Seriously - Stop complaining about the Banks

The Commons Treasury Committee have determined that UK retail banks are not competitive enough. They fail to make their charges clear and there is no easy mechanism for customers to switch. What a surprise!

We have got used to people complaining about the banks  - they make too much profit and they pay dizzying bonuses to the greedy bankers who are the cause of our current economic woes. Moan, moan, moan.

Personally, I have no time for people who moan about this. The reason is simple. The solution is staring us in the face and is easy to implement. If you operate a current account with one of the usual high street villains, simply close it down and open another current account with one of the mutual, non-profit-making building societies. Sorted!

Non-Profit-Making & better than any High Street Bank

Here are the reasons why you should:

• These societies are virtually indistinguishable from high street banks in terms of the services they offer. I have had my current account with the Nationwide for the last 15 years and they have been just brilliant.
• You stop being a customer and you become a 'member' instead. I get to vote for the members of the Board every year - as if I was a share-holder. I get to have my say in how things are done.
• The charges, such as they are, are fair and reasonable. I have never felt ripped off, ever! I know that they are not for profit. They do not contribute one penny towards obscene bonuses. All the money works for the benefit of the members (hence the name 'mutual').
• In these days of internet banking, switching accounts - including all the direct debits and other payments - is actually very straight-forward. Easy-peasy! By the way, my internet banking is far superior compared to that of my brother, who banks with one of the big villains.
• The days of banks recognising customer loyalty are over. If you apply for a loan or a mortgage, they will judge you using purely economic criteria. They don't care that you have been with your bank for the last 400 years - it will not make any difference.
• Take the ultimate action and send the ultimate message. Withdraw your custom. You will have done something rather than nothing and you will feel like you have the power to make a real difference. For yourself, for the country. If enough people do it...

Not the language the banks understand

In short, there is simply no excuse. If you are angry at your bank, fed up with the bonuses, distressed by the mess they have created for the country, and fearful you might lose your job because of their recklessness - don't moan about them.

Get off your backside and do something positive.

Just imagine if the high street banks started losing the majority of their customers to the 'mutuals'. Do you imagine that these banks would remain 'uncompetitive' or 'obstructive'? If you move your account, you are sending them a message in the only language they understand. They don't hear your moans - but they will miss your money. Start speaking the lingo... now!


For a full list of the UK Building Societies (with links to their websites), click here.
For a link to the Nationwide Building Society, click here.