Why consumers ditch their bank

LIKE it or not, we all need a home for our hard-earned cash that preferably isn’t under the mattress.

For many people in the UAE, who they entrust with their money is often dictated by their employer. Many companies have relationships with a specific bank: in exchange for a preferential service, they agree that workers earnings will flow into its coffers.

Far from receiving special treatment, though, many banking customers feel they are getting a raw deal, if cashy’s latest study is anything to go by.

Consumers in the UAE have been voting with their feet – and terminating their relationships with a string of banks. More than half of our 2,788 respondents have done so.

Banks that people have most stopped dealing with include Mashreq Bank, Citibank, Standard Chartered Bank, HSBC Middle East, Emirates Bank International and Abu Dhabi Commercial Bank.

And the reasons people have ditched their bank? Unsurprisingly, exorbitant charges feature highly. Here are cashy’s top ten of why consumers ditch their bank:

1. High services charges (57%)
2. Doesn’t give importance to its customers (53%)
3. Lots of hidden charges and fees (51%)
4. Doesn’t respond to complaints/ grievances (48%)
5. Unprofessional attitude of staff (43%)
6. A reason not listed (39%)
7. Inconvenience of branches/ ATMs (37%)
8. Staff are not knowledgeable about products/ services of bank (34%)
9. Unresponsive helpline (33%)
10. Unavailability of online banking services (21%)

Pic credit: Arvind Balaraman/ FreeDigitalPhotos.net

Have you ditched a bank? What most annoys you about your bank? Do you have any tips on how to get your bank to sit up and take note of your grievance? Share your experiences below!