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Europe: Switch banks without fear! urges new consumer campaign

27 Feb 2012

With the slogan 'Move your money!', consumer organisations in Spain, Belgium, Italy and Portugal, all CI members, have launched a campaign to urge consumers to use banks that best meet their needs, even if it means switching banks.

The campaign, involving OCU, Altroconsumo, DECO and Test Achats also want users of financial services to reflect on the kind of relationship they have with their financial institution. A brief online questionnaire can be filled out anonymously for those wishing to participate in the initiative.

The survey results will lead to more actions for users of financial services in the respective countries.

OCU, Spain

"Sick of excessive bank charges or not getting enough for your money?" is the question posed by the Spanish consumer organisation. "At the OCU we believe that we must act and that you are entitled to get more for your money by:

• selecting the type of account that best suits your needs
• choosing the most profitable products
• deciding on the most creditworthy entities that offer better deals to their customers."

OCU asks, "If you've taken the plunge and have changed your bank, was it easy or difficult? Move for your money's sake and tell us your experience through a simple questionnaire." (See the OCU questionnaire).

Change without fear: Altroconsumo in Italy

Switching bank account could give you the benefit of being able to save, says the Italian organisation. Consumers can save hundreds of dollars a year by changing banks, especially if consumers activate online accounts, which can reduce fees significantly in comparison with traditional bank accounts, letting consumers operate at zero cost.

As part of the campaign, we want to understand why Italians are so reluctant to change financial institutions, says Altroconsumo. "What type of depositor are you? Loyal? Have you switched in the past year? Or have you considered it but not done because you thought it was not worth the trouble and that switching banks would be difficult and time consuming?"

Italians are loyal to their banks, says the association. It notes that 42% of current accounts have been open since before the year 2000 - more than 10 years - and that the terms and conditions are usually not the most competitive. Loyalty is not profitable according to Altroconsumo: "You can search our database and compare the cost of your current account with the data we have collected." ( More information from Altroconsumo).

DECO, Portugal: participate

"If you feel there are barriers to changing banks or do not know the potential benefits of doing it, participate in the study," says DECO inviting consumers in Portugal to complete the survey. "Participating will contribute to the creation of laws that will make life easier for all consumers."

Currently, there are laws that govern consumer mobile banking, but they may be insufficient in certain contexts, says the Portuguese consumer organisation. To the extent that "in some cases, [the laws] are at risk of not being followed."

The questionnaire will be used to obtain statistical data to better substantiate their claims, the organisation says. "Participate and tell your family and friends: the more data that is collected, the more representative the survey results will be." (More information from DECO).