Sunday 19 November 2017

Competition from credit unions is exactly what our banks need

The oft-regarded 'urban myth' that some people held on to their First Holy Communion money may not be as far from the truth as many presumed. Research has found that most children who opened a bank account with their Communion money were still with the same bank in their adult life. This could account in some way for the way banks have been treating their customers for years. They know they have what is basically a captive audience.

A majority of people are either too beholden to their bank or possibly too lazy to switch to another financial institution.

However, some of the same institutions have little compunction about abandoning their retail customers when expediency dictates, as seen by Bank of Scotland Ireland, ACC and Danske Bank.

Please sign in or register with Independent.ie for free access to Opinions.

Sign In

Promoted Links

Today's news headlines, directly to your inbox every morning.

Don't Miss