MSE News: Santander to charge for 'free' business accounts

magpiecottage

janusdesign wrote: »

I don't think on a practical basis FOS can do anything other than hit Santander £500 per complaint

Unless it feels that the promise should be honoured - in which case it could force the issue.

it could prove useful if enough people complained that the FOS passed it up the chain to the FSA or OFT to deal with

You can also refer the matter to the FSA here. You are informing them about firm conduct.

if we all complained today to Santander, we couldn't make a formal complaint to FOS until October (assuming Santander took their time in replying), by which time we would likely have already received the 60-day notice letter for the charges to begin.

They have 8 weeks (56 days) from receipt of the complaint to get a response into the post - so that would mean sometime in September.

i'm happy to join the fight - but someone has to provide hope that there is any point in doing so, short of being petty and hitting Santander with a £500 fee per complaint.

I cannot give certainty but I think it more likely than not that FOS will uphold complaints if you have less than ten employees and your turnover/capital is less than the equivalent of €2 million.

janusdesign

Wizpeters wrote: »

Final thing, as well as the Ombudsman, which is a definate option why not get in touch with Vince Cable, the Business Secretary, he is a man with no great love of banks and has sympathy for small businesses, which in this case are being hit again by banks

you know this may have more legs than complaining to the ombudsman with regards to keeping the account free... it's actually not a bad idea.

I think the best hope of keeping these accounts free is creating a political storm about them (or a strong breeze at least)... pity Santander is not a nationalised bank as it would be a stronger case.

if Santander are sticking to the original letter in their replies, then they must think they're on solid legal ground... or I guess assume that the accounts in question are run by small businesses who can't/won't go a legal path, and won't follow up by taking their complaint to the ombudsman.

janusdesign

magpiecottage wrote: »

Unless it feels that the promise should be honoured - in which case it could force the issue.

by force, you mean ensure that Santander operates these accounts for free forever... you really believe that ?

that being the case, Santander with change the transaction limits... they've done that previously haven't they (don't think current limits are the same as when I joined ten years ago).

magpiecottage wrote: »

You can also refer the matter to the FSA here. You are informing them about firm conduct.

i'd have more faith complaining to Santander than the FSA.

magpiecottage wrote: »

They have 8 weeks (56 days) from receipt of the complaint to get a response into the post - so that would mean sometime in September.

well ok if you're being picky, I was estimating it roughly - the last week of September then at the latest!

magpiecottage wrote: »

I cannot give certainty but I think it more likely than not that FOS will uphold complaints if you have less than ten employees and your turnover/capital is less than the equivalent of €2 million.

well i'd qualify, but I get stuck on the step after the complaint is upheld... surely they won't force a bank to offer a service, that I assume is loss making, just because a company it bought had previously used the term "forever" long before it was purchased by Santander.

if they do, then i'll be back here apologising to you publically, but I just don't see it occurring.

yes I read what you said about Abbey National being no different from Santander - but I don't know whether that is factually or legally correct.

in any event, i'm actually looking forward to leaving Santander now... if I can keep it as free, i'm happy to keep it as a spare account, but it's not going to happen.

Victor_Mildrew

They have 8 weeks (56 days) from receipt of the complaint to get a response into the post - so that would mean sometime in September.

I only complained by phone late last week & have my final response already!!

Victor_Mildrew

Victor_Mildrew wrote: »

I complained by phone(0800 100801) last week & received a standard "tough luck, go to the Ombudsman" letter today.

I phoned the Ombudsman (03001239123) today & after several questions (dates, etc.) they gave me a reference number & are sending me an official OMBUDSMAN'S complaints form.

The person I spoke to seemed to have not heard about Santander's proposal.
Watch this space:mad:

I also emailed my M.P. & Complained on the FSA's Web Form.

GandalfTheTight

I have not received “The Letter” – can someone tell me if itapplies to Business Reserve accounts and Business Reward Saver Accounts?

I.e. Can I close the current account and leave the other twoopen without any charges?

DruidDonagh

GandalfTheTight wrote: »

I have not received “The Letter” – can someone tell me if itapplies to Business Reserve accounts and Business Reward Saver Accounts?

I.e. Can I close the current account and leave the other twoopen without any charges?

You can. It will only apply to the business current accounts. The rest will remain free

JuicyJesus

Bear in mind that it is entirely possible that the FOS may consider Santander's actions to constitute a legitimate act of their commercial judgement. In which case all these complaints will go nowhere.

madmowerman33

I got the letter on about the 21st July and was so angry, I phoned up Santander and closed the account. It certainly wont make any difference to Santander and I was only asked as an afterthought as to why I was closing it. But maybe if the majority of people threatened to close their accounts, they may reconsider.
Also, I became a Grandfather the other day, and will open an account for my Grandson, but guess what, it certainly will not be Santander......

DJMilly

Surely this is a classic case of Mis-selling? The Financial Services Authority should IMO investigate!