Pretty please…

Dearest Darling,

Now that you will be “managing” some of our country’s biggest banks, I would like to put in a few requests. I can see that you are a very busy man but now that you are effectively the big boss, I would be very grateful if you could please sort out my banking bugbears and make life easier for us all.

You are making a good start, banning those giant bonuses previously awarded for irresponsible risk taking, but I believe you can do more. The banking system has become a maze of complicated products and deceptive debts so I think it’s time you gave it a spring clean….

Please ensure your new “Darling Banks” do the following:

• Make all financial products as clear and easy to understand as possible.
• Stop trying to confuse the customer with complicated bonus rates and withdrawal penalties on savings accounts, instead just offer good interest rates in simple terms.
• Provide a free (or at least local) customer services number, with real people at the end of the line.
• Treat customer complaints seriously and efficiently, reporting back to the customer frequently until the problem has been resolved.
• Stop offering loans to customers who can’t afford to repay them.
• Justify their penalty fees and charges or reduce them to a reasonable level.
• Reverse negative payment hierarchy on credit cards.
• Ban credit card cheques – the fact these poor value debt inciters are sent out unsolicited is a shocker.
• Train your staff to give quality advice, rather than pushing unsuitable sales.
• Try encouraging people not to get into debt.

Yes, I understand that banks do need to make a profit (especially now all us taxpayers are effectively collective shareholders!), but this should be done with transparent terms and conditions and fair fees and charges.

If you could just work your magic and make these changes pronto, I would be most grateful.

Best Wishes,

Hazel Cottrell