Santander free forever bank account changes

eskbanker

Section62 said:

Reputation is more important long-term than annual turnover/profit.  If Santander have fouled up here, and if the media choose to make it a story, then the 'hurt' to Santander UK could be quite significant.

There was a flurry of media stories last month, and a few picked up on the small business minister writing a letter to Santander earlier this month, but I don't see any evidence of active campaigning support, etc, so it could be argued that any reputational damage has already been done, although no doubt there'd be coverage of any U-turn Santander are required to make, in the same way as last time, so that would be more egg on the corporate face....

subjecttocontract

I've mentioned before that I was affected by the class action/ group claim against West Brom Mortgages a few years back. West Brom lost the case in the Appeal Court and had to reimburse every customer that had been overcharged. The bill for compensation, interest and costs to West Brom was many £millions. I don't recall their reputation being affected at the time or since. People are either not affected or have very short memories.

I'm not a Santander business account holder but have every sympathy with those that are. I feel sure I would feel equally annoyed but I doubt there will be any negative impact on reputation should Santander win or loose.

solidpro

My cynical mind has resigned to waiting until September when many influencers and MPs return from holidays and get back on their horses. When the fees are introduced in October there is certain to be another round of teeth-knashing and wailing, along with all of us jibbering on about the FOS responses to each and every escalation.

And if every opportunity is lost, I am closing 3 Santander business accounts (1 fee paying), 2 current accounts (fee paying), 2 children's accounts and 2 credit cards. I'll probably move business accounts to HSBC or some disruptive newcomer, the children have accounts elsewhere - Santander's loss as the children, as adults, are likely to stick with those banks rather than Santander), I have better credit cards with other companies with better perks and the rest can go to Coutts.

It's dog eat dog out there. Lunch is for wimps and all that. But Santander clearly are not to be trusted redifining the term 'forever' like they're Dr Johnson.

subjecttocontract

Wether you stay, go, open or close your accounts any loss to Santander is unlikely to have an affect on them. The only real effort will be on your part. Individual action won't achieve much, if anything.

fest0r

subjecttocontract said:

Wether you stay, go, open or close your accounts any loss to Santander is unlikely to have an affect on them. The only real effort will be on your part. Individual action won't achieve much, if anything.

I'm not sure if you're trying to stop individuals from taking action, or you actually believe what you're saying, but I have a question. Do you vote?

GeoffTF

I have a Santander personal account. I am getting good service, and I am not even considering moving my account. I do not expect that I am alone in that regard. I expect that only a few malcontents will move accounts that are not affected by this.

subjecttocontract

fest0r said:

subjecttocontract said:

Wether you stay, go, open or close your accounts any loss to Santander is unlikely to have an affect on them. The only real effort will be on your part. Individual action won't achieve much, if anything.

I'm not sure if you're trying to stop individuals from taking action, or you actually believe what you're saying, but I have a question. Do you vote?

Neither, I'm expressing my opinion on a public forum, I don't expect everyone to agree with me and I'm not going to take a different view to keep you happy.

fest0r

subjecttocontract said:

fest0r said:

subjecttocontract said:

Wether you stay, go, open or close your accounts any loss to Santander is unlikely to have an affect on them. The only real effort will be on your part. Individual action won't achieve much, if anything.

I'm not sure if you're trying to stop individuals from taking action, or you actually believe what you're saying, but I have a question. Do you vote?

Neither, I'm expressing my opinion on a public forum, I don't expect everyone to agree with me and I'm not going to take a different view to keep you happy.

So, you're not trying to stop people taking action and you don't believe what you posted?

As you refused to answer the voting question, how about another one. If you're so negative about an individual's actions, why go to the effort of creating the post?

Smurrfmo

Reminder for those coming here trying to work out what to do and who are affected by Santander's plans to charge for business bank accounts sold as free forever: ignore the sometimes pro-Santander noise and make sure that you : 1. Complain to Santander and get a complaint reference number and 2. Register a complaint with the Financial Ombudsman service.  In doing so you will be helping to get this issue resolved.

Lightning360

Again, people who try to manage other's expectations aren't necessary "pro-Santander". 

They aren't wrong that someone moving all of their Santander accounts away (including personal accounts) will have basically no impact on Santander, and will just impact the user, potential negatively if their new bank gives them less interest, cashback etc. It's important to remember this