230,000 small businesses that bank with Santander have been told that their accounts, supposedly free for ever, will now cost £7.50 a month.
So, why this change?
Other banks already charge for their personal current accounts – however, changing from free to £7.50 per month is a slight change – especially when local companies are struggling in the competition with High Street stores.
Alsmost an unbalanced fight.
Mr Daniels switched bank 8 years ago because the account was free forever, as NatWest was charging for cheques and other transactions.
“…We are running along quite nicely as we are; £7.50 a month is £90 a year, which we could do without,..”
To defend this turn, Santander is claiming that it is all about giving a better service to the customers.
“…there will be more business managers to talk to in local Santander branches…”
But does this really justify a fee? Who decided for such “new services” and was this required by some account holders?
But a bank spokesman added that customers with business accounts told them that they wanted something more…consequently, implementing this new specific few is the best the bank can do to answer various queries efficiently when needed.
Afterall these days nothing is free anymore.