I've used LLoyds TSB for my business banking for the last few years and have become increasingly unhappy with the service.
It's very hard to arrange an appointment to see a business advisor in the branch and I'm always directed to use the telephone helpline. I get the impression they don't really want small business clients like me.
Can anyone recommend a bank that actually values small business owners and gives a decent service?
I think this is reflective of most banks now. I use RBS but I don't expect any more than the basic banking facilities. Having said that, they don't charge me so I'm happy.
I recently opened an account with HSBC online but went into the local branch to hand some of the paperwork in. I was ushered to a Business Account Manager who was as helpful as I could have expected him to be. They had used all my ID docs from my personal bank account so it was dead easy. Free banking for 18 months with reasonable charges after that. No complaints so far.
Whilst Santander does give free banking the service is rubbish. One of my clients use them. They have an online account and it's always having problems. Only last week you couldn't download the latest statement and for some inexplicable reason their month runs from 19th to 18th or thereabouts - what's all that about. They take 4 working days to clear cheques. Last year they had problems with their online statements and wouldn't supply paper ones they also "refused" to open an account with another name (client had a BIG lottery grant and they insisted we should open a separate account with BIG in the title to administer the grant) they then went on to change the name of the current account by putting BIG in it (not asked for) this resulted in cheques being returned to sender because they were not made out with the BIG on them (client had opened another account with Nat West for the grant when refused by Santander) resulted in cash flow problems. In the end they got £500 compensation from Santander. But I wouldn't touch them with a bargepool.
Forgot to say I'd go with either Co-Op or if not for profit CAF
-- Edited by semsley on Tuesday 8th of May 2012 07:06:32 PM
I've been with Lloyds TSB personally for 15 years and business wise for four. No difficulties here at all. I'd go so are as to say that I've never been happier with my bank!
Like Liz I've been with Lloyds for a long time (32 years personal, 22 years business).
I've seen the bank change a lot during that time and whilst not for the better I would not say that they are a bad bank by any stretch of the imagination.
When I first went to them they were a lot more traditional with a bank manager who knew you by name when you walked through the door.
Over the years they have put more and more work to call centres although to their credit they did realise quickly that outsourcing (call centre work) to India was a serious mistake so that side of thing was brought back to the UK.
My first real issue with Lloyds though was last year when I needed to talk to someone about my business.
The faceless name on the phone was not equiped to talk to me about busines expansion plans so advised me to go into my branch.
My branch would not talk to me because my account was now dealt with by a centralised business department.
So I phones my faceless name who still couldn't help me and told me that he would phone the bank to explain matters to them.
So I go into the bank who tell me that's not how the system works
So I go out of the bank accross the road to Natwest and open a bank account with them.
I now have the named person that I can talk to who actually understands small business and I'm quite happy with Natwest....
But....
I haven't closed my Lloyds account. There's too much history which is always useful when seeking financing options and I like the joined up immediate processing of Llloyds systems and how helpful the call centre staff are on the very rare occassions when anything goes wrong.
I actually run my accounts by monthly transfer from Natwest to Lloyds and then sort out all of my processing on the Lloyds side which has to say good things about the Lloyds online system.
I don't like Natwest bank statements which are a strange size but that aside I am very happy with them.
I don't like the way that we have gone from being people and businesses to merely being numbers with Lloyds but again, I am very happy with the service that they offer.
All in all I could advise either of those banks (or RBS which is just Natwest on the other side of the border).
kind regards,
Shaun.
p.s. just for info. Santander were downgraded on Thursday due to being a Spanish bank and the expectation is that once Greece goes the next dominoes are going to be Italy, Spain and Portugal.... Maybe time to seek the sanctuary of a far east / world bank such as HSBC?
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
