Which? applauds first direct banking methods

www.moneynews.co.uk > Banking > Which? applauds first direct banking methods

Which? applauds first direct banking methods

Wed 28th Jul 2010

The method in which first direct banking staff advise customers about rate changes has been praised by Which?.

A new study by the organisation looked at how the major banking institutions informed their clients of negative interest rate changes and found that the bank is one of only a handful that guarantee to do so in a personal email or letter.

The consumer watchdog also noted that first direct banking came top of the Which? Money savings satisfaction survey.

Among the other institutions that pledge to tell their customers about interest rate cuts with a personal message are the Co-Operative Bank, ING Direct and Cheltenham & Gloucester.

Which? chief executive Peter Vicary-Smith claimed that it tend to be the smaller banks that have happier customers, according to the firm's research.

"Our rigorous research shows that outdated and inconvenient methods of notice on interest rate changes are keeping savers in the dark for longer," he added.

However, Barclays has since claimed that it too advises its clients by letter when unfavourable rate changes are announced.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'