Brits balk at monthly bank fees - Four out of five say no to current account fees

Added: (Tue Jan 09 2007)

Pressbox (Press Release) - Brits balk at monthly bank fees
Four out of five say no to current account fees

January 08, 2007: Four out of five Britons say they would leave their bank if they were charged a fee on their current account, according to the results of the latest Maritz Research Financial poll.

The poll into consumer satisfaction found that if faced with a monthly fee on their current account, 82% of respondents would close their account immediately and switch to a bank that has no fees attached to its current account. Additionally, while many banks contemplate the introduction of fees, only 3% of respondents believe this would result in better customer or banking services.

The results come as one major high street bank recently announced it planned to issue fees to its customers with basic current accounts who do not have £1,500 paid into their account each month. Other banks have refused to rule out following suit.

The Maritz Research poll also found that that the majority of consumers believed that monthly fees were unfair, with three quarters (76%) of those polled believing fees would discriminate against the consumer’s ability to open a bank account.

Customer satisfaction of the users of packaged current accounts, where monthly fees are paid in exchange for additional benefits such as favourable interest rates, insurance deals and travel incentives, were also reviewed by the survey. Of those paying fees on a packaged current account, less than half (41%) believed that the benefits were of sufficient value to make the fees worthwhile.

Susan Madeley, Director Financial Research, Maritz Research comments: “The message from consumers is clear. They do not believe it is fair for banks to charge a fee on their basic accounts and if they have to, they will vote with their feet, which in itself could result in significant loss of revenue for the banks. Banks will need to consider the value of attaching fees to current accounts and balance whether charging fees makes better commercial sense than trying to keep loyal customers satisfied with their service.”

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Notes to Editors

The present report concentrates on selected topics. We would be more than happy to send you further results of the study on request.

About the Maritz Research Poll
The Maritz Research Poll is a regular survey of consumers in Europe and North America on different topics. The above Maritz Research Poll was carried out by Maritz Research in December 2006. The results summarise the answers of 617 people in Great Britain.

About Maritz Research
Maritz Research is one of the world’s leading market research institutes. Since 1973, the subsidiary of the US group Maritz Inc. has been assisting companies to recognise and unleash the potential of their products, staff, business partners and customers. To do this, Maritz Research makes the requirements, attitudes and behaviour of customers and staff objectively measurable and comprehensible. Maritz Research offers a wide range of strategic and operative solutions with a focus on the automobile, financial services, IT, leisure and tourism and pharmaceuticals. In Europe, Maritz Research maintains branches in Great Britain and Germany. Further information at: www.maritzresearch.com.

Contact:
Christian Vorwerck Claudia McKenzie
Maritz Research Ltd. Kaizo
+44 (0)1628 49 5607 +44 (0)20 3043 4151
christian.vorwerck@maritz.com claudia.mckenzie@kaizo.net

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