Consumer campaign moveyourmoney.org.uk (MyM) says – now is the time to ditch Lloyds and TSB
• Customers being ‘forced’ to switch – signals new bank no better
• MyM says no evidence it will be a better bank – despite Lloyds boss saying TSB will be "completely clean bank".
• Campaigners say Lloyds TSB one of the worst banks – on customer service, on executive bonuses AND on dodgy practices.
• TSB customers should make the switch now. 16 September gives customers an easier option to move to a better bank with 7-day switching.
"The transfer of customers from Lloyds to TSB shows that the big banks are incapable of changing" said Laura Willoughby MBE of consumer campaign moveyourmoney.org.uk. "It's the same old behaviour, taking customers for granted and not asking them what they want."
"Suddenly people will not be able to use their local branch as it has rebranded out of existence. There has been no consultation and no option to choose based on individual banking needs. Customers will have to open a new account to carry on their banking as normal.
"We call on Lloyds and TSB customers to use this opportunity to dump one of Britain's worst banks and move their account somewhere better.
"The Chief Executive of Lloyds is treating his customers like idiots if he says it will be a ‘completely clean bank’. It's the same people at the top, the same culture and the same poor treatment of customers. There is no evidence it will be a better bank."
Five facts customers should remember about TSB & Lloyds
1. They are bad at customer service. A Which? survey of bank customer satisfaction carried out between June and November 2012 found Lloyds & TSB had a rating of only 57% , Bank of Scotland of 49% and Halifax of 55%.
2. Their bonuses topped £365 million in 2012 (www.moveyourmoney.org.uk/blog/lloyds-bonuses-2013), despite making a loss of over £570 million.
3. They are the clear ring-leader in PPI mis-selling and have set aside Â£7.28bn to cover the cost of PPI compensation.
4. They mis-sold interest-rate swap products to small businesses – there are 2,672 cases waiting to be heard.
5. They are under investigation for interest rate rigging  as part of the Libor scandal.
The Move your money scorecard is launched on September 16th:
Move your Money will make it easier for you to find a better bank with a new website launched on September 16th. The moveyourmoney.org.uk Switching Scorecard will allow people to decide the best banks to put their money based on issues that matter to customers and the British economy, like honesty, customer service, impact on the economy, culture and ethics.
2.4 million customers left the UK’s five biggest banks in 2012 and that trend has continued this year with latest figures showing a 2.5% drop in customers for the 10 main banking brands from 86% in Q4 2012 to 83.5% now, signalling a clear switch to smaller brands. And customers are ready to switch in bigger numbers, with research suggesting that up to 14 million people may be more likely to switch as a result of 7-day switching.