Changes for High Street Banks

Posted on 20 September, 2012 by MOVEHUT

Movehut recently reported that many consumers had lost faith in their high street bank and would prefer to bank with a retailer. It seems that some banks have listened to their customer’s worries and made some changes for the better – whilst others have made some decisions that won’t be winning them any new fans any time soon.

HSBC has recently announced that it will join all other high street banks, except Santander, in allowing customers to make deposits and withdrawals at Post Office branches. Nine million customers will be allowed to use the 11,500 Post Office commercial properties from spring 2013.

The Government has been campaigning to allow customers to use Post Offices and welcomes the news.

Jo Swinson, Consumer Minister said: “The government has been clear that we would like everyone to be able to access their current accounts at post offices and the deal means that 95% of all UK debit cardholders will be able to do this.”

But whilst HSBC is opening its services to customers, The Co-operative bank is closing some. The bank has announced that it will no longer be offering basic bank accounts to people who are recovering from bankruptcy.

Previously, people who are in the 12 months after filing for bankruptcy can open a basic bank account, which has limited facilities and no overdraft facility at either a Co-op or Barclays branch. But now people who were recently declared bankrupt will only be able to open a basic bank account with Barclays, unless they previously were a customer of the Co-op.

Speaking of the move, John Hughes, Managing Director of retail banking at the bank, said: “Unfortunately it has now come to the stage where our disproportionate market share of the basic bank account market has continued to grow significantly, and regretfully, we now need to take steps to address this.”

What do you think to the recent changes to both HSBC and The Co-operative? Do you welcome the moves? Share your thoughts with us below.

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