Business banking to become fee-free for small businesses

Thu, 14 Jul 2005

Small business banking customers lose out on more than £65 million annually.

This amount is spent on unnecessary bank charges, the Co-operative Bank announced, after finding that this amount is spent on things like over-the-counter cash deposits in the bank's branches.

Four in ten owners of small businesses said that the uncertainty and confusion surrounding bank charges is rated as one of their major obstacles.

In response to this, the Co-operative Bank and the Federation of Small Businesses (FSB) are co-operating to be able to offer free business banking for most of the 185,000 members of the FSB.

Sheila MacDonald, chief operating officer at the Co-operative Bank, said small business owners have enough day-to-day problems to deal with without having to worry about costly bank account charges.

"Therefore, we are delighted to be able to offer FSB members a new promise of free banking, without complicated terms and conditions," she announced.

Currently, many business banking facilities limit the number of cheques and the amount of cash that can be deposited into business banking accounts each month.

The new joint FSB Business Banking scheme from the Co-operative Bank has no limits on standard, non-cash deposits and withdrawals. No additional monthly fees are charged on these business banking accounts.

The FSB member services chairman, Sandy Harris, added that it was "high time" small businesses received the business banking service they deserved.

add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.


 

Business Newsletter

Please enter your email below and subscribe to our monthly newsletter

Reduce mortgage paymentsSave on Your Mortgage

Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.

Health InsuranceProtect Your Health

Find Critical illness, Life and Private Medical Insurance PMI policies.