X Factor Nemesis Now Raging Against The BanksBack to Media
17 September 2015
Described by the New York Times as a “Social Media Hellraiser”, activist, Jon Morter, is the face of a new film signalling the start of a revolution to UnBank Britain (www.ffrees.co.uk). In the film Morter says “I was the guy who said Enough Is Enough to manufactured pop music and got Rage Against the Machine to UK Christmas Number One. …Now I am raging against the banks”.
The film by digital current account provider, Ffrees, has fired the opening salvo in the great UnBanking revolution. It encourages British people to rethink why they would use a bank for their current account and exposes the “bleak adversarial banking model” that pushes customers towards harmful debt.
With over 85m current accounts transacting some £1trillion annually in the UK, the banks are held in low public esteem due to mis-selling and other public relations and service disasters. Morter presents a case for change to a fairer, more democratised, saving-led model for customers.
Ffrees Founder and Chief UnBanking Officer Alex Letts said: “The banking current account model penalises the mass majority, encourages debt and over expenditure, creating a lot of unnecessary financial and emotional misery. It doesn’t need to be this way.”
“Current accounts can be designed to help people save up and manage bills. That’s what we do at Ffrees, but it is simply not what the banks are set up to do.”
Alex Letts, CEO, Ffrees Family Finance, said:
7 reasons to join the “UnBanking Revolution”
- You don’t actually need a bank to handle your current account. So those who feel they get high charges and poor service can now UnBank and get a Ffrees current account, which is digital, easy and low cost.
- The business model of banks to make current accounts profitable for the mass majority of customers is largely dependent on uptake of overdrafts and other unsecured credit products, which often come with high penalty fees. This is a structure predicated around consumers getting into debt. The more customers get into debt, the more money the banks make. This is a great reason to get Ffreedom from the bank model and UnBank.
- And when did a bank ever encourage users to save up a few pounds a week? Or offer Jam Jars to manage finances so users don’t actually run out of money to pay bills? Helping people to help themselves keep afloat is what UnBanking is all about, so be Ffrees.
- Does anyone know how much “free-if-in-credit” banking actually costs if not in credit? Or what it should cost? Not a clue? Probably because it isn’t easy to work it out. Is that deliberate? Time to UnBank and be Ffrees with a transparent and fair set of usage charges.
- How come people with free banking get it for free? Maybe it’s because those with slightly less money are subsidising them. How odd. The top 20% get it free and the rest pay for that. UnBank and Be Ffrees.
- You’ll be in great company. Over 55,000 other people have become UnBankers and joined the UnBanking Revolution, helping themselves to save up and get a fairer, better deal. . UnBank and Be Ffrees.
- “If you ain’t cheating, you ain’t trying” one Big Bank employee was recorded as saying in the enquiry into exchange rate rigging. No wonder the UK banks have already paid out £50bn in fines and lawsuits since the financial crisis. And there’s more to come apparently. Maybe you don’t want to be a customer of a system that cheats people brazenly? If that’s true then why not UnBank and Be Ffrees.
"We have reinvented the current account to provide a lower cost service that helps people save up. We have started with what modern families actually need instead of being constrained by what ancient systems and ancient history dictate. Our focus is on providing a hassle-free account that helps people save up and manage their bills.
Ffrees was founded by Alex Letts and Stephen Woodford in 2012. They were exasperated by the ethics, service and attitude of the banks. It has opened over 60,000 current accounts and has seen over £100m of account throughput since the October 2013 launch of the Ffrees Current Account. Ffrees has won industry recognition as the Best Provider and Best non-bank account. Ffrees is funded by NESTA through the Big Society Capital fund and among others by Finance Yorkshire. It employs 30 staff and is based in Sheffield, South Yorkshire.
For further information please contact:
Alex Letts, Founder and Chief Unbanking Officer
0114 286 6329 (Lucy Gratton, Marketing Manager)