Friday, 17 August 2012

When does 'Free Banking Forever' mean at least £7.50 mth?

We seem to have a new bank mis-selling scandal on the horizon.

We received a letter today stating that Santander will start charging on a "Free Business Banking Forever" account we opened back in 2003.

Marketeers seem to have a problem with vocabulary - like internet providers and mobile companies' interpretation of the word 'unlimited'!
Don't let them get away with it - I have the evidence in black and white from when we opened the account - call Santander on 0845 606 1721 and lodge a telephone complaint. We’ll be taking it up with the Financial Ombudsman if they don't back down. Enough complaints will hopefully force a re-think, although the Financial Services Authority’s (‘FSA’) Lord Turner has ruled that free banking has to end as it “stifles competition”.  Really?  Is free not competitive?

If we can’t win against the FSA, then perhaps class action is called for through the courts.

Who's with me?

[Would also refer you to this Facebook group - not set up by me]

[Tell BBC's Watchdog about it here - choose 'Finance' in the drop-down box or Rip Off Britain here]

Petition here

ANOTHER broken pledge (this time on mortgage rates) here.

... and did you know the sort code of their business accounts ends in '666'? I just put that in for mischief - I don't actually believe they are: ... (look closely at the logo) ....

Update 23 Aug 12: Just spoke to Ralph Tetlow (Santander Exec Complaint Team Manager - Tel: 01908 934552) to give him a right of reply before escalating my complaint to FOS. I said their written response did not address why they don't think they mis-sold - only to say they were sorry I felt they had. He insists their Legal department says the changes are in accordance with the T&C's.  I imagine, though, that Legal have looked at these in isolation and not in the context of the marketing campaign used to promote the product. Keep the pressure on them - call him, join the FB groups, go to Watchdog, Tweet like there's no tomorrow!!!

Update 6 Sep 12: RESULT!!! Santander have backed off - Reported in HuffPost here.