Small companies can be charged for putting money in the bank and charged for taking it out, as well as paying an annual management fee. But a new offering from the FSB and The Co-operative Bank claims to give businesses “the service they deserve.”
Britain’s small companies spend a whopping £65 million a year on bank charges, with 40% of firms citing confusion and uncertainty over bank charges as one of the biggest problems they face. The Federation of Small Businesses claims its 185,000 members are regularly hit by charges on such trivial matters as depositing money over the counter and face limits on depositing more than a certain amount in an account in a month or on the number of cheques they can issue.
The organisation is now linking up with The Co-operative Bank to offer what it calls “a new, genuine promise of free banking” for the vast majority of its members.
“Small businesses have £44 billion on deposit with the banks and it is high time that they receive the service they deserve. The FSB is delighted to have teamed up with The Co-operative Bank to provide members with an account where it is crystal clear what is on offer: genuinely free banking.”