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Customers rewrite the rules for banks

Vote for your favourite bank rule

Pile of money

To mark World Consumer Rights Day 2011, Which? asked for suggestions for new rules that would help improve banking for consumers. Now you can vote for your favourite.

Whether it’s dodgy sales practices or poor interest rates, banks sometimes struggle to satisfy their customers. On 15 March we offered consumers the chance to suggest their own rules, and to influence the issues and solutions we offer at Consumers International (CI) World Congress in May. We’re now opening them up to the vote, so you can decide which of the rules would most improve banking. 

Pushy sales and poor service

One of the most common suggestions was that banks should stop annoying customers by trying to sell to them. Many consumers wanted to rule out selling altogether, others just wanted banks to stick to selling products they actually wanted.

Loyal customers stood their ground, with many people suggesting that banks should be banned from offering new customers better rates on savings or current accounts.

Bank rules – have your say

Our five runners up in the competition are being put to the vote, and the rule with the most votes will win a Kindle. Vote for your favourite.

  • Banks should not give new customers better deals than loyal existing customers.
  • Banks shouldn’t contact customers when they see an amount of money enter their account with a view to selling something.
  • Banks can’t drop rates on old savings accounts and offer higher rates on new accounts that have exactly the same terms
  • Banks should tell you in plain English when interest rates change.
  • Banks should be open by 0600 for those who can’t get out during lunch.

What happens now?

Which? will be attending Consumers’ International World Congress in May, where we’ll be talking to other consumer organisations about the issues facing banking customers in the UK.

We’ll be taking the findings from the bank rule competition and feeding them into our discussions on international banking reform, which could help to influence the G20 when they convene on this issue in November.

If you missed the competition, but you’d still like to have your say on the banks, you can join in the debate on Which? Conversation.

Banking campaigns

At Which? we work for you, and that includes campaigning for the changes you want to see in the banking sector. We’re currently campaigning on ID theft insurance, unfair overdraft charges, savings rates, and we’ve helped thousands of people claim back mis-sold PPI. 

You can find out more about our campaigning work by following @WhichAction on Twitter or by liking WhichAction on facebook

pound coins

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