HSBC increasing charges, suggestions for an alternative?

BusinessIsBusiness

polymaff wrote: »

Sorry, my ambiguous choice of word. "They only permit one business activity per account".

Indeed, how would they know? At this stage I was just interested in trying to detect all of the trip wires as early on as possible - if only to give me the time to develop work-arounds, such as a vague, all-encompassing, business descriptions. Also to evaluate just how eccentric they really are.

Its quite eccentric that you are trying to delve into the banks risk policy. The point is you cant trade as a scrap metal dealer- which requires certain registration ie with the environment agency, whilst also providing financial advice which requires FCA registration from the same account as an example. It reduces the banks risk from an AML perspective but also from providing accounts for services it deems too risky. What you described is blurry and not really the point of it because you dont understand the underlying reasons.. nor does the other person probably..

Moreover im sure the 30-40 min app time mentioned is a one size fits all, no doubt a sole trader app would be a lot quicker than an app with a Ltd complex structure involving 3x directors and a couple of employees....

Btw I dont work for RBS... :rotfl:

robtgossard

Thanks for bring it up here, I wasn’t aware of it. I make a major chunk of my payments through chq, this worries me….

Wywth

robtgossard wrote: »

Thanks for bring it up here, I wasn’t aware of it. I make a major chunk of my payments through chq, this worries me….

If you still make most payments by cheque,you might be better off simply asking to change to the HSBC small business account.

It'll only cost 68p per cheque written compared to the new price of 80p per cheque with electronic banking.

Can't you entice your suppliers to accept payment electronically? They'll get access to their money quicker, won't have to traipse off to the bank to deposit the cheques, there will be no issue of "the cheque is (lost) in the post" and it'll probably save them money in banking fees too.

I've just looked. We joined HSBC over 3 years ago after our last bank gave notice they were upping their fees. We were issued with a whopping chequebook with 100 blank cheques in. It still has 100 blank cheques in.

polymaff

It'll only cost 68p per cheque written compared to the new price of 80p per cheque with electronic banking.

On the flip-side, from 1st September:

For Small Business Account: £1.10 for the first cheque deposited, then 30p per additional cheque.

For Electronic Banking Account: £1.30 for the first cheque deposited, then 40p per additional cheque.

That is a hell of a change from FREE!

The only positive aspect is that HSBC Business customers have been given the facts. HSBC Personal customers have been given a flyer that can be paraphrased as

Your Terms, Conditions and Charges change as from 1st September. Details of these changes will be available from 1st September. If you choose not to accept these changes you have the right to close your account before the changes take effect.

Dear Oh Dear!

InsideInsurance

squowse wrote: »

So the Cater Allen looks interesting. Does anyone have experience of banking with them? How similar to Santander are they?

Cater Allen used to give accountants a lot of backhanders to get them to do referrals and so lots of contractors etc used to use them.

The couple I know had nothing but bad things to say about them but that was pre Santander's involvement. Given my opinion of Santander I doubt that they've improved things much but I could well be wrong.

darrinm81

Wywth wrote: »

Do you have a link to the place you can apply online please?

This was my original suggestion (post#3), but I can only see where to apply by phone ... and based on earlier post by one user, it didn't sound too promising, wanting 30-45mins just to send you an application form.

The RBS website isn't great however if you navigate to the Current Accounts landing page ("Business > Start-ups > Accounts > Current accounts") there is an "apply online" button.

Note that this "apply online" button does not appear on specific product pages. When applying online you need to select the Direct product in the form.

Unsure if this link will work (see right menu):
http://www.business.rbs.co.uk/afb/public/rbs/!ut/p/c5/fZLbcqowFIafxQewJJy9RA7KIRES5HTTQW1BzhUtytNvOrs3du-SXGQm__xrrXx_mISZdpN-nrP0em6btGIiJhFfVwGFwFR5IG82MjBd0ST06wqASY_FV_DLUsCTexdwIjBXOyoQUWSpzjEhEwH-lRZDx61a4FL97kLvajt7_no8jhaI5d6mHYbeyTYoabpbvq27LA3TNN2sz7Glxkmnxs2myupa6Ksuycou_6jqqk9rO2oF-LG3B1Mh7AAlZbH4O-3MPE_T7qEETAEqa7TxOaBK824gPZPaSsakOpRgCXHODvx0_1N9nnP4lcx89y99Lok5vw_n9YkN3rb1GxMzifTrK6jI-N-JPjpzLEdSjB5EoATY9wakTyfoLOQbJirvyD9g1PsKRPoVo_FkgX4FA8PTFZNPUeUtGItJzof6ZTjWL-AFCBCwosSLMs_zgOUFJiTHu6O1aNAU3-slbZiqXZoPAjLh4XVlUbarnPBuWukh5GDXJyKoXEcwZGUg_SVmL2qKsRIpbsj6SoRN9Wap3haXazb3DXLauO-3x1niNYDtNg6qI3sbc0mRCwoD8tYu3dGAaNsXh8DeLodrQsbT2GR3KV8uT6eo6n0hMAXE3RqsyejgwYvWZdMXfAb4M2j4H4B3fLAQ9vUJYIVQmWO_oIOvxRwF7Z3uB0iLkMPa2gHHb4C75Cy8Dwumq_eftu2IRH_XovEt_QPok7va/dl3/d3/L2dBISEvZ0FBIS9nQSEh/

Wywth

polymaff wrote: »

...
The only positive aspect is that HSBC Business customers have been given the facts. HSBC Personal customers have been given a flyer that can be paraphrased as

Your Terms, Conditions and Charges change as from 1st September. Details of these changes will be available from 1st September. If you choose not to accept these changes you have the right to close your account before the changes take effect.

Dear Oh Dear!

I got that flyer in my personal account statement.

It actually explains the changes.
It essentially just affects some terms such as the commonisation of terms used by other banks for things like 'Arrangement Fees' to be called 'Overdraft Set Up Fees', 'Return Fees' will be called ''Unpaid Transaction Fees', 'Debit Interest' will be called 'Overdraft Interest, etc.

Also included is the change of regulator which was effective 01 April 2013. (The FSA is no more)

Also some information relating to how they can (and can't) communicate electronically with you safely.

I don't think it'll really cause too much worry to most private customers.

The thing that will be available from 01 September, will be the complete copy of the terms of the account all in one place (if anyone is interested in some bedtime reading - most probably haven't read them before and probably won't be interested in reading them in the future).

Perhaps you didn't even read the flyer fully?

Wywth

darrinm81 wrote: »

The RBS website isn't great however if you navigate to the Current Accounts landing page ("Business > Start-ups > Accounts > Current accounts") there is an "apply online" button.

Note that this "apply online" button does not appear on specific product pages. When applying online you need to select the Direct product in the form.

Unsure if this link will work (see right menu):
http://www.business.rbs.co.uk/afb/public/rbs/!ut/p/c5/fZLbcqowFIafxQewJJy9RA7KIRES5HTTQW1BzhUtytNvOrs3du-SXGQm__xrrXx_mISZdpN-nrP0em6btGIiJhFfVwGFwFR5IG82MjBd0ST06wqASY_FV_DLUsCTexdwIjBXOyoQUWSpzjEhEwH-lRZDx61a4FL97kLvajt7_no8jhaI5d6mHYbeyTYoabpbvq27LA3TNN2sz7Glxkmnxs2myupa6Ksuycou_6jqqk9rO2oF-LG3B1Mh7AAlZbH4O-3MPE_T7qEETAEqa7TxOaBK824gPZPaSsakOpRgCXHODvx0_1N9nnP4lcx89y99Lok5vw_n9YkN3rb1GxMzifTrK6jI-N-JPjpzLEdSjB5EoATY9wakTyfoLOQbJirvyD9g1PsKRPoVo_FkgX4FA8PTFZNPUeUtGItJzof6ZTjWL-AFCBCwosSLMs_zgOUFJiTHu6O1aNAU3-slbZiqXZoPAjLh4XVlUbarnPBuWukh5GDXJyKoXEcwZGUg_SVmL2qKsRIpbsj6SoRN9Wap3haXazb3DXLauO-3x1niNYDtNg6qI3sbc0mRCwoD8tYu3dGAaNsXh8DeLodrQsbT2GR3KV8uT6eo6n0hMAXE3RqsyejgwYvWZdMXfAb4M2j4H4B3fLAQ9vUJYIVQmWO_oIOvxRwF7Z3uB0iLkMPa2gHHb4C75Cy8Dwumq_eftu2IRH_XovEt_QPok7va/dl3/d3/L2dBISEvZ0FBIS9nQSEh/

Thank-you

I couldn't find it as I'm not a new start-up and clicking 'Turnover upto £2m' instead does not give the online application option.

But it seems the same application form for all; it asks details about how long you have been trading.

Thanks again.

polymaff

Wywth wrote: »

I got that flyer in my personal account statement.

It actually explains the changes.

I take it that that's an assumption on your part. I called the number provided on Monday and asked if the leaflet's content identified all of the changes they plan to make on 1/9/13. They said that they'd get back to me.

polymaff

Wywth wrote: »

Thank-you

I couldn't find it as I'm not a new start-up and clicking 'Turnover upto £2m' instead does not give the online application option.

Another point from my chat with RBS. They suggested that using the on-line application was slower than calling them on their direct line 0800 068 5388.