Santander free forever bank account changes

Hoenir

Customers that complain cost them money. Even more reason to terminate the relationship. No love lost when it comes to business. 

Hoenir

Emmia said:

It's a nuclear option though.

Commercial option. Banks aren't charities

born_again

climpies said:

Just got a letter in the post that Santander are changing my business account to £9.99 a month. I've had it a very long time and remember Santander trying this move before only to be told they can't because the original sign up material pushed it as being free forever.

Does anyone have any thoughts?

Same way they are removing 123 lite account.
90 day notice of variation of terms.

mattgod69

I got the same letter today.... initially thinking about Starling or Monzo..... i still have the Free Banking Forever letter, but it was Abbey National then.... do you think they can wriggle of out of it due to this?

punto123

Given, they tried last time and had to reserve, I have made a complaint, obviously they're likely to not change there mind at first, you can then get a deadlock letter and take them regulator, which I am sure cost them money, when you go to the regulator

Hoenir

punto123 said:

Given, they tried last time and had to reserve, I have made a complaint, obviously they're likely to not change there mind at first, you can then get a deadlock letter and take them regulator, which I am sure cost them money, when you go to the regulator

This is a business not a consumer matter.  Contractually they can simply give notice and terminate the relationship. 

biwmares

I have a free banking forever business account taken out in 2001 when it was Abbey National. Santander took over Abbey Nat in 2003 and kept these accounts going until 2012 when they tried unsuccessfully, due to the uproar, to introduce charges. I still have the original marketing material and also a letter from Santander's Head of Business Banking sent out in 2012 after they'd backed down assuring me that I could continue with their free product. No time limit on this was specified and I have this account today and have also received a notice of charging letter. I have already lodged a complaint citing breach of contract and that I will go to the appropriate regulator and let the FSB know what's happening. We all need to complain.The exact wording in the marketing was " free banking indefinitely".

HillStreetBlues

biwmares said:

I have a free banking forever business account taken out in 2001 when it was Abbey National. Santander took over Abbey Nat in 2003 and kept these accounts going until 2012 when they tried unsuccessfully, due to the uproar, to introduce charges. I still have the original marketing material and also a letter from Santander's Head of Business Banking sent out in 2012 after they'd backed down assuring me that I could continue with their free product. No time limit on this was specified and I have this account today and have also received a notice of charging letter. I have already lodged a complaint citing breach of contract and that I will go to the appropriate regulator and let the FSB know what's happening. We all need to complain.The exact wording in the marketing was " free banking indefinitely".

One thing I would say is " indefinitely" isn't the same as "free forever"

Section62

Hoenir said:

punto123 said:

Given, they tried last time and had to reserve, I have made a complaint, obviously they're likely to not change there mind at first, you can then get a deadlock letter and take them regulator, which I am sure cost them money, when you go to the regulator

This is a business not a consumer matter.  Contractually they can simply give notice and terminate the relationship. 

Though for Santander shareholders sake you'd hope someone would consider the optics of debanking small businesspeople as a way of weaselling out of a "free banking forever" promise (again).

Hoenir

Section62 said:

Hoenir said:

punto123 said:

Given, they tried last time and had to reserve, I have made a complaint, obviously they're likely to not change there mind at first, you can then get a deadlock letter and take them regulator, which I am sure cost them money, when you go to the regulator

This is a business not a consumer matter.  Contractually they can simply give notice and terminate the relationship. 

Though for Santander shareholders sake you'd hope someone would consider the optics of debanking small businesspeople as a way of weaselling out of a "free banking forever" promise (again).

Santander didn't make any promises though.  The promise died with the demise of Abbey National in the GFC and subsequent take over. All ex Abbey National business customers will have accounts operating under Santander contractual terms and conditions. A different legal entity.