The Move Your Money campaign in the United Kingdom announced on June 12 that about 2.4 million customers have moved their accounts from the five largest banks to smaller and local banks:
"The figures, based on quarterly market polling publically available, show a mass movement away from the big banking groups, Lloyds, RBS, Barclays, HSBC and Santander. This represents a 5% point loss of the market share of current accounts, and demonstrates a massive response from ordinary people to a year of scandal by voting with their feet and switching who they bank with."
The data, drawn from industry studies, presents an increase in the migration of accounts from the big banks. Experts predict the trend to continue throughout 2013. Laura Willoughby MBE, Chief Executive of campaigning website MoveYourMoney.org.uk, said:
“The constant slew of scandals last year has opened the floodgates, and people are beginning to realise that they don’t have to put up with the arrogance of the big banks... People are switching because they are angry about the lack of reform in Britain’s broken banking system, and have decided to take matters into their own hands."
Many people are frustrated with the huge bonuses bankers paid themselves, and with the Libor rate-fixing scandal.
This is proof positive that consumers have power in the marketplace, and can have an impact. Consumers in the United Kingdom are using that power. Visit the Move Your Money website for the USA. Woe to the banks and companies that do not respect that power.