB are claiming.

    TSB cannot be held liable for other people's abuse of statistics. ;)
    Agreed, TSB have published misleading statistics but MSE also haven't taken the time to [STRIKE]actually read them[/STRIKE] undertake sufficiently rigorous journalistic analysis and have duly been misled into comparing these with the recently published CASS figures....
  • BakingCBakingC Forumite
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    \Wasn't there issues with people trying to switch away such as TSB telling DD suppliers that the account owner had died?

    I know that stopped one of my friends switching as although they couldn't access their online banking at least it wouldn't cancel all their suppliers and tell them they had died which I imagine is a logistical nightmare trying to get accounts reopened / activated.
  • ZandermanZanderman Forumite
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    EachPenny wrote: »
    On top of that, some of the incoming switches will be to existing accounts, not necessarily new customers and/or new accounts. The waters are very muddy indeed.

    And, indeed, clarify all the figures by stating which are new, closed, switched away, switched-in accounts as opposed to which are new or former customers. The figures may be significantly different.

    Showing how many accounts switched out, or in, or how many new accounts were created or how many closed, is not a measure of customers.

    It's a measure of accounts.

    It's not clear from the MSE story whether MSE understand the difference. I suspect they do but are just ignoring it to make simplistic headlines.
  • Inner_ZoneInner_Zone Forumite
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    KTF wrote: »
    I thought the 5% on the current account has been extended due to the issues?


    It has but the issues have not been resolved.


    And despite three complaints, not one reply apart from the automated e-mail sent after each complaint.
  • robin58robin58 Forumite
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    I smiled at 26,000 leaving.

    At the time of the first week of the crisis, my local was TSB proudly boasting with big posters in thier window, '1000' people join us every day'.

    I just felt running into the bank with a sharpie pen and correct the posters to 'are leaving'.
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!! ;)
  • Here are some follow up questions someone should ask TSB about these "switched" accounts.

    Is that just people who have gone through the switching process?

    I ask because I know that until recently, that service hasn't been working. So it seems a bit of a misleading figure to use if it's just people who have officially switched?

    How about the number of accounts that no longer pay in salaries since the problems?

    How about the number of accounts which have cancelled all their direct debits and standing orders?
  • mije1983mije1983 Forumite
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    robin58 wrote: »
    I smiled at 26,000 leaving.

    At the time of the first week of the crisis, my local was TSB proudly boasting with big posters in thier window, '1000' people join us every day'.

    I just felt running into the bank with a sharpie pen and correct the posters to 'are leaving'.


    But they gained 20,000. It's the net figure that is most important, but I guess that doesn't make such a sensationalist headline for MSE!

    Considering all the bad publicity, and the fact that what is probably the main source of new accounts (online applications) being closed, I'd say they were probably happy with that.

    I bet if you only included telephone and branch account openings for all banks, others who haven't had issues would also show net losses such is the importance of online now.

    To add, I'm not nor ever have been, a TSB customer. But if they are going to be bashed, it needs to be done on an even playing field. This article does not do that.
  • MDMDMDMD Forumite
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    One interesting section in the results was
    This growth was offset by a planned reduction in savings balances as a result of pricing decisions taken early this year to manage ISA deposit volumes ahead of the 2018 ‘ISA season’ given TSB’s strong liquidity position, in turn supported by extended participation in the Term Funding Scheme.

    Basically them admitting we don’t want ISA savers.....
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