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Bank of Scotland Business Banking - BEWARE!!
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welshrich
Posts: 19 Forumite
I run three small businesses and joined the Bank of Scotland Direct Business Banking Account which they marketed as "FREE BUSINESS BANKING FOR LIFE". The only charges I had to pay was something like 40p for writing a cheque (if the account balance was under £5,000).
Any money I received was sent in by pre paid envelope. After a while they tried to remove the pre-paid stamp from the envelopes but everyone complained that they were going back on their word and it was reinstated.
It now seems that they are up to their old tricks again. This week I received a letter from them stating that they are going to start charging £15 per month for business banking (if your balance goes under £5000). My accounts rarely have more that £5,000 in them and I am looking at banking charges of £560 per year (accross all three accounts). So much for FREE BUSINESS BANKING FOR LIFE.
Surely this is illegal - misleading advertising. If you read this Martin, please can you do something? I will be closing all of my business accounts with Bank of Scotland, as will my parents who run a much bigger business. We are currently looking for a more honest bank that doesnt pull the carpet from under your feet. Any suggestions?
Any money I received was sent in by pre paid envelope. After a while they tried to remove the pre-paid stamp from the envelopes but everyone complained that they were going back on their word and it was reinstated.
It now seems that they are up to their old tricks again. This week I received a letter from them stating that they are going to start charging £15 per month for business banking (if your balance goes under £5000). My accounts rarely have more that £5,000 in them and I am looking at banking charges of £560 per year (accross all three accounts). So much for FREE BUSINESS BANKING FOR LIFE.
Surely this is illegal - misleading advertising. If you read this Martin, please can you do something? I will be closing all of my business accounts with Bank of Scotland, as will my parents who run a much bigger business. We are currently looking for a more honest bank that doesnt pull the carpet from under your feet. Any suggestions?
I say what I like, I like what I say!
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Comments
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This has also happened to me. I cannot believe that they are doing it - if it advertises it as FREE FOR LIFE then it should be free for life!
It is penalising small business owners. How else can FREE BANKING be interpreted other than NO CHARGE?!0 -
I phoned Bank of Scotland to complain and they were totally unhelpful. Does anyone know of a good business bank?I say what I like, I like what I say!0
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If they have advertised it as free for life then they should be held to that - I wouldn't be taking the business away as that is playing into their hands, I'd be making a fight of it - trading standards, advertising standards, even down to the small claims court the first time they made such a charge.
What you are proposing to do (take the business elsewhere) is exactly what they want - they want to get rid of those benefiting from the account and costing them money and just keep those that make them money.
They made the bed - make them lie in it.
If you have to move of the two banks we use at work HSBC and LloydsTSB, at present I find HSBC better but they will charge (although for the charity I do the books for they don't even though its technically a business account)Adventure before Dementia!0 -
My business a/c is with BoS too, having spoken to them about htis new charge they were pretty useless in offering a solution... perhaps I should be pushing harder!
I've been looking at Alliance & Leicester as the likely replacement. Free banking as long as there's £1k p/month going into the account, and £5 p/month if you fail to deposit the £1k."The reasonable man adapts to the world,
The unreasonable man adapts the world to himself,
Therefore, all progress depends on the unreasonable man."0 -
I have now done a bit of research and it seems Abbey are offering by far the best deal - no charges and "free for life", although this is a phrase that I now take with a pinch of salt thanks to the Bank of Scotland.I say what I like, I like what I say!0
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