Some banks are wrongly closing customers accounts in more than three in 10 cases referred to the Financial Ombudsman Service (FOS), data given exclusively to Which? reveals. The ability for banks to close customers’ accounts quickly and without reason can be an important tool in the crackdown on fraud, especially when it comes to anti-money […]
More than half (52%) of disabled bank customers say that bank branch closures have had a negative impact on their ability to access vital banking services, amid widespread closures by high street firms, a Which? survey has found. The consumer champion surveyed over 2,700 bank customers with disabilities and found some face major obstacles when […]
Which? warns that the power of attorney system is in desperate need of improvement, as new research finds widespread confusion about how the process works and banks often causing avoidable problems for people registering as attorneys. Lasting Power of Attorney (LPA) is a legal document where one person gives another the power to make financial […]
Gareth Shaw, Which? Head of Money, said: “These latest results echo our own findings that show some challenger banks are leaving the biggest household names in the shade, with their innovative approach in key areas like customer service, communication and transparency of charges being highly valued by customers. “The Covid-19 pandemic has put many people’s personal finances […]
Some banks can and should be doing more to protect their customers from criminals trying to steal sensitive information, Which? research has found. With the last year seeing an increase in scams, many consumers will expect that the companies they deal with in their everyday lives are doing everything they can to protect them. However, […]
Gareth Shaw, Which? Head of Money, said: “These initiatives could have a really positive impact on communities that have seen sharp cuts to their cash machine and bank branch networks in recent years, which have forced some cash dependent consumers to travel unreasonable distances or face hefty charges to withdraw their own money. “However, in […]
Gareth Shaw, Which? Head of Money, said: “Millions of people rely on cash as they are not ready or able to take advantage of digital payments. However, rapid closures to the cash machine and bank branch networks in recent years mean that many of these consumers risk being abandoned by their banks. “Our research has […]
Bereaved families settling their loved ones’ finances are facing severe delays and costly admin errors during the pandemic, as Which? reveals how some banks are losing death certificates and failing to close accounts of people who have passed away. The consumer champion surveyed 1,600 members about their experience of acting as an executor and found […]
With just over a year and a half left to claim for mis-sold payment protection insurance (PPI), Which? is urging consumers to use its free tool to recoup some of the £38 billion they may be owed by the banks. As the total amount set aside by the big five banks – Lloyds, HSBC, RBS, […]
Gareth Shaw, Which? money expert, said: “Although the banking industry has started to raise awareness of fraud, banks are still placing too much responsibility on consumers to spot and protect themselves from sophisticated online scams. “We’ve heard from many people who have lost life-changing amounts of money through bank transfer fraud, but who have seen little […]