Results for Banks tag

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 […]

Vickie Sheriff, Which? Director of Campaigns and Communications, said: “Which? has repeatedly found that people with a financial shortfall can be charged much more by the big high street banks for using an unarranged overdraft than they would by a payday loan company. The Financial Conduct Authority must use its review of high-cost short-term credit […]

According to the latest annual Which? banking customer satisfaction survey, the majority of banks still need to do away with hidden charges and penalties. Which? asked current account customers to rate almost 5,000 accounts for a variety of aspects of day-to-day banking, including: how banks dealt with complaints, how clear charges and penalty fees are, […]