Barclays Bank

Foul Play Rocks · Jun 10, 2014

I got a letter from Barclays today about changes to my Business Current Account. Starts off nicely about a loyalty reward and a price plan guarantee and how as I've banked with them for 13yrs my loyalty reward will be a 10% repayment of my bank charges etc and goes on to say that my monthly transaction charges will be going up. It then tells me how much it's going up by and even with my loyalty reward payment it's virtually doubled.
What I wanted to ask the good people of the NSC was,

Is this the same for other banks ?
Does anyone do free banking for a small business ?
Are they just trying to get back the money they lost over the mis-selling of payment protection or something ? To double your charges seems pretty excessive.

If all the banks are putting up their prices I guess it's not worth me moving bank and I will have to pass the costs on but I thought I'd ask on here in case people with business accounts at other banks have had similar letters or have some advice about other accounts.

Thanks for your help

Promotion · Jun 10, 2014

Left Barclays a year ago moved to Metro. Keep £5000 in the account and get free banking. Otherwise charges are reasonable. There is a branch opening in Brighton this month I think. Can't complain about the service either, can always speak to the manager at the branch if needed. They are open 7 days a week, and welcome dogs!

Albion_Dave · Jun 10, 2014

I blame FFP. Bankers OUT.

Foul Play Rocks · Jun 10, 2014

Promotion said:
Left Barclays a year ago moved to Metro. Keep £5000 in the account and get free banking. Otherwise charges are reasonable. There is a branch opening in Brighton this month I think. Can't complain about the service either, can always speak to the manager at the branch if needed. They are open 7 days a week, and welcome dogs!

Thanks very much for the info. Much appreciated

Foul Play Rocks · Jun 10, 2014

Albion_Dave said:
I blame FFP. Bankers OUT.

Lol. I would "thumbs up" you but they've gone.

Super Steve Earle · Jun 10, 2014

Foul Play Rocks said:
I got a letter from Barclays today about changes to my Business Current Account. Starts off nicely about a loyalty reward and a price plan guarantee and how as I've banked with them for 13yrs my loyalty reward will be a 10% repayment of my bank charges etc and goes on to say that my monthly transaction charges will be going up. It then tells me how much it's going up by and even with my loyalty reward payment it's virtually doubled.
What I wanted to ask the good people of the NSC was,

Is this the same for other banks ?
Does anyone do free banking for a small business ?
Are they just trying to get back the money they lost over the mis-selling of payment protection or something ? To double your charges seems pretty excessive.

If all the banks are putting up their prices I guess it's not worth me moving bank and I will have to pass the costs on but I thought I'd ask on here in case people with business accounts at other banks have had similar letters or have some advice about other accounts.

Thanks for your help

You need to do the legwork and enquire at competitor banks yourself based on the activity through your account. You might get a few months free to attract your business, but otherwise can't think why you should expect free banking. Credit balances are worthless these days, so your transmission costs etc will need to be covered.

S.T.U cgull · Jun 10, 2014

Foul Play Rocks said:
I got a letter from Barclays today about changes to my Business Current Account. Starts off nicely about a loyalty reward and a price plan guarantee and how as I've banked with them for 13yrs my loyalty reward will be a 10% repayment of my bank charges etc and goes on to say that my monthly transaction charges will be going up. It then tells me how much it's going up by and even with my loyalty reward payment it's virtually doubled.
What I wanted to ask the good people of the NSC was,

Is this the same for other banks ?
Does anyone do free banking for a small business ?
Are they just trying to get back the money they lost over the mis-selling of payment protection or something ? To double your charges seems pretty excessive.

If all the banks are putting up their prices I guess it's not worth me moving bank and I will have to pass the costs on but I thought I'd ask on here in case people with business accounts at other banks have had similar letters or have some advice about other accounts.

Thanks for your help

There is also now an account switching service for business accounts which makes the transfer over to a new bank hopefully less stressful

Foul Play Rocks · Jun 10, 2014

Super Steve Earle said:
You need to do the legwork and enquire at competitor banks yourself based on the activity through your account. You might get a few months free to attract your business, but otherwise can't think why you should expect free banking. Credit balances are worthless these days, so your transmission costs etc will need to be covered.

Didn't really expect free banking to be honest but thought I'd ask on the off chance, and was hoping to avoid the legwork on here. Thanks for your input though and you're probably right.

Foul Play Rocks · Jun 10, 2014

S.T.U cgull said:
There is also now an account switching service for business accounts which makes the transfer over to a new bank hopefully less stressful

Cheers mate. That will be handy should I decide to move.

Alex Alex Dawson oo! oo! · Jun 10, 2014

Super Steve Earle said:
You need to do the legwork and enquire at competitor banks yourself based on the activity through your account. You might get a few months free to attract your business, but otherwise can't think why you should expect free banking. Credit balances are worthless these days, so your transmission costs etc will need to be covered.

Foul Play Rocks said:
Didn't really expect free banking to be honest but thought I'd ask on the off chance, and was hoping to avoid the legwork on here. Thanks for your input though and you're probably right.

Good advice here from SSE but I think you know that. For what it's worth our business has been with HSBC Business Banking since the company was set up in 2004 and this all was free until last September when they introduced a £5.50 monthly charge. We absorbed the charge and only once have we paid more than this. However, nearly all our transactions are electronic; we don't handle cash (at all) and cheques are very rare - maybe one or two per year.

Foul Play Rocks · Jun 10, 2014

Alex said:
Good advice here from SSE but I think you know that. For what it's worth our business has been with HSBC Business Banking since the company was set up in 2004 and this all was free until last September when they introduced a £5.50 monthly charge. We absorbed the charge and only once have we paid more than this. However, nearly all our transactions are electronic; we don't handle cash (at all) and cheques are very rare - maybe one or two per year.

My trouble is I get paid in mainly cash or cheques which is what bumps up my charges. If everyone paid me electronically I would pay about £6 a month but most of my customers still prefer the old fashioned cheque. They don't trust the internet.
I think I'm just still in shock about how much the charges are going up to be honest. I'm fairly sure if I doubled my prices I'd have no customers left. I wouldn't need a business account then Lol

jamie the seagull · Jun 10, 2014

Its not just the Business tariff's that Barclays have increased.
The Personal Account Overdraft charges change on the 16th June.
I stay within my o/d but the fees for doing that have made me repay the o/d in full.
Always found First Direct best for service but am stuck with Barclays due to a historical Base Rate Mortgage which no one can match.

Weststander · Jun 10, 2014

First Direct (HSBC) - we never paid bank charges with them, and their lending interest rates don't seem to have increased over the years. They are usually rated at the top, in independent Which? reviews / customer surveys of all UK banks and their current accounts.

But HSBC business accounts introduced charges last year - a small flat sum per month. They are so good, so it's a small price worth paying to us.

Foul Play Rocks · Jun 10, 2014

Weststander said:
First Direct (HSBC) - we never paid bank charges with them, and their lending interest rates don't seem to have increased over the years. They are usually rated at the top, in independent Which? reviews / customer surveys of all UK banks and their current accounts.

But HSBC business accounts introduced charges last year - a small flat sum per month. They are so good, so it's a small price worth paying to us.

HSBC sounds great. Cheers for the heads up.

skipper734 · Jun 10, 2014

Beat the Banker. Ha Ha Ha Ha...........Ha Ha Ha Ha. No chance.

Alex Alex Dawson oo! oo! · Jun 10, 2014

Foul Play Rocks said:
HSBC sounds great. Cheers for the heads up.

Here you go.

https://www.business.hsbc.co.uk/1/2/business-banking/turnover-500k-switch/rates-and-charges

Pinkie Brown · Jun 11, 2014

Promotion said:
Left Barclays a year ago moved to Metro. Keep £5000 in the account and get free banking. Otherwise charges are reasonable. There is a branch opening in Brighton this month I think. Can't complain about the service either, can always speak to the manager at the branch if needed. They are open 7 days a week, and welcome dogs!

There is indeed. On the corner of Churchill Square and Western Road just up from Waterstones.

maltaseagull · Jun 11, 2014

Promotion said:
Left Barclays a year ago moved to Metro. Keep £5000 in the account and get free banking. Otherwise charges are reasonable. There is a branch opening in Brighton this month I think. Can't complain about the service either, can always speak to the manager at the branch if needed. They are open 7 days a week, and welcome dogs![/QUOTE]

Well that's me sold then

willyfantastic · Jun 11, 2014

Foul Play Rocks said:
HSBC sounds great. Cheers for the heads up.

they also help warlords smuggle their drug money into and out of america - so there's that too

Weststander · Jun 11, 2014

Foul Play Rocks said:
HSBC sounds great. Cheers for the heads up.

HSBC are worth moving to, but be well prepared with your facts, business info eg turnover, profit, your own wages, share capital subscribing etc if you are opening a business account with them. Keep good records of your initial internet application answers, because c. 10 days later they will call you and carefully ask you many questions, some the same as your internet q and a's. But is well worth going through this process.

Most of the others banks probably due something similar - they are heavy regulated, including eg anti money laundering legislation - eg if you are putting £100 into their bank to start off with, their questions will include what's the original source of those funds.

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