MSE News: HSBC axes free banking for 100,000s of small businesses

Former_MSE_Darryl

"HSBC is ending fee-free banking for hundreds of thousands of small business customers from September...."

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HSBC axes free banking for 100,000s of small businesses



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stclair

I wonder whether their will be a u turn abit further down the line like Santander.

ses6jwg

The main reason Santander U turned is because they used to pitch it as "free banking forever". - it was plastered all over the promotional literature.



Were HSBC doing the same thing?

marmitemayhem

bl**dy annoying as I was with Santander and moved to HSBC when Santander threatened to stop free business banking (and logged an FSA case against them) - but my move was done before they u-turned so I stayed with HSBC.

So now I can't move back either

Still - got £100 cash from Santander as an apology.

As a small business, we only get 2-3 invoices a month and we transfer directly into personal savings. We need business bank account to it is "legit" and has a "Business name" on the account.

So paying an lot for sod all

Orford

"This will provide customers with clearer, more transparent pricing, making it easier for them to manage their costs."

Typical weasel quote. How exactly is it easier to manage costs by charging for something that was previously free.

PaulW922

Whilst appreciating that for many it is an extra cost they don't want, £5-50 a month for business banking is still a pretty good deal. We have come to expect free banking in the UK - in reality most of us whether personal or business customers, don't really get that and never have done. We just pay in different ways.

kanimisso99

marmitemayhem wrote: »

bl**dy annoying as I was with Santander and moved to HSBC when Santander threatened to stop free business banking (and logged an FSA case against them) - but my move was done before they u-turned so I stayed with HSBC.

So now I can't move back either

Exactly the same for me. I moved from Santander to HSBC in August last year, and now moved to Metrobank. Their Switcher Account is free for the first year, and continue to be so from 2nd year on if your balance is £2000 or more. They are a newcomer and need to gain customer base, so I think thier free banking lasts longer than others

Grade_A_Reject

Metrobank looks good but the account has to be opened in branch and they only have branches in the London area.

Cornwall2000

we have another thread discussing any free alternatives here

Billyoo

They attract you with free banking AS LONG AS you only transact online - Fine, that's the deal. They still have my money and don't pay any interest.
Then once you are locked in they hit you with £5.50 per month for doing SFA.
Their letter just said:
'... if you don't accept these changes we will just close your account....'
ie. Tough!!
Have 'complained' and just closed my account in protest.
Reply to my complaint was:
'...Having reviewed your letter, I have closed your Business AC with immediate effect. I hope I have answered your complaint. ...' ????
Usual complete avoidance in answering my actual issue(s)!!
They are just trying to make (even) more money to pay their fat cat bonuses, with no regard to actual customers.
I will actively NOT recommend them!!!

Wywth

Billyoo wrote: »

They attract you with free banking AS LONG AS you only transact online - Fine, that's the deal. They still have my money and don't pay any interest.
Then once you are locked in they hit you with £5.50 per month for doing SFA.
Their letter just said:
'... if you don't accept these changes we will just close your account....'
ie. Tough!!
Have 'complained' and just closed my account in protest.
Reply to my complaint was:
'...Having reviewed your letter, I have closed your Business AC with immediate effect. I hope I have answered your complaint. ...' ????
Usual complete avoidance in answering my actual issue(s)!!
They are just trying to make (even) more money to pay their fat cat bonuses, with no regard to actual customers.
I will actively NOT recommend them!!!

How are you locked in? :huh:
Ditch & switch

In fact they took your complaint as wishing to ditch anyway ... so they've already got you on your way