Switching bank accounts 'not as easy as banks portray'

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Switching bank accounts 'not as easy as banks portray'

The majority of individuals across the eurozone who have taken up offers to switch their bank accounts from banking groups over the last year have had difficulties with the process, it has been revealed.

Results from the European Commission's consumer market study into retail banking showed eight out of ten people found it difficult to switch account provider in 2010, as 71 per cent of banks failed to offer any assistance.

EU internal market commissioner Michel Barnier said that these results go some way to explaining why many people do not change their bank accounts for years - and sometimes decades - at a time.

He argued: "If consumers are not able to easily switch bank accounts, they cannot take advantage of better and cheaper banking services on offer elsewhere."

The news follows the publication of new data from Halifax, which revealed European savers are being put firmly in the shade by families in China.

It found that UK savers have one of the worst records in the eurozone, while individuals in China saving nine times as much per annum on average.

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