Business Banking & Bank Charges

I assume most of us here are small businesses. So, I want to know what's the average everyone pay's a month in bank charges.

I pose this question, because I am pretty angry at bank charges. We have perfect credit, never overdrawn, no need for loans, no bounces ever, account always in credit, so the bank is making plenty of money loaning our money out. Don't get me wrong, we are a small business, so we are not talking about tons of money. However, it's still enough. I am angry at the fact that the bank feels that they should charge for the pleasure of making money from us.

We are paying on every single debit and credit.

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Well they are a business after all, and the banks do have pretty big overheads to cover. Most countries have personal banking charges as well as business ones. The UK is pretty much the exception having free personal banking, some of us older hands remember a time when it wasn't free in the UK either.

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...I assume you are either 55+ or over 60+ because I don't remember it in my lifetime. I am not that young. Just because other countries do it does not make it right.

Secondly, they make money from me and other people when they lend out our money. I don't use brach banking. Everything is done electronically so minimal cost.

I assume you pay next to no bank charges otherwise I find it difficult to believe you would be so accepting.

I have found an alternative. So this bank in question will lose my business.

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I use Santander business banking. For very simple businesses like mine, the banking service is completely free forever - there are limits on the numbers of cheques you can write and cash you can pay in /out.

The interest rate on accounts in credit is vanishingly small (unimportant if you keep an eye on the account and quickly transfer out of it any significant sums).

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Thanks. I have already been looking at Santander. HSBC seem to offer something similar.

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HSBC are offering free banking for 18 months, then they encourage you to go onto a certain type of business 'account' which is mainly electronic transfers but I think you can pay in 20 cheques a month then that is also free...

Nearly all our transactions are electronic so that would be ideal for us. That's the one I am looking at.

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Seems like other banks also offer free business banking for a set period of time. Found this article so hopefully this should be helpful.

Free business banking for startups - what to look out for

I agree. The banks are doing nothing to help small business succeed.

I wrote a letter of complaint the other week about unjust bank charges, which I had to chase up as I did not even get an acknowledgement.

When I did finally get to speak to my business manager, he told me that he had not even logged the complaint and that there was no point doing so because I wouldn't get anywhere with it..and there was me thinking that I was the customer!!

In the past I have asked for a small overdraft to cover any unforseen slips into the red, and got told that I would be charged alot of money to set it up and the interest rate for using it was huge! When I did slip into the red by £50 for one day they slapped a £30 charge on me!

I would change banks, but they are all as bad as eachother...

Sanatander and HSBC do free banking on some level, so anyone following this, it's worth considering.

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