To ask you, if you are pissed off with the banks, to do something about it and move your money

[Synchronicity]

The banks are in the news again with the scandal over Barclays and possibly others market-rigging (see article here: Banks )

Without even going into the bank bailouts and the public sector cuts which are now coming through, many of the big high street banks behave in morally bankrupt ways: investing in arms, tax avoidance, speculating on food commodity prices, paying huge bonuses etc. The Ethical Consumer has a good guide to this if anyone is interested: Ethical Consumer

It's really difficult not to be furious, but feel helpless and like there is nothing we can do about it, but there is one really simple and easy thing to do: Don't bank with them. Move your current and savings accounts to a more ethical bank. The vast majority of people in this country bank with one of the big 5. Imagine if we all moved our money elsewhere to ethical banks, co-operatives and building societies. The big banks rely on our deposits. It is clear they feel they can do whatever they like in the pursuit of ever more profit. They will never change unless we all stand up and do something about it. Moving our money sends a very clear message to the banks that we will not tolerate their behaviour anymore.

Lots of people are put off switching because they think it will take ages with masses of paperwork, but it's actually really easy to do. I've just done it, and the whole process was quick and easy. I filled in one form to open the account, one to shut my old one, and one for work to change my details and that was it. My new bank (Smile Co-op) has a switching team which manages it all for you. All my direct debits, pay and Tax Credits have been easily and smoothly transferred. The whole process maybe took a couple of weeks with about 1-2 hours work from me (including phoning tax credits etc).

There is a great website here called Move Your Money which you can use to choose a new account: Move Your Money

Please consider moving your money and helping to change the bank's behaviour. We're really not powerless in all this, we can change things.

They've been really good - phoned me up to go through the switch, really nice, texted me etc. Far cry from barclays the other big bank I was with before. I'd have switched anyway, but the better customer service has been another bonus :)

I've been looking at switching accounts and the above sounds pretty good! Just looked online though and am a bit confused as to where "Smile Co-op" is. There's a "Smile online banking" and also the "Co-operative Bank", where I couldn't find the "Smile" account mentioned. Would really appreciate a link

Co-op turned me down for a bank account. No idea why as I have never been in debt or missed a bill or anything in my life. So I bank with First Direct as that is who will let me! (Also they have good customer service but the Co-op's is absolutely shocking --DP has an account with them and they are dreadful, especially about accessing your data online, statements etc, but also just general disabled access and adjustments is absolutely terrible.)

The Co-op is one of those things like, idk, Oxfam. It's probably a good thing but it's not really for the common people.

Oh sorry, it's Smile I'm with Owls - they're part of the Co-op so I'm probably using the wrong name for them! Here's a link to their site: Smile

I feel really good about switching accounts - just that little bit less powerless. If I can get even one other person to switch I'll be a very happy woman!

We've banked with RBS for years and last week was the final straw for us.
We are in the process of moving all our accounts away from RBS

Thank you! Will have a look.

I don't know that much about Co-op itself as it looks like it's different to Smile Acumen seems a shame your DP had such bad service. The Move Your Money website has a whole list of ethical banks/building societies so obviously Smile is only one of many and I just used it as an example as that's the one I went with.

Interestingly I am pretty skint (LP, work PT, crippling childcasre costs etc) and have a bit of debt and was wondering if I'd be approved for an account, but it went through no problems.

I've been with Smile for years and think they're great. I almost wish I was with one of the scandal-hit ones, just so that I could move my account in disgust. I'm not affected by it, but even so, I am appalled and there's no way of making that known as a non-customer

Oh aye, Smile turned me down, not the Co-op, 'pologies. DP has an account with the Co-Op proper. He will be closing it as soon as his exit budget is completed. For an example (I could give you many) of how crap they are, their "reasonable adjustment" for requiring pushbutton card reader security for every single transaction was to send him a speaking pushbutton card reader. He's not deaf. He can't push buttons.

I don't disagree with the principle of ethical banking. I'm just saying it's not always, you know, an option for everyone. On that site there are only two options for current accounts and one is religious and the other is not accessible. So I just didn't want you guys to get all There Is No Excuse For Not Doing It! in the way people often do on here about posho dogoodery. Bless the poshos for their dogoodery etc, but it's not--Not saying that has happened. Just attempting to head it off. /me rubs face

Er, sorry. I probably make no sense.

Agent the Move Your Money site has a page of actions you can take to encourage others to switch, lobby your MP, get your local authority to switch accounts etc - here

I really think we could change things if we all stand up together and say enough is enough.

Acumen - no I know, there are often really good reasons not to switch. I had a socking great overdraft with Barclays for a long time and was always in it so couldn't move until that was cleared. Even if you can't move or find another good account you could still lobby or write to your bank to protest.

Nationwide are supposed to be quite good as well. I'm sure there are loads more - I'll see what other links I can dig out. The Ethical Consumer has a huge list of banks rated in terms of how ethical they are.

Well I entirely agree, and have banked with the Co op for about 20 years, but it's frustrating that many people only seem to consider the other options when things go massively wrong. Better late than never I guess. Yes, I would definitely switch my money if I was with RBS or similar

I was a bit gutted when barclays was implicated.

They were one of the "good" banks that had not taken tax money.

I am still with them as their customer service has been excellent so far, whenever there was an issue with fraud.

So a bit hesitant to change.

I do feel annoyed though. and let down...

Thank you, Synchronicity, I'll have a look at that link later and see what I can do.

I've been with my local credit union for five years. Their services vary depending on area, but mine is very good (debit card, online transactions viewable, email to make transfers which are done the same day if in time, good service, no charges for going overdrawn, loans available etc etc).

I change some time a go. But I think getting local authoritys and companysto move will have a bigger inpact

I really want to change to Smile, but am worried. I currently have a large overdraft facility and lots of extras (travel insurance, RAC etc.) with Barclays though and like all of that. Do Smile have this kind of thing and will they also keep my overdraft amount the same?

I won't change because I am cynical and simply don't believe that there is a bank who hasn't had some hand in dodgy dealings. For every person that has had a good experience, there is one that hasn't.

I do also work for one of the big banks, and get lots of extra benefits to have one of their staff accounts.

I would say though, if you are happy with a particular member of staff, please let them know. Internally this would probably favourably impact that person and get them a larger bonus (or whatever) which is great for the little guy. Please be assured that us lower down minions don't get any where like the stupid money the broker types are on!

(Also it's just nice to thank people for doing a good job)

Co-op couldn't do my Nans funeral right so I'm not going to trust them with my money.

The banking industry started to go wrong when ordinary high street banks got into the business of investment banking, securities and derivatives trading.

Nothing inhererently wrong with investment banking as a business - it just should not be part of a retail/commercial banking business.

I really want to see the UK banking industry go back to how it was. A vibrant and dynamic City which raises its own capital and where its employees get paid bonuses but on the understanding they will lose everything if they get it wrong and no bailouts. I then want a separate retail/commercial banking industry lending and taking in deposits that is simple to understand and well regulated with customer deposits guaranteed by Govt up to a limit but in return the banks have to hold a lot of capital and pay an insurance fee to Govt for that privellege.

Interesting that many peope like the Co-OP that never got into investment banking.

For me it wasn't just the bailouts and the financial crisis, but reading the ethical consumer report brought home to me the extent of the unethical behaviour carried out (particularly unethical investments, e.g. in the arms trade and barclays appears to be one of the worst offenders). I didn't want my money being even a teeny part of that.

There are loads of ethical places to put your money - this isn't just about Co-op or Smile, there are scores of other insitutions out there, including all the building socieities. See here for summary of the ethical consumer report I linked above: Guardian

Whackamole I think banks who are billing themselves as ethical do/should publish accounts of where they are making their investments so you can judge for yourself.

And in terms of overdrafts and extras I think each probably do their own deals - Smile seems to have all that if you have the next account up from the basic one.

this is a great thread. if you dont like how the big banks are acting, take away your custom or they wont change.

i have used:
smile
coop
nationwide

if you need an overdraft, talk to you local credit union.

I'll look into 'Smile' bank. Thank you, OP. I'm resigned to being overcharged by Barclays on a regular basis, for anything and everything...

Smile give you a free £500 overdraft.

They also have "smilemore" account where you pay a bit each month and get travel insurance and loads of other stuff.

I also have some bonds with Triodos. They're pretty ethical, but I don't know if they do current accounts etc.