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

cashisking1

deleted by user

peakoilisnow

Hi,

I have little to add except that as a small businessman (3'6" :rotfl:)
any extra costs come out of the bottom line, tax deductable or not. While I didn't really believe the "free forever" guff, as I expect banks to be slimy and devious. (see how a new cultural meme takes roots in only a few years. In the recent past Banks were thought to be icons of probity).

Yet I am still annoyed at the having to change banks. Perhaps the other poster is right that they want to get rid of people like me who only make a small amount, but nevertheless in aggregate people who move from Santander will make up a significant amount for retail banking perhaps?

Obviously this is chicken-feed compared to the ponzi schemes that they do in the global casino...which is
$1.2 Quadrillion in derivatives




or by my reckoning 200 times world annual gdp.

Sorry went a bit off topic. I shall certainly complain to let Santander know why I am changing banks.

NFH

Paulgonnabedebtfree wrote: »

It has been stated on here that if they are forced to withdraw the threat to start charging, they could alter the T & Cs by reducing the number of free cheques etc. Now when I first took this account out, I believe that the cheque limit was actually 50 (rather than the 100 it later became) and that the limit for cash and/or cheque transactions was restricted to 10 transactions per month. If those limits were breached, there would be a charge of 50p per item.

I wish all banks would impose limits and charges for cheques. I'm fed up with businesses insisting on paying me money by cheque instead of by bank transfer, which is unduly onerous on the payee. Anything to discourage this archaic and unnecessary practice would be welcome.

I do sympathise with everything else you say though.

Benster

I have also received the letter and am not pleased. I have basically no activity on the account except a few BACS receipts and BACS payments. So I would prefer not to pay any bank anything!

This being the case, is there a problem opening a normal free personal bank account? If you only receive BACS through it, then would anyone be the wiser?

Paulgonnabedebtfree

NFH wrote: »

I wish all banks would impose limits and charges for cheques. I'm fed up with businesses insisting on paying me money by cheque instead of by bank transfer, which is unduly onerous on the payee. Anything to discourage this archaic and unnecessary practice would be welcome.

I do sympathise with everything else you say though.

I would prefer all of my customers to pay by BACS. Unfortunately, that is not practical in my line of work. Although I work for companies, most of my work is for private householders. I clean their windows. I have some customers (mostly the older ones) who wouldn't know how to switch on a computer if they even owned one. They would probably feel vulnerable if they kept cash at home. So, for these customers, cheques are the best way. However, I have some companies who pay by cheque too. That seems unnecessary to me. Perhaps they just use it as a cash flow assist so that it's stays in their accounts an extra few days. Also, I've no way of knowing the trust levels required for someone in the accounts department to set up a BACS transfer. It may be that at some of these places, access would need to be given to the company bank account to effect the transfer so they prefer to get a cheque double signed instead when someone of appropriate seniority is around. Cheques can be a hassle because I scan them (6 per A4 sheet) in order to keep them recorded. I then fill in a paying in slip and have to visit the bank. The one good thing about Santander is that I can make the deposit out of hours by ATM.

Paulgonnabedebtfree

Benster wrote: »

I have also received the letter and am not pleased. I have basically no activity on the account except a few BACS receipts and BACS payments. So I would prefer not to pay any bank anything!

This being the case, is there a problem opening a normal free personal bank account? If you only receive BACS through it, then would anyone be the wiser?

If it's only a very few BACS payments, you could probably get away with that. You could be someone who has a small number of part-time PAYE jobs as far as they are concerned. I imagine a red flag would only be raised if the number of payments started to climb. Don't take my word though. I don't work in banking.

Benster

Paulgonnabedebtfree wrote: »

I would prefer all of my customers to pay by BACS. Unfortunately, that is not practical in my line of work. Although I work for companies, most of my work is for private householders. I clean their windows. I have some customers (mostly the older ones) who wouldn't know how to switch on a computer if they even owned one. They would probably feel vulnerable if they kept cash at home. So, for these customers, cheques are the best way. However, I have some companies who pay by cheque too. That seems unnecessary to me. Perhaps they just use it as a cash flow assist so that it's stays in their accounts an extra few days. Also, I've no way of knowing the trust levels required for someone in the accounts department to set up a BACS transfer. It may be that at some of these places, access would need to be given to the company bank account to effect the transfer so they prefer to get a cheque double signed instead when someone of appropriate seniority is around. Cheques can be a hassle because I scan them (6 per A4 sheet) in order to keep them recorded. I then fill in a paying in slip and have to visit the bank. The one good thing about Santander is that I can make the deposit out of hours by ATM.

Hi, I pay my window cleaner by cheque- but it's no business title- its just his name and I reckon he just puts it into his personal current account.

Hbomb2

I took out my business account through Abbey under business banking for life. Santander are a dreadful bank - the service is always appalling but as the service was free I was prepared to put up using them as a money transmission service only. I called today to complain as like everyone else free banking for life seems to imply to me exactly that but regrettablly the banks never keep to their side of the bargain and alter the goal posts and as a business they are the lowest form of life lacking any kind of honesty and integrity. I called Santander and their arrogance was unbelieveable and despite my protests they said nothing would change, they can change the T&Cs and charges at any time and there would be no exceptions. I'm surprised for instance that you will be able to pay in money at the post office - why not a Santander branch? Anyway as a sole trader I don't need a business bank account and will switch to a personal current account to run my small business. At a time of recession Santander seem to want to make it even more difficult for small businesses to survive. I hope one day that they plunder as it will be what they deserve.

Paulgonnabedebtfree

Hbomb2 wrote: »

I took out my business account through Abbey under business banking for life. Santander are a dreadful bank - the service is always appalling but as the service was free I was prepared to put up using them as a money transmission service only. I called today to complain as like everyone else free banking for life seems to imply to me exactly that but regrettablly the banks never keep to their side of the bargain and alter the goal posts and as a business they are the lowest form of life lacking any kind of honesty and integrity. I called Santander and their arrogance was unbelieveable and despite my protests they said nothing would change, they can change the T&Cs and charges at any time and there would be no exceptions. I'm surprised for instance that you will be able to pay in money at the post office - why not a Santander branch? Anyway as a sole trader I don't need a business bank account and will switch to a personal current account to run my small business. At a time of recession Santander seem to want to make it even more difficult for small businesses to survive. I hope one day that they plunder as it will be what they deserve.

I simply hoipe that the MD of Santander gets a boil up his bum and it never bursts.

nanajanet

Just come off the phone re the new charges. We were already paying £15 a month but with their 'suggested' tarrif plus fees for what we banked last month our fees wil go up by 200% to £45. I've registered a complaint but thought you'd be entertained by what Dennis the first guy I spoke to suggested.
'why don't you pay your money into a savings account and just transfer over any money you might need, then youd not pay any fees'
As savings are linked to current accounts I thought he needed to be outed as an idiot.
I'm looking forward to the reply re the complaint.