Do a friend a favour: badmouth your bank

More than third of respondents to a new poll say that they have avoided a particular bank or building society because a friend had warned them away from it.

Another third say that they have previously ditched a credit card or savings, current or business account because they were unhappy with the level of service they received.

Moneyfacts, who commissioned the poll, said that the results illustrated that there is more to choosing products than can be revealed by a best rate table.

The number of people who had shifted a loan or mortgage due to poor customer services was a lot lower however, at just 20 per cent of respondents.

“The power of word of mouth is always at the forefront of marketers and advertisers,” said Emma Butler, editor of Moneyfacts.

“The fact that so many people avoid certain financial product providers due to a friendís bad experience proves this point.†

“It is not often that we will tell people if we have received satisfactory service, and for us to talk to others about it, it has to be either over and above what you would usually expect, or, as highlighted in this latest user poll, just not up to the mark.”

© Adfero Ltd

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