A wunch of Bankers

[Dawg]

When meeting other people with small businesses over the last couple of years, one recurring theme has been dissatisfaction with banks, and the service they give.
I mentioned this to a small business management consultant; he said all of the businesses he saw wanted to change banks, and that he thought all the banks were essentially the same, crap. He also thought that if you change banks once, you would do it again, and that in a few years the circle would complete and that you would be back with the first (annoying, inefficient, etc) bank.
What is the feeling out there?
I think that as banks have become more impersonal, less efficient on a personal level, we have not changed our expectations. Perhaps we should aim to change banks on a regular basis, much as some people change credit cards, to get whatever deal is going. The downsides are a) the hassle to ourselves which is minimal if everything is on system, and b) the hassle to clients who have to change their records. But getting free banking, or cheap transactions might outweigh this.
And when was the last time you took/gave a bank ref? Credit refs are now done by Experian or the like not the banks. Banks are money processers, treat them like that. I don't have a personal relationship with my word processer.

Any thoughts?

[jk]

I bank with Natwest and they are great!

[Mwebb]

I bank HSBC not sure they realise it though!!!

[creacom]

Personally, I think your comments might put some new businesses off approaching their banks. The fact that you might not have a good relationship with your bank doesnt mean everyone is like that !

Getting a good bank all depends on the branch in my opinion. We bank with RBS and they have been wonderful so far. We have a great relationship with our business banking manager and branch. Infact they couldnt have been more helpful.

If you bank at a distance over the phone and net then of course its hard to build up a relationship. Thats why I would suggest going to a branch and speaking with the advisors face to face at the start and every so often. If you dont think the advisor you get suits you, then ask for a different one or change branch if possible. Of course, if you dont like the services your bank offers in general thne thats a different story.

Jacqui :D

[Tin]

I was stupid enough to use LloydsTSB business banking and after 3 years of garbage service in every respect I have now changed business banking to NatWest and my new business manager is GREAT and the service is excellent too.

I can't say enough bad things about Lloyds but basically, they're crap in my view. Sorry, no apologies for frankness :)

Last thought... I do understand that this is often down to individuals at banking level and if you can actually relate to your business manager then that's good but obviously the bank still have to live up to your other expectations like understanding your business, charges etc.

I believe it was Mark Twain who said a banker is someone who loans you his umbrella when the sun is shining but asks for it back when it rains... did he work for Lloyds I wonder :roll:

[Jayne]

Oh that has surprised me Ray! I've been with Lloyds TSB for 12 years and they have been fantastic all the time, even when we had a rough patch, they were very helpful. But then again my manager is a Yorkshire lad, they must breed them nicer up here :lol:

Jayne

[Dawg]

Personally, I think your comments might put some new businesses off approaching their banks. The fact that you might not have a good relationship with your bank doesnt mean everyone is like that !


Jacqui, nowhere did I say what my relationship was like with my bank. In fact it is reasonable at HSBC, (200 yards away) and crap at Natwest, (another account and business, but I have been there 23 years).
As to your point about putting some businesses off: if you are starting a business you (almost) have to have a bank account. If people are going to be put off a whole enterprise by the inefficiencies of some parts of the suppliers to that enterprise, I suggest they might not make it anyway.
I was trying to get a conversation going, establish how people feel, and what in particular they feel is good or bad with the banks.

[creacom]

I mentioned this to a small business management consultant; he said all of the businesses he saw wanted to change banks, and that he thought all the banks were essentially the same, crap.
I think that as banks have become more impersonal, less efficient on a personal level, we have not changed our expectations.
Banks are money processers, treat them like that. I don't have a personal relationship with my word processer.


You gave your opinions and those of a small business consultant and I gave mine.

:wink:

[ebonybailey]

Natwest, crap

[Tin]

Hi Jayne

When I first got my first business banking manager at Lloyds TSB he was brilliant, a nice bloke, gave good advice and we got on really well. He left sadly after 20 years or so becoming increasingly dissilusioned with Lloyds management practices and I can totally understand his reasons as I picked up his successors, time after time after time.
My view is that if you get someone who can offer their expertise from a banking perspective and they understand what potential you have and you gel well then does it matter what bank you're dealing with really?

If you're happy with who you deal with then stick with em as it'll be good for both of you at the end of the day. I was happy to overlook some of the crap service I got from Lloyds until my good guy left and after giving the new "managers" a go! I decide to look elsewhere.

Being in business is all about being good for you but too many banks think the opposite. :wink:
If you've got a gud un girl then stick with em! as you've nowt to lose :)

[Jayne]

:lol:

I've been lucky, I've only had two managers there and both have been grand lads.

[Mwebb]

My business banking manager at HSBC has been on a few too many customer services courses i think....it is quite funny to listen to!

They are not too bad, in all honesty. My only gripe is when the branch tell me my balnce on my business card is 3 different things...non of which were correct, then i get a statement that is correct!

Just wish they would integrate everything aswell. Business card not viewable online? Nor in branch...you have to phone card services just to get a balance!!

[Hayles]

They are not too bad, in all honesty. My only gripe is when the branch tell me my balnce on my business card is 3 different things...non of which were correct, then i get a statement that is correct!

Just wish they would integrate everything aswell. Business card not viewable online? Nor in branch...you have to phone card services just to get a balance!!

Same problem as us - crazy isn't it? They installed a new system six or so months ago with the business cards and they had/have to manually work out the available balance on cards!! And we've had the same problem with geting a balance on the business cards in branch. The counter staff can only say 'I think the balance is...' :shock:

The HSBC branch we use (North Station Rd) is great though, very helpful.

Guess it all depends on personalities at the end of the day.

Hayles

[Mwebb]

I bank at the high street branch. But i may have to start going down to north station if they are better.

I swear i was told 3 different balances by 3 differnet people in the space of 5 minutes......crazy!

[Steve Roberts]

Years ago, when I first started out in business we needed the support of the bank, by way of an overdraft for cash-flow reasons. It used to really get on my nerves because even if we got close to the limit they'd be all over me like a rash. On several occasions I pointed out that I'm paying them for the facility - as a business arrangement. As such, they've got no right to jump on my back providing I'm adhering to the terms of this arrangement. All to no avail, I have to say. Many a night there was a loss of sleep from their constant calling and writing - despite the fact that we did not once exceed our overdraft facility.

Anyway, eventually we became pretty successful to the point where we regularly had millions in the bank. Interestingly, during the good times I never heard from the bank - which was equally irritating. So, about three years ago I decided to change my company (and personal) bank (to Natwest in fact). Suddenly I had the Bank Manager on the phone asking to see me urgently at my house. "Sure", I said. So he came round and gave me lots of reasons not to change - including: "you're more likely to get an IR audit if you change bank accounts". I lost my rag at this point saying "if that's your best argument for keeping my custom then it confirms it was the right decision". I then told the Bank Manager how much loss of sleep they'd caused me in the early days, despite the fact that I was the customer and he was the supplier. I pointed out that the company's advertising and the reality were worlds apart and that they have lost my custom permanently. That felt good! I've made a note to never step through the doors of that particular bank again.

[Shaggy]

We bank with Lloyds TSB.....absolute KACK!! The sooner we can move the better.......customer service is POO, and all they are interested in making money for themsleves, and not helping you make any money.......nature of the beast really !!!

[ewan]

Would be great if they actually cared at all about teenie business people.

Barclays is OK but was very slow when I set the account up, I guess its picking up pace now though.

[multilingual]

When we set up our company we visited quite a few banks in Lincoln to see which one was the best bank to go with.

We didn't want a loan, an overdraft or any other borrowing facilities.

All we wanted was a business bank account.

Believe it or not, there was not a single bank in Lincoln that would open an account with us because my wife is Armenian and they had concerns over money laundering. :(

We ended up with Alliance & Leicester Commercial Bank who welcomed us with open arms.

OK, it's not a local service so we don't have a one-to-one relationship with an account manager, but our business doesn't need that anyway. The online banking system is just fantastic and I would recommend them to anyone.

Over three years later, the high street banks in Lincoln are knocking on our doors wanting us to switch to them.

:roll:

You can guess what I tell them! :x

JB

[Mwebb]

My brother in law had a similar problem. Because he wanted to set up a small freelance photography business, with no loans, no overdraft, and little earning potential therefore for the banks within the first 18months of free banking he struggled to get a business banker to even speak with him.