26,000 switched away from TSB between April and June - MSE News
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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.
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.
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.
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.
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.
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 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.!!
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?
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.
Basically them admitting we don’t want ISA savers.....