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Inappropriate Bank Account

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Misstoddler | 17:13 Thu 29th Mar 2012 | Business
4 Answers
Hi helpful community!

I wonder if anyone has views on my banking issue?

Seven years ago, I opened my own (first) business and wnet to HSBC for advice on opening a business account. They recommended an account entitled "Small Business Tariff". I was also allocated my own Business Account Manager. I have seen someone in that role about two/three times over the years, usually when someone leaves and the new person comes to introduce themselves and find out about my business.

Over the years, I have always been miffed by how much I pay in bank charges but read so much in the press on this subject, I assumed it was par for the course.

Today, I browsed HSBC's website and the different business accounts on offer and found the "Business Direct" account suitable for businesses turning over less than £0.5m. It stated the Small Business tariff was suited to businesses turning over up to £2m. Needless to say the difference in charges were startling. Many of the items I pay for eg bill payments were free on Business Direct but chargeable on my current Small Business Tariff.

I am still waiting for a call back from my Business Account Manager but wondered if I have any redress here? On their website, HSBC claim that they advise which account is most suitable. I have established that the cheaper Business Direct account was not available seven years ago but was launched five years ago. Surely my Account Manager should have pointed out its launch and advised it was not just more suited to my type of business, but specifically targeted at quite small ones.

Do you think I stand any chance of redress?

Thank you so much for any views.

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It's a trick they do, unfortunately - if they bring out new accounts, they don't tell existing customers. It's not just HSBC. I think you have a valid complaint.
I conduct as much as possible using direct debit card and BAC's for payments which are free on line. I ask all people to pay me by BAC's which are also free receipts online. It cost 30p to have a cheque cleared from a customer and 30p when I pay someone by cheque. Barclay's charges are very low per annum if you work this way. To answer your question - I would be very surprised if you got even close to getting 'redress'. John
you stand a chance IF they want your business!

but negotiate sensibly!
can i suggest that you have a look at what competing banks are offering, then you will have something to discuss.

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