Ebay business tax

Are you Happy With your Bank?

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Poor customer service, overcharging and difficulties encountered when trying to switch accounts are the main gripes small business owners have with their banks, according to business advice research conducted by the Federation of Small Businesses

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The majority of small businesses and bank with one of the so-called ’big four‘ and 70% are largely happy with the quality of service they receive, according to a business advice survey of over 4,000 firms by the Federation of Small Businesses. According to the business advice research, small companies tend to bank with HSBC, Lloyds, Royal Bank of Scotland or Barclays and are unlikely to use a smaller bank. They tend to do all their banking with one institution that is near their main place of business.

But the survey also revealed that when things go wrong in a banking relationship they tend to go very wrong, with switching accounts, overcharging and poor customer service all areas where customers have experienced problems. It found that 28% of respondents thought they had been overcharged during the past 12 months.

“Banking services for small businesses and business startups have improved over the last few years,” said Mike Cherry, FSB financial affairs chairman. “However, there is a long way to go before small businesses get the quality of service from their banks that they need and deserve.

“There has to be a culture change within the banks so that they understand the needs of their small business customers and can then deliver even better services for them,” he added. “The current profit levels of the banks demonstrate that they have the capability to do this.”
The business advice research also suggested that banks are failing to comply with the findings of the 2002 Competition Commission, which recommended they follow certain standards to make it easier for business customers to switch banks. One-fifth of respondents had tried to switch in the last year, it revealed, but 45% had found the experience either difficult or very difficult and a further 20% claimed they were unable to switch banks at all.

Banks are also failing to provide small businesses and business startups with the option of either free banking or an interest rate of 2.5% on current account balances and to publicise these services, another of the Commission‘s key points, the FSB report claimed.

“The Competition Commission found that the major banks were making

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