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One in two bank customers here will close their accounts after a bad experience: Survey

Published on Mar 13, 2014 1:00 PM

A bad experience with a bank here will lead one in two customers to close their accounts with the lender, a survey has shown.

The 2014 global consumer banking survey by consultancy EY - formerly known as Ernst & Young - found that 50 per cent of respondents in Singapore said they had closed their bank accounts in the past 12 months due to their experiences with financial services providers.

That was higher than the average rates in the world and in Asia Pacific, which were both 33 per cent, according to data from the survey released Thursday.

Another major peeve for consumers here is the lack of access to branches and banking services, with 35 per cent citing this as the reason for closing their accounts.

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