Santander free forever bank account changes

GeoffTF

Futuristic said:

Renfrewman said:

Looking at the Santander share price for the last 12 months there doesn't seem to be a negative reaction, If anything it has been very positive

They have grown massively abroad but criticised the UK market and profit from here is much lower I believe. But even if every single person went to FOS, it would not even matter to their share price/holders. 

Free UK business banking is a very small part of Santander's global business. Even if the FOS rules against them, it is just the status quo. Some mostly unprofitable customers will have left, but that is about it. If the FOS rules in their favour, they will collect monthly fees from the customers who remain, and also lose some mostly unprofitable customers. There may not be a big impact on the bottom line in either case. Investors will be focusing on the branch closures, staff cuts and the freezing of staff pay.

fest0r

Please remember to ignore obvious bait from shareholders and trolls. It's not worth your time.

GeoffTF

fest0r said:

Please remember to ignore obvious bait from shareholders and trolls. It's not worth your time.

I will try.

Futuristic

fest0r said:

Please remember to ignore obvious bait from shareholders and trolls. It's not worth your time.

It's funny you think anyone who writes somewhat positive is a troll or shareholder whilst the guys who think they know the FOS inside out writing several pages worth of crystal ball whilst not even being a Santander (business) customer is all good. 

Renfrewman

Share value almost doubled in 12 months....go Santander!

JuicyJesus

amyfairweather said:

Image 2, Abbey National Business

There is a superscript 1 on "Free Banking Forever" which indicates there is a footnote referring to that claim. What does it say?

amyfairweather

amyfairweather said:

Image 4, Abbey National Business

The footnote points to this text above (under Bank Account Tariffs).

amyfairweather

Futuristic said:

fest0r said:

Please remember to ignore obvious bait from shareholders and trolls. It's not worth your time.

It's funny you think anyone who writes somewhat positive is a troll or shareholder whilst the guys who think they know the FOS inside out writing several pages worth of crystal ball whilst not even being a Santander (business) customer is all good. 

What if Santander had offered you "1,000 free shares per annum forever" as long as you operated within specific transaction limits?

Would you now be a bit miffed if they decided to withdraw that offer on a T&C technicality?

Remember, Santander themselves were offering these "free forever" business accounts up until 2009/10.  This is not just a leftover from the Abbey/A&L days.

solidpro

GeoffTF said:

Free UK business banking is a very small part of Santander's global business. Even if the FOS rules against them, it is just the status quo. Some mostly unprofitable customers will have left, but that is about it. If the FOS rules in their favour, they will collect monthly fees from the customers who remain, and also lose some mostly unprofitable customers. There may not be a big impact on the bottom line in either case. Investors will be focusing on the branch closures, staff cuts and the freezing of staff pay.

There is a voice in the back of my head saying "this message is sponsored by Santander - a fair, free and low cost bank, who always play it straight."

Lightning360

solidpro said:

GeoffTF said:

Free UK business banking is a very small part of Santander's global business. Even if the FOS rules against them, it is just the status quo. Some mostly unprofitable customers will have left, but that is about it. If the FOS rules in their favour, they will collect monthly fees from the customers who remain, and also lose some mostly unprofitable customers. There may not be a big impact on the bottom line in either case. Investors will be focusing on the branch closures, staff cuts and the freezing of staff pay.

There is a voice in the back of my head saying "this message is sponsored by Santander - a fair, free and low cost bank, who always play it straight."

They aren't wrong though. Whatever happens with this will be basically irrelevant for Santander