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Why are bank cashback switch payments now so strict?
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The switching service says in 2024 there were 1.2m switches but they don't give data on how many stuck with them - 72% said on survey that they preferred the new bank but that could be meaningless given the switching for money!huw01 said:I wonder actually what percentage of switchers actually are genuinely looking for a new current account and actually have sticked with the new bank and used them for their main current account.
https://www.wearepay.uk/reports-1-2-million-switches-in-2024/Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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