Business & Finance, News

Public asked to back ‘guerilla war’ against big banks’ marketing push

Public asked to back ‘guerilla war’ against big banks' marketing push
July 12th, 2013
Author: Economic Voice Staff

Campaign website MoveYourMoney.org.uk is calling on the public to back a new ‘guerilla war’ against the big banks’ marketing drive when 7 day switching comes into force this September and have launched a crowdfunding campaign to raise funds to battle the banks.

From September banks have to switch accounts within seven days, making it easier than ever for customers to move their money [1]. Despite historically low switching levels in the UK 2.4 million people moved their money out of the big 5 banks in 2012 [3]. A recent yougov poll found that the floodgates could open this September with a further 14 million people moving their money [3] .

Laura Willoughby MBE, Chief Executive of campaigning website moveyourmoney.org.uk said:

These changes will put power back into the hands of customers. But there is no point moving out of the frying pan and into the fire. We need to move our money out of the big banks and into one of over 40 more socially responsible providers in the UK.

This is a window of opportunity to show politicians and bankers that we will no longer put up with 5 big banks strangling our economy and poisoning our politics.

The big banks will be launching multi-million-pound marketing campaigns to poach customers from each other. But wherever the big banks are, we’ll be there too. Outside branches and offices, on billboards and buses, online, offline and on the street and on peoples sofas.”

Move Your Money.org.uk are asking ordinary people to fund their guerilla campaign through crowd funding site BuzzBnk. Funds raised will pay for billboards, campaigns and a new switching service, dedicated to helping people find socially responsible alternatives to the big banks.

Move Your MoneyJulia Groves, Board Member for Move Your Money and Chair of the Crowdfunding Association (UKFCA) said:

It is great to see Buzzbnk, one of the founder members of the UKCFA raising money needed to give Moveyourmoney a more powerful voice and make sure more people do just that – move their money. The UKCFA is all about encouraging more democratic finance. We want to see more people taking control over where their money goes and how it is invested.”

To find out more about the campaign and join the crowd visit https://www.buzzbnk.org/ProjectDetails.aspx?projectId=124

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