Buisiness owners an oportunity to give your opinions!
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Once there are a few offerings I will disclose a tale or too of devious bank practices that arthur daley would be proud of,and they are getting worse! I wont name the bank but will wait until there are a few offerings to see if Im overeacting I think to the contrary!
Its no wonder banking is the most derided profession Ive been in buisiness 25yrs and am shocked!God help us.
G
Its no wonder banking is the most derided profession Ive been in buisiness 25yrs and am shocked!God help us.
G
Is it similar to our bank taking away the online banking facility because they were unhappy that we were an engineering firm (so classed us as "high risk") and then charged £50 per wage paid via them because we had to do it through their admin as the online facility was taken away ? Ended up costing us £500 per week 
This is despite the bank manager claiming "Don't worry, we will not charge you as it's us acting cautiously during the economic downturn".
Classed as High risk because we were doing 75% of our work for one company
This is despite the bank manager claiming "Don't worry, we will not charge you as it's us acting cautiously during the economic downturn".Classed as High risk because we were doing 75% of our work for one company
It was 75% for 2 months because they had a huge order come in, typically they accounted for 40% of the work, but the company we were doing the work for was in a very strong position as the bank later agreed on. We informed the bank of the situation prior to taking the work on and they said it was ok, then changed their mind three weeks later.
I guess we could have turned the work down and closed the company down instead
I guess we could have turned the work down and closed the company down instead
We went the personal guarantee route in the end, but they still f
ked us about for a few weeks after that.
Funnily, the recession didn't harm us, it was the bank that almost closed us.
As for the percentages, unfortunately there are not many engineering companies (2nd tier) in the UK anymore, so we are limited to those that have survived via joining together (We do work for 2 large groups, and 4 smaller companies) hence the high percentages and the quick fluctuations if one company offers a large amount of work.
Good thing is that we made it through though, and are currently looking for an alternative bank
ked us about for a few weeks after that.Funnily, the recession didn't harm us, it was the bank that almost closed us.
As for the percentages, unfortunately there are not many engineering companies (2nd tier) in the UK anymore, so we are limited to those that have survived via joining together (We do work for 2 large groups, and 4 smaller companies) hence the high percentages and the quick fluctuations if one company offers a large amount of work.
Good thing is that we made it through though, and are currently looking for an alternative bank
Tsippy said:
We went the personal guarantee route in the end, but they still fked us about for a few weeks after that.
Funnily, the recession didn't harm us, it was the bank that almost closed us.
As for the percentages, unfortunately there are not many engineering companies (2nd tier) in the UK anymore, so we are limited to those that have survived via joining together (We do work for 2 large groups, and 4 smaller companies) hence the high percentages and the quick fluctuations if one company offers a large amount of work.
Good thing is that we made it through though, and are currently looking for an alternative bank
Wouldn't it be fair to say they are all much of a muchness though?ked us about for a few weeks after that.Funnily, the recession didn't harm us, it was the bank that almost closed us.
As for the percentages, unfortunately there are not many engineering companies (2nd tier) in the UK anymore, so we are limited to those that have survived via joining together (We do work for 2 large groups, and 4 smaller companies) hence the high percentages and the quick fluctuations if one company offers a large amount of work.
Good thing is that we made it through though, and are currently looking for an alternative bank
Reading between the lines in a conversation with a customer recently, the banks are doing some very sneaky things indeed.
The customer had a big chunk of his overdraft cut. Now at this point one could debate the long term implications of rolling overdraft agreements, but they existed for many businesses (and formed the mainstay of the bank's business income) for years if not decades and were a fact of life, until recently.
The funding shortfal created by the overdraft cut was 'filled' using a factoring agreement. This gave the bank a higher rate of return (nice), but also took the risk off their balance sheet (reducing their liability and freeing up capital) and put them more firmly in the driving seat. the trouable was, that the factoring people could never be arsed to manage the debtors properly and would class anything over 30 days as 'delinquent' thereby demanding back any cash already advanced. The customer tells me it created them more admin than managing their own debtor book and cost them a small fortune into the bargain. bds.
The customer had a big chunk of his overdraft cut. Now at this point one could debate the long term implications of rolling overdraft agreements, but they existed for many businesses (and formed the mainstay of the bank's business income) for years if not decades and were a fact of life, until recently.
The funding shortfal created by the overdraft cut was 'filled' using a factoring agreement. This gave the bank a higher rate of return (nice), but also took the risk off their balance sheet (reducing their liability and freeing up capital) and put them more firmly in the driving seat. the trouable was, that the factoring people could never be arsed to manage the debtors properly and would class anything over 30 days as 'delinquent' thereby demanding back any cash already advanced. The customer tells me it created them more admin than managing their own debtor book and cost them a small fortune into the bargain. b
ds.Ok now Ill throw my hat in the ring takes deep breath...
This is a true story of one customer and a (1) Bank,a bank that after a company trading record of 17yrs asks a meeting to renew a small o/d facility even though its not expired,when the director of the company reads the small print of the "new" facility discovers many unaceptble new "any money" clauses so wont sign to renew as its not expired yet anyway,on the back burner is a property purchase (commercial) deal with the same bank with accepted offer letter recieved for quite a chunk of money,said bank decide to blackmail the director by saying if you dont sign or pay off the small facility they may not do the other deal,bank get told "no" bank then thinks hmmmm (as been shown another mortgage offer)and say "we will still do it as you are so far down the line with us you will loose the purchase if you start again we will complete quicker?" So when quizzed over the small o/d advance they say "Thats fine weve got around that now".Deal gets slow vendor goes wobbly bank insist all is ok.....some time goes by offer letter expires bank reneges on deal and offer EXACTLY the small o/d less as an advance and 0.75 on the rate oh and chops 3yrs of the term! nice...to cap it all after the deal is done guess what they (the slimy double dealing pieces of st) call in the o/d any way.
This is a bank that agrees to fund 5 shops and 5 flats all with long term tennants agrees the deal all get going with solicitors and valuers searches ect ect,this is for a lot of money again drag their heels again wait for offer to expire then this time pull out completely stating change of underwriting criteria we (the company) find a new lender but too late its been sold from under us.
Guess who bought it? Yes you guessed it B****ys funking B**K pension fund what a quality outfit just unbeliveable double dyed lying dogs, anyway sorry to bore everyone but I had to write this somewhere rather here than a news paper thanks for listening,sorry for other people in similar problems.This time next year well all be millionaires LOL
G
This is a true story of one customer and a (1) Bank,a bank that after a company trading record of 17yrs asks a meeting to renew a small o/d facility even though its not expired,when the director of the company reads the small print of the "new" facility discovers many unaceptble new "any money" clauses so wont sign to renew as its not expired yet anyway,on the back burner is a property purchase (commercial) deal with the same bank with accepted offer letter recieved for quite a chunk of money,said bank decide to blackmail the director by saying if you dont sign or pay off the small facility they may not do the other deal,bank get told "no" bank then thinks hmmmm (as been shown another mortgage offer)and say "we will still do it as you are so far down the line with us you will loose the purchase if you start again we will complete quicker?" So when quizzed over the small o/d advance they say "Thats fine weve got around that now".Deal gets slow vendor goes wobbly bank insist all is ok.....some time goes by offer letter expires bank reneges on deal and offer EXACTLY the small o/d less as an advance and 0.75 on the rate oh and chops 3yrs of the term! nice...to cap it all after the deal is done guess what they (the slimy double dealing pieces of s
t) call in the o/d any way.This is a bank that agrees to fund 5 shops and 5 flats all with long term tennants agrees the deal all get going with solicitors and valuers searches ect ect,this is for a lot of money again drag their heels again wait for offer to expire then this time pull out completely stating change of underwriting criteria we (the company) find a new lender but too late its been sold from under us.
Guess who bought it? Yes you guessed it B****ys funking B**K pension fund what a quality outfit just unbeliveable double dyed lying dogs, anyway sorry to bore everyone but I had to write this somewhere rather here than a news paper thanks for listening,sorry for other people in similar problems.This time next year well all be millionaires LOL
G
Edited by Gary11 on Thursday 12th August 22:07
anonymous said:
[redacted]
k you Im all right jack, remember the ethos of small buisness we have to keep dealing a concept lost of the worthleSS bankers of 2Edited by Gary11 on Friday 13th August 10:18
Gary11 said:
anonymous said:
[redacted]
k you Im all right jack, remember the ethos of small buisness we have to keep dealing a concept lost of the worthless dogs called bankers of 2010.All the comparisons with nigeria and hyenas typifies the image of buisiness banking these days.Hardly the substance of our emergance from reccession,all based on eggshells then.I wouldnt court a banker over lunch ever again those days are gone IMO.
Edited by Gary11 on Thursday 12th August 18:46[/footnote]
[footnote]Edited by Gary11 on Thursday 12th August 19:00Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff