HSBC to introduce monthly fee for their Business Direct account

[SueEllen]

Cater Allen is owned by Santander which charges for its business accounts - £7.50 per month in my case.

Free banking is an anomaly that won't last long.

Cater Allen ask those who aren't going through financial advisors to keep £5,000 plus they charge you once you reach a certain number of transactions so their banking isn't free.

Just like personal current accounts are subsidised by those who run up overdrafts particularly unauthorised ones.

[d000hg]

Hi d000hg,

Cater Allen are able to assist with foreign transactions. They are also able to open accounts in other currencies if necessary, there are no monthly fees for this service.

There is a fee to receive payments from other countries which I believe is around £7-£8. RBS facilitate the transfers from abroad and it is they who make the charge.

Most banks have a similar charge for receiving these payments, although it is not always clear what fee has been paid as the amount you receive will be net of any exchange rate gain/loss aswell as a possible service fee.

I hope this helps.

Martin

Thanks. Do you know if they let you manage overseas payments online?

I thought I'd chime in here - I'm an HSBC account holder after having had a CA account (switched last year). Cater Allen were great in terms of their customer service and I was generally happy with them. Up until I needed to receive a payment from an overseas client - it's more complicated with them, as you have to go through an intermediary bank (they don't have their own BIC or whatever the name of the international bank code thingy is).

I gave up after my client had the payment returned to them (incurring fees each time) twice - both times were minor mistakes on their side, but it was still embarrassing at the time.

Annoyed that they're going to start charging, but at the same time I'd prefer not to have to go through chasing missing international payments again (which is hard when you don't know if it's reached the intermediary bank let alone CA...).

I've sent payments overseas through intermediary banks so I know what you're on about - it's always worked but has taken a lot more time to sort out and I never really trust it until I hear the money has arrived the first time

Cater Allen is owned by Santander which charges for its business accounts - £7.50 per month in my case.

They never charged me the whole time I'm with them...

Free banking is an anomaly that won't last long.

Multiple banks - HSBC, CA, Santander - have been offering it as long as I've been in contracting. It used to be you were charged for personal accounts and personal CCs but that is now very rare, so there are no anomalies, simply trends. I'm sure it varies vastly from country to country as well... for a decade we might have to pay, then a decade it is free, ...

[Martin at NixonWilliams]

Thanks. Do you know if they let you manage overseas payments online?

I don't think so, I believe they must be done over the phone or by fax.

Martin

[jmo21]

Glad I got on ING's 2% interest account offer in January, only lasts a year though.

[d000hg]

I don't think so, I believe they must be done over the phone or by fax.

Martin

Thanks Martin, that sounds similar to my Santander account... so I guess I'll either keep HSBC or move back to using Santander as my main account.

[geoffreywhereveryoumaybe]

Not all business customers have received that letter - my banking with HSBC has always been free and no letter has come out to the contrary.

[CloudWalker]

Cater Allen waved the £5000 balance when I joined ClearSky

[d000hg]

Not all business customers have received that letter - my banking with HSBC has always been free and no letter has come out to the contrary.

Just wait...

[oversteer]

Just wait...

I received mine today.

[radish2008]

I note the usual myopic confusion between price and value...

I've been with HSBC since day 1 - quite a long time now. Their service has been uniformly accurate, invisible and efficient. They have never made a mistake, fees and interest balance each other out, the one problem I had (in 2003) was fixed in a single phone call that ended up with a techncally competent lady in Singapore. They offer all the necessary services including a damned good internet service (I only ever visit a branch to pay in the odd refund cheque).

So before you switch, make sure the new guy is as good as HSBC across the board.

This. Same with Gnat West. Never a mistake and the fees aren't going to break the bank are they. I think I pay about the same each month. The £50 annual OD charge is a bit steep but then saves me fees if I go over.