business bank charges

Business Bank Charges are Customers’ Biggest Gripe

A new report for YouGov SixthSense suggests that business bank charges are the foremost consideration when SMEs are looking for a new current account. This should come as little surprise to many – the past three years have seen the number of current account related complaints to the Financial Ombudsman balloon compared to the numbers in 2005 to 2007, with 25,252 complaints made in 2010. The report coincides with the arrival of service-focused Metrobank and follows Santander’s recent cash incentive to switch providers, both of which have sparked consumer interest in the lowly bank account. 54% of YouGov respondents agree that fines relating to exceeding an overdraft are “legitimate”, making it the most acceptable form of bank charge. However, only five per cent of customers are willing to t... »