Cater allen change in T&Cs

[jim2406]

Had a letter from cater allen today stating that due to a change in T&Cs I had to keep at least £5000 in my company account or face fine.

assume everyone has had this but thought i'd post it in case anyone was interested.

[Gonzo]

Had a letter from cater allen today stating that due to a change in T&Cs I had to keep at least £5000 in my company account or face fine.

assume everyone has had this but thought i'd post it in case anyone was interested.

I suspect it has always been like that. The £5000 requirement was waived at account opening because the application went through SJD - I think the same applies to accounts that are referred from this site.

Still, the only time myCo's account had less than £5000 in was before the first invoice was paid.

<SHUFFLES OFF TO CHECK PAPERWORK>

UPDATE:

Yes, it was always like that. Clause 4.3 in the terms and conditions that I have from 2005 say the same thing.

[PerlOfWisdom]

Well, a couple of years ago, I was below £5000 for over 6 months and never had any charges.

[BolshieBastard]

I was in cater allen years ago until they introduced this 'charge.' I wasnt going to give them a free £5k so closed the account.

I work with some contractors who said they never had to have this amount in their account so if the letter is recent, perhaps they've re introduced it?

I suspect in the current banking climate they probably have. Still, I dont care, I have free banking via Abbey who own cater allen!