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

MKBS

bundly wrote: »

Well, today I ALSO received the chequebook and paying in book for the new HBSC business account that I have only just opened to replace the Santander one (cos HSBC don't charge) so now I am in a quandary -- what should I do? Go ahead and transfer all my bill payments over, and spend time learning a new interface for my inline banking, or stick with Santander?

Any advice?

HSBC charge for more than five cheques per month in/out, which makes Santander cheaper, for my usage. I've always held more than one personal account, mainly as insurance against ATM networks not working.

It's interesting that Santander claim their fixed fee account is award winning...

bundly

MKBS wrote: »

HSBC charge for more than five cheques per month in/out, which makes Santander cheaper, for my usage. I've always held more than one personal account, mainly as insurance against ATM networks not working.

It's interesting that Santander claim their fixed fee account is award winning...

I never receive or write cheques, or use ATMs . I was wondering if there was any benefit to keeping the hsbc a/c as well..

Paulgonnabedebtfree

MKBS wrote: »

HSBC charge for more than five cheques per month in/out, which makes Santander cheaper, for my usage. I've always held more than one personal account, mainly as insurance against ATM networks not working.

It's interesting that Santander claim their fixed fee account is award winning...

Must have been the same judges that gave Slartibartfast an award for designing Norway's fiords.

tim441

well done... and thanks for all those that supported the effort with complaints to bank, MPs and ombudsman.

I hope those that were willing to rollover have seen the error of their ways!

janusdesign

bundly wrote: »

I never receive or write cheques, or use ATMs . I was wondering if there was any benefit to keeping the hsbc a/c as well..

in a similar position myself - never write cheques but do receive a handful per year..

i'll probably keep things as they are - main banking with Santander and keep hsbc as somewhere to bank cheques - branch is just around the corner and fed up waiting a week for cheques to clear when I post them to Santander.

checking balances with Santander online is easy, but with HSBC you have to use that stupid six-digit device.

it'd be annoying to close the hsbc account and then have to reopen it at a later time if/when Santander change the transaction limits or some other change to the account... i've got 6 months free banking with HSBC and then it switches to Business Direct, so it should be ok on that front.

denisiw

I've just received the "as you are" letter from Santander. I would have moved my account if we had been unsucessful in pursuit of the status quo. Thankfully I don't have to do any more now.

Great result. Thanks again to all those who bothered to kick up a fuss about this.

Denis

bundly

I'd also like to express my gratitude to all those who supported the effort with complaints to bank, MPs and ombudsman.

Thanks to you I can continue with Santander. As Janus said, there is a stupid little keyring thing with a long number you have to generate to log into HSBC and oldies like myself hate learning new interfaces.

I wonder how long I can keep the HSBC account open if I never put any money in it?

satokari

Santander yesterday sent me a letter saying that I can continue to receive free business banking and that it will remain as it has in the last few years.
I am not sure why, but they I had let them know that I was thinking of changing my provider, maybe that was a factor.

madonnamustache

MKBS wrote: »

HSBC charge for more than five cheques per month in/out, which makes Santander cheaper, for my usage. I've always held more than one personal account, mainly as insurance against ATM networks not working.

It's interesting that Santander claim their fixed fee account is award winning...

Also - HSBC charge for each payment received that comes from abroad - that is on top of any intermediary bank charges. Outrageous!

CarolynCh

madonnamustache wrote: »

Also - HSBC charge for each payment received that comes from abroad - that is on top of any intermediary bank charges. Outrageous!

There will always be a charge at both ends for a foreign payment (I think there might be exceptions with Euros within the EU). It is up to the person sending the payment to say if they want to pay either or both of these charges when they send the payment. If you make it clear in your terms/on your invoice that all bank charges must be paid by the person sending the payment then you should be OK (if your customer follows your terms of course). We rarely have a charge taken off by HSBC as our customers pay at their end.