RBS revised business banking fees

[malks222]

dunno if anyone else is in the same boat, but got a letter through yesterday telling me that they are 'simplifying' the charges/fees on business bank accounts and will change in middle of September.

I've been with RBS for going on 4 years, had the first 2 with zero charges, then into year 3 they started charging £5/month for the business account. I'm lazy, couldn't be bothered to change, quite liked the app and it worked well, so stuck with it.

But now the new charges are coming to play it looks like I could be paying quite a bit in charges! I know due to interest rates a lot of banks will probably start going down this route.

Is anyone else unhappy about the changes and looking to move? if so, where do I go?!?!

[Zoon]

Bank of Scotland?
I've not paid any fees for 15 years+.

[Ean218]

Zoon said:

Bank of Scotland?
I've not paid any fees for 15 years+.

Me too, until last October, account is now closed...

[AyBee]

This was on the news this morning - the general consensus seemed to be that it was a bit of a scare due to the BoE potentially reducing interest rates. Vote with your feet - for every bank that tries to charge customers, there'll be another one not charging them in order to gain business/deposits.

[AdeTuono]

Ean218 said:

Zoon said:

Bank of Scotland?
I've not paid any fees for 15 years+.

Me too, until last October, account is now closed...

Same here; had two accounts, one largely unused with a token balance just to hold it open. Month's charge took it into O/D, so closed it down.

[ruggedscotty]

This is just the start of it.

The profits made in other areas bankrolled other parts of the business, now those services need to be paid for, and this is whats happening. It starts with business accounts but thats the start. get used to the fees. as thats where its heading. Once RBS start doing it the rest will follow suit. None of this banks will gain customers through this, if one bank can make money then they will all do it.

Banking is changing, the way it operates and how it links in with private and business will alter, it has to.

[condor]

I've banked with RBS for many years and am happy with their service to date. However I'm about to open a second current account with the TSB, as I might shut down the RBS account if they start charging for in credit accounts. TSB are offering 5% interest for the first £2000 which is far better than being penalised for being in credit.

[ruggedscotty]

another bank announces they are going to start charging.... they will all be doing it soon

[malks222]

I agree that over time (unless interest rates start going up) that they will have to start charging for banking, and ever personal banking will start to get charged. but in the short term I'll look at options to minimise the costs.

I reckon I'll be charged less than £10 a month, but its still annoying.

[hairyben]

Been with RBS 15 years - had an A+L account before and needed to withdraw £2k one day which they were determined to prevent, upshot was account was closed in a fit and I needed banking urgently and only RBS could have an account running inside a week. Since then though the £5 monthly fee has more than doubled and the other month I went a bit overdrawn (not unauthorised) got stung for £20 in fee's and interest that month.

Really loath to swap accounts as lots of customers have my banking details but RBS today seem determined to get rid of their customers - they hate them so much they were even trying to move me to santander a little while ago!

So any tips for the best account for me? Not worried about nonsense like rewards or within reason fee's, just someone with good representation for banking cheques/sorting out problems I can just not worry about and can use and stay with long term.

[ruggedscotty]

They tried to move you to Santander a while back as thye were offloading part of the business - nots all is clear cut and crystal in the banking world.

[Simpo Two]

ruggedscotty said:

another bank announces they are going to start charging.... they will all be doing it soon

If/when they do it on domestic current accounts - now that will be a game changer. Who would keep their money in a bank if all you do is lose some each month? I predict a boom in mattress and floorboard sales...

[ruggedscotty]

The banks all circle each other just waiting on the next best thing to obtain money. Id say that you will find cash machines charging soon, and any switch transaction having a cost to the customer. It will be gradual and sneaked in but it will be - you think on the number of transactions a day or withdrawls and then add a fee to each one. that is a lot of money that is just not being taken advantage of - they will dress it up somehow.....

[surveyor]

hairyben said:

Been with RBS 15 years - had an A+L account before and needed to withdraw £2k one day which they were determined to prevent, upshot was account was closed in a fit and I needed banking urgently and only RBS could have an account running inside a week. Since then though the £5 monthly fee has more than doubled and the other month I went a bit overdrawn (not unauthorised) got stung for £20 in fee's and interest that month.

Really loath to swap accounts as lots of customers have my banking details but RBS today seem determined to get rid of their customers - they hate them so much they were even trying to move me to santander a little while ago!

So any tips for the best account for me? Not worried about nonsense like rewards or within reason fee's, just someone with good representation for banking cheques/sorting out problems I can just not worry about and can use and stay with long term.

I think.... that those who were off to Santander are now off to Williams and Glynn

Although W&G are to be owned by RBS until it is floated off....

My issue is internet banking. They have a fine system of running me around in circles.... Forms that seem to produce more forms.... it's really good fun.

[ruggedscotty]

W&G wont be turned into a stand alone challenger bank, its going to be sold off....

[surveyor]

ruggedscotty said:

W&G wont be turned into a stand alone challenger bank, its going to be sold off....

Old news. It's going to be scrapped.... Santander back in the picture for some branches....

[CAPP0]

I was going to post about this. I received a letter stating that they "could" decide to charge interest on credit balances. WTF? That's utterly absurd, surely? Won't I and everyone else just hoik the money out and stash it elsewhere? And the how will the banks operate?


Photo of letter:

[jonah35]

CAPP0 said:

I was going to post about this. I received a letter stating that they "could" decide to charge interest on credit balances. WTF? That's utterly absurd, surely? Won't I and everyone else just hoik the money out and stash it elsewhere? And the how will the banks operate?


Photo of letter:

No. Where would you stash it?

Would you really care if they charged you £10pa per £10k?

[mjb1]

CAPP0 said:

I was going to post about this. I received a letter stating that they "could" decide to charge interest on credit balances. WTF? That's utterly absurd, surely? Won't I and everyone else just hoik the money out and stash it elsewhere? And the how will the banks operate?


Photo of letter:

I think it's just a warning that if rates do go negative they'll apply that to credit balances.

It's all well and good saying that everyone will just withdraw all their money and keep it under the mattress, but these days we are totally dependent on electronic transfers and payments. It's practically impossible to trade/live without a bank current account. Of course if rates do go -ve and we end up keeping our money as hard cash, then the counter services in the branches will suddenly get busy again with people paying bills etc via cash.

[Simpo Two]

jonah35 said:

Would you really care if they charged you £10pa per £10k?

That's only 0.001% interest. Negative interest rates would be more like 0.5% I suspect. So unless you take your money out you get poorer. It may not be practical to keep it under the mattress but it might encourage people to spend their savings - not good for long term.