Santander reneges on promise to offer free banking for life to business customers

[kingcook]

Santander reneges on promise to offer free banking for life to business customers | This is Money

[Contreras]

Santander reneges on promise to offer free banking for life to business customers | This is Money

Thank's for the heads up kingcook.

There's more here:

Santander says there's no exact date yet for when customers will be transferred onto the new fee paying-account, although the change will happen later this year.

It has notified customers by letter that the changes will be taking place and it says it will write to customers again 60 days before the change takes place to let customers know when it's happening.

Santander to charge for 'free' business accounts

[AtW]

Well, it costs money to provide services - they were stupid to promise free for life, but whoever believed that is very naive at best.

[escapeUK]

Glad I stopped Natwest from giving my account to Santander (by order of government bailout). Would rather pay someone I want to be with, than be moved to someone "free" who I dont want to have anything to do with, and then they decide they'll charge too.

[AtW]

then they decide they'll charge too.

Horrible horrible people.



This forum is full of cheap skate commies

[SueEllen]

Well, it costs money to provide services - they were stupid to promise free for life, but whoever believed that is very naive at best.

It's not good PR to break a promise.

Now lots of people not only think they are incompetent but also untrustworthy.

[AtW]

Now lots of people not only think they are incompetent but also untrustworthy.

Quite.

Then those people can move to a handful of other retail banks in UK most if not all of whom will charges for business accounts.

It was not a reasonable promise that could have been held so nobody should have believed it.

Their main fault is not breaking it but giving such promise in the first place.

btw I use Santander for business purposes paying £7.50 per month.

P.S. It's not Santander's fault but previous management:

"Abbey, which Santander bought in 2004, marketed its account as being 'free banking forever', while Alliance & Leicester (A&L), which Santander bought in 2008, marketed its account as being free 'forever'."

Basically they are putting things right now - there is no such thing as free banking and £7.50 is very reasonable amount (cheap if you ask me - could have been easily £75).

[SueEllen]

Quite.

Then those people can move to a handful of other retail banks in UK most if not all of whom will charges for business accounts.

Other banks have "free" business accounts in regards they don't charge you a monthly fee.

What they do is depending on what account you have and how you use the bank charge you for certain services.

For some people like me who do their business banking online this method is cheaper as I don't get charges unless I make excessive use of the counter, write/receive loads of cheques or do transactions that may/do need human intervention.

It was not a reasonable promise that could have been held so nobody should have believed it.

Their main fault is not breaking it but giving such promise in the first place.

Agree

btw I use Santander for business purposes paying £7.50 per month.

Depending on how you use the account then that could be cheaper for you or you could be ripped off.

[AtW]

I think some amount paid just to maintain your bank account (even if no transactions take place) is reasonable, if £7.50 a month paid for business banking is a deal breaker then you don't have a business in the first place.

Banks need to earn money too and I much prefer them charge for services they provide rather than stinging same business with massive overdraft penalties or selling them tulip products like derivatives.

[psychocandy]

That'll be the end of my santander business account then. They are so friggin useless that theres no way in hell I'm going to pay for their uselessness....