The banks are yet again under scrutiny at the moment, this time for a new scandal over proof of identity.
Hot on the heels of PPOI, I knew this one was coming as a mate of mine is working at CPP in York trying to sort out the shit storm that’s going on there.
However I want to know why HSBC is being able to get away with using the bad news as a moment to bury other potentially damaging PR as it has now introduced bank charges for even the smallest of businesses.
I still have a business account that has a trickle of funds in it which I maintain pretty much solely for paying tax dues on my previous businesses. It has a large credit balance (well, to my mind it’s large, anything above a grand is a lot of money in my book), very few transactions, and all of them online, and yet they now want to charge me for the account.
If I had the energy I’d kick off a campaign to alert people to what’s happening and encourage them to leave the smallest possible balances in their accounts. I’ve checked my business savings account and it’s paying a measly 0.01% credit interest on balances up to £100,000! Are they taking the piss or what?
If all the busy business owners wised up to this they’d see that their money is actually depreciating while sitting in the bank. If we all just left the smallest amount in then the banks would have to reverse their strategy and do stuff to encourage us to pay more in.
Angry Bee Beard!