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.

I think I'm with Chandon. Barclays have been OK so far, they haven't had to be bailed out and they are still making a profit and not costing the tax payer but I think it is a real shame they've been implicated in the latest trouble and I do feel a bit let down. I used to work for them (leasing not banking though) so I do have a bit of residual loyalty in that respect despite leaving 12 years ago although that might have something to do with the tiny handful of shares I also have!

I also agree with whackamole. I am a cynic too and would be surprised if there are any banks who are completely innocent. Plus with the Coop taking over some of Lloyds I would worry that they are getting big ideas.

The other problem is that apart from the Coop and Nationwide, there is virtually nowhere else to bank. There are almost no building societies left after they all converted to banks in the 90's and those that remain are tiny.

Oh and I have a Smile savings account which I have problems with that took months to sort out so I am not particularly impressed by their customer services either.

synchronicity I sooo agree about changing accounts from the massive rip off banks. Another thing that maddens me is the 'we inherited this mess from the labour govt.' The mess was CREATED by the deregulation of the banks which was instigated by Margaret Thatcher and her cronies.

We wouldn't want to do anything to make the great intellectual brains of the bankers go anywhere else would we????? Or to cut their bonuses; the poor things might have to sell a plane or 2.

Bigboobied (like your name!) - there are bigger building societies out there -you metion Nationwide for example. Does it matter if they are small? I know they are less likely to have lots of branches on the high street if they are small, but then does that matter? Other than paying in the very rare check, I don't think I've been in my local barclays branch for years. I guess it depends on whether you need to pay in cash or cheques regularly.

If there were a plethora of much smaller institutions, wouldn't that be a good thing? You wouldn't get the 'too big to fail' spiel in any case.

I went into Nationwide on Friday and they said loads more people than normal are opening accounts with them right now. I went into my bank to get a list of my dd and she was aware why I was querying and wanting to close my current account.

Great thread!

I have banked with Smile for nearly 15 years and would definitely recommend them! The one time I had a very slight issue the customer service was GREAT, and they fixed the problem very promptly.

Barclays have been OK so far

NOOOOOOOOOO they havent - they only didnt need a bailout because they lied to people who lent them (Barclays) money. UK taxpayers were underwriting their massive risk taking as we insure their savers.

i am v interested in finance & i have never thought any of the big banks provide good products. if you think they are great, they have just done a good job of deceiving you! no problem, we all get done over sometimes but you dont have to continue to rollover for them.

On Friday Rbs were still having prolems.

I think there is more to the rbs technical glitch than we were told.

Barclays are the tip of the iceberg.

Did I hear that no2 in bank of England was in with Diamond?

I suppose I can't get excited about banks because they don't ever charge me anything. They are just a safe place to keep my money instead of under a mattress.

We've been with Smile since they started, and they are fab. Everyone had the odd hiccough - but they are always quick to sort it via their excellent private message system.

If you want to know what our banks get up to would wide have alook at theJubulee Debt web site.

Synchroncity - I think as far as banks go small isn't necessarily beautiful. That aside, it has nothing to do with the number of branches. My first bank account, 30 years ago was with Giro which was, at the time Government owned. They had no branches. You could get your money via the post office (you can still do banking with some banks via the PO) but most of the transactions were done by post. This was obviously way before internet banking so no the number of branches doesn't bother me.

I would also be concerned that Coop are trying to triple in size by buying 632 Lloyds branches. At the moment that is being called an 'ambitious' plan for growth. It remains to be seen how long that lasts before they are being called 'greedy' for wanting to triple in size, especially when Lloyds branches start closing and they start laying off staff where there are duplicate Coop/Lloyds branches. Plus something else I read recently said that Smile accounts don't compare very favourably with other banks on rates so we shall have to see. I didn't look into it too closely. Too depressing. I have an ISA with Smile which makes it very difficult to move to somewhere with a better rate.

Bigboob - you can move your ISA. you just need to find an isa of the same type (cash or S&S) that allows transfers.

(if thats the problem you mean )

I'm another who moved bank accounts (and credit cards) to Co-op due to their ethics. They do lots to help Third World countries.
I also shop there for the same reason, and because I find the "shopping experience" so much nicer - can t bear the huge impersonal hypermarkets where you end up spending far too much time on buying stuff you don t actually need.

I might change but there will be a headline hitting war. As I am very wealthy £1.09 Jealous?

Another vote for the Co-op.

And another way to hit them, buy a share or two AND VOTE. You might not want to buy shares in a bank you don't like, but it gives you a chance to change things.

Has anyone tried moveyourmoney.co.UK?

Bob Diamond (Barclays CEO) has resigned this morning and also willl still I presume be testifying to the Treasury Select Committee this week.

It will be interesting to see exactly what involvement and knowledge the senior managers of all banks, FSA, Bank of England and Govt Ministers actually had (did not have) in how Libor was being fixed.

I will put my savings in a credit union when the bond is up. /me resolves

I've been with Nationwide for years and they are good. Never go overdrawn on my current account so don't know how they are then.

I dont trust any bank although obliged to have a current account. The banks have never been for the good of the 'little person' on the street. They have always been about making money,power and gambling. The worst thing that happened in our democaratic country was the decision that everybody's pay has to be paid into a bank account. Of course thats when the banks knew they were all powerful.