People are 'right to trust banks less'
www.moneynews.co.uk > Banking > People are 'right to trust banks less'
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People are 'right to trust banks less'
Tue 8th Sep 2009
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Ed Bowsher, head of consumer finance at lovemoney.com, commented that a lot of banks have been releasing sub-standard products which are designed just to get the most money out of customers.
He claimed that people are right to trust the banks less because they jumping on the opportunity to charge interest rates that are a lot higher than the current base rate set by the Bank of England.
"The average credit card rate is 17.9 per cent so the banks are ripping us off and they don't deserve our trust as a result," he added.
Mr Bowsher feels that the issues people have in trusting banks come from the way lenders treat their customers, as opposed to being specifically linked to the financial crisis the economy has been through.
He was speaking following the publication of research by Datamonitor, which indicated that only one in every two people in the UK trusts their bank.
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