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The majority of people who have had any dealings with financial institutions at some point in their lives, will be aware of just how stressful it can be for someone who needs to arrange a personal loan, home owner loan or mortgage, or other form of credit agreement.

Moneysupermarket.com has now said that banks need to be more aware of the stress levels which can be suffered by consumers looking for things like a new personal loan, or wanting to increase their overdraft limit, for example.

High street banks currently suffer one of the worst records for customer services, according to a recent survey, with only estate agents and gas and electric companies below them in the rankings and they need to improve their image and service levels to customers, if they wish to improve their customer confidence ratings.

It can be difficult enough choosing a savings account, but for many individuals the time when they need to approach their bank is when they are facing financial difficulty and could be needing a new personal loan, or extended overdraft, or worse still, needing to see their bank about missed loan repayments or loan arrears.

This can be a particularly stressful time for people and the general view is that this situation is often exacerbated by the attitude and lack of an understanding and caring approach from the bank, which can often put people off approaching them in the first place and end up making the situation even worse.

The recent track record of banks over the past two or three years has not done anything to enhance their reputation and they need to take action to restore consumer confidence in them if they want the public to continue using them for new loans and other financial service in the future.

Kevin Mountford of moneysupermarket.com said “Handling personal finances can be an extremely stressful task, especially as often our interactions with banks occur at difficult times, such as when we need to extend an overdraft or report a stolen card.”