Don't talk to bankers: 4 out of 10 Singaporeans have stopped trusting their banks

They're only after profits, clients claim.

It seems like Singapore's banks are getting burdened with more causes for worry as Singaporeans themsleves are starting to lose faith in their own banks.

A new survey by consumer finance website EnjoyCompare.com finds around four in ten people think that their financial institution cares more about profits than it does its customers.

However, EnjoyCompare.com found that many unhappy customers were reluctant to leave the relative safety of their current bank, and wouldn't know which other financial institution to choose even if they did.

"It's a phenomenon we've encountered before," said Enjoy Compare's Mark Hall, "There's enormous lethargy among many, many people when it comes to changing financial affairs.

"It takes something truly momentous for somebody to up sticks and leave the bank they've been with all their lives, because deep down banks mean security, and we fear change."

According to figures obtained on behalf of EnjoyCompare.com who spoke to over 1100 people:

40% of customers were unhappy with the service they received from their bank
28% say they were badly treated by their bank, but didn't complain
63% said they'd stick with their current bank even if they were displeased with its service
68% wouldn't consider banking elsewhere
92% say they have never changed the bank that they've been with for their entire life
"This mirrors similar findings from an earlier credit card survey we commissioned," said Mark, "Bank customers are incredibly brand-loyal, even after they've been hit by unreasonable charges or have had a loan called in.

"It seems most of us will put up with anything as long as their monthly salary appears on time, and the bills are paid out with minimum fuss."

Among the comments EnjoyCompare.com heard about banks, were the much-heard complaint that "they only seem to care about cutting costs and building up profits". Others included:

"I complained, but they didn't do anything."
"Bank charges are getting ridiculous these days, but what can you do? They're all the same."
"They care so little about my account, I couldn't trust them with a dog, let alone my money. But what can you do?"
"Twenty years and they still spell my name wrong."
Enjoy Compare says that complaining about you bank or even changing to another bank isn't as difficult as most people think it is. The only barrier, Mark says, is a lack of impetus to go ahead and make the change.