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

Malcolm_Foster_2

Rooftop wrote: »

I wrote to complain some 6 weeks ago and received the standard response, saying although my 11 year old Abbey/Santander account was offered "free indefinitely" Santander was within its rights to impose terms because of the T&Cs attached to the account NOW. I am no lawyer, but it seems to me that when Santander acquired Abbey it accepted all Abbey's baggage - that is normal business practice, quite possibly a legal requirement. I have told Santander that the T&Cs governing the offer of "free banking indefinitely" were those attached to the original offer, not the current conditions. I am waiting for a reply to that from Santander and will go to the Ombudsman if no joy.

Santander have a poor enough reputation as it is without riding roughshod over 230,000 business customers - will they never learn?

I fully agree and as I just wrote in my communication with my local MP -

"Once again, it is connected with the ethics of the banking industry and I believe Santander are in the wrong, morally, if not legally, in attempting to force these changes of contract on their business customers. I realise that my original banking arrangements were with Abbey National, prior to their takeover by Santander, but see no reason why they should not be held to promises/undertakings made by Abbey National. They would have been fully aware of those responsibilities at that time. It is particularly irksome to me to learn that their CEO has accepted a £4million bonus at a time when Santander profits have fallen 40%, as I am given to understand."

The trouble is, we don't always know which MP's are fully independent of banks.

Victor_Mildrew

navman2860 wrote: »

just had a call from, probably, the busiest man at Santander... Ralph..

He suggested
Business Instant Access Deposit Account

... only difference is no cheque book... ( I don't need one)... and free...

Yes i'm sure they would like us all to move to this account as it is not advertised as "Free Forever".
Then next year they slap on whatever charges they feel like!

BusinessIsBusiness

__________

prowla

Well, I've cleaned out my account; when I get the letter I will close it.

BusinessIsBusiness

GMJ wrote: »

I just wanted to add my two pence worth by saying that I received the letter in question on the 18th August. I called the business banking phone number yesterday and was transferred to the 'dedicated phone line set up to handle enquiries about the changes' (0845 6061721), who gave me the standard fobbing off that previous posters have described. I followed that up with an email to [EMAIL="ceo@santander.co.uk"]ceo@santander.co.uk[/EMAIL] today and very shortly afterwards received a phone call from their executive complaints team. A couple of things arose from my conversation with Ralph, the advisor from the executive complaints team:

Firstly, he referred to their 'proposal' to introduce fees, which I thought was a strange word to use. I would have described it as a 'decision' rather than a 'proposal', especially as he assured me that Santander will categorically be pressing ahead with the fees in question and that it was not up for debate. Perhaps my understanding of the term 'proposal' is inaccurate, or perhaps he just chose his words poorly.

Secondly, he advised me that one option would be to open a separate personal account and use that for my business transactions without charge. Whilst this is something previous posters have pondered, I was surprised to hear this being put forward as a suggestion by Santander themselves.

Thirdly, when I asked him how many complaints they had received on the matter he said he would prefer not to comment.

I now await the official 'get stuffed' letter and will proceed to the FOS in due course.

Firstly you are nitpicking at the language used by someone over the phone- whatever he says he is merely the poorly paid messenger. Its hardly hansard.

Secondly with regard to personal accounts- its not a suggestion by Santander themselves, again, its whoever you spoke to. He no doubt was fobbing you off as quickly as possible. He shouldn't be suggesting that. As someone brought up it- is against the T&Cs to use a personal account for businesses.

Victor_Mildrew

BusinessIsBusiness wrote: »

Not really as it is a savings account...

True I wasn't thinking straight;). Could this then be the answer for most of us. The only difference I can see is no cheque book , Debit card or Direct Debits, You can still make "Faster Payments" to people, pay bills,pay in cash or cheques & draw out willy-nilly(online or via ATM) + you get 1% on the Balance.
I opened one in 10mins yesterday eve by phone, it was all working immediately & have already tried all functions except the ATM which I am assured will work.(I had to contact customer service to have my present card linked) .I intend to run both accounts & ditch the current account if charges are forced upon us. But I still intend to fight to the Death:beer:
I DO believe it Margaret!

A BIG THANK YOU TO "keithwjones"&"navman2860" FOR TELLING US ABOUT THIS!!

opinions4u

If a bank wishes to charge for a savings account, they can.

Victor_Mildrew

opinions4u wrote: »

If a bank wishes to charge for a savings account, they can.

True!! But the 60million dollar Question is would they want to?

Victor_Mildrew

Victor_Mildrew wrote: »

I opened one in 10mins yesterday eve by phone, it was all working immediately & have already tried all functions except the ATM which I am assured will work.(I had to contact customer service to have my present card linked) .

Card worked fine.ATM accepts deposits or withdrawals from either account.

opinions4u

Victor_Mildrew wrote: »

True!! But the 60million dollar Question is would they want to?

It's been done before!