RBS revised business banking fees

[ruggedscotty]

People are not daft - they wont spend their savings its just that savings will move over to fee free methods - investments bonds etc - anything to keep your standing amount low. then you wont be charged a lot as you wont have enough of a balance to warrant that.

Some folks may look towards other ways to deal with cash that doesn't involve banks. im pretty sure there are enough start up ideas in the ring on that one.

Banks have had it way too easy - finance sector is changing now and they are going for any way that they can make money. So many ways they used to make a profit on us, but now that's slowly turning. so they will want to make up the short fall.....

[sidicks]

ruggedscotty said:

People are not daft - they wont spend their savings its just that savings will move over to fee free methods - investments bonds etc - anything to keep your standing amount low. then you wont be charged a lot as you wont have enough of a balance to warrant that.

Some folks may look towards other ways to deal with cash that doesn't involve banks. im pretty sure there are enough start up ideas in the ring on that one.

Banks have had it way too easy - finance sector is changing now and they are going for any way that they can make money avoid losing money. So many ways they used to make a profit on us make a profit to offset the costs of all the free services they used to provide but now that's slowly turning. so they will want to make up the short fall.....

Corrected that for you!

[All that jazz]

Simpo Two said:

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...

Easy enough to do with personal accounts but becomes rather more complex with business accounts, depending on the nature of your business and your average balance. Not really workable.

I've had my business account with Santander for years and it's still free. 99% of my transactions are electronic but on the odd occasion that I have to deal with cash or cheques it's easy enough to stick them in a deposit envelope and shove them in an ATM. I'm well aware that Santander has a shocking reputation for competency but I have a few different accounts with them and never had any issues personally. I think there's a charge for new business accounts now though, pretty sure I recall reading something about it a few years ago.

[Jockman]

All that jazz said:

Easy enough to do with personal accounts but becomes rather more complex with business accounts, depending on the nature of your business and your average balance. Not really workable.

I've had my business account with Santander for years and it's still free. 99% of my transactions are electronic but on the odd occasion that I have to deal with cash or cheques it's easy enough to stick them in a deposit envelope and shove them in an ATM. I'm well aware that Santander has a shocking reputation for competency but I have a few different accounts with them and never had any issues personally. I think there's a charge for new business accounts now though, pretty sure I recall reading something about it a few years ago.

Well done for getting the free account !!

Santander reputation used to be poor. I think it may have moved up the customer service ladder in the last few years and I've found them very efficient with my 123 Accounts.