fsb

[warnie]

Were thinking of joining the federation for small businesses, mainly for the free banking through the Co-Op, as our charges are getting silly now.

Is anyone on here a member and is it worth it? I see they offer their own insurances and telecoms. Are these any good? the same goes for the card machine discount.

It will cost us less than £200 to join so not a massive amount, but me being as I am, I need to see that back and a bit more in savings made:redface:

 

[David1962]

Always used to be the case that the savings on the card fees and terminal rentals came to more than the membership so you can't lose.

Never did use them for anything else, although I did look into the free co-op banking, the catch was it's only free if you pay in less than £5,000 per month. Over that the charges kicked in for the full amount so wasn't a good deal at all. That was about four years ago now so it might have changed, but do check it out.

 

[fairdealworld]

As far as I know the restriction on the amount you can deposit each month in the free Co-op Account relates to cash only, not to your total deposit. As a shopkeeper I don't find this a problem as so many people use cards but maybe a Sweet Shop would? Actually thinking about it I 'parked' a very large sum in my FSB Co-op business account just for a week or so earlier this year (it was a cheque) and it didn't trigger charges.

I think the FSB is useful for different people in different ways. I use the Streamline offer. I tried the Telecoms long ago and wasn't very satisfied. It is useful to have legal advice etc to fall back on, only used it once but it was helpful at the time. It is reassuring to have the potential help in case of a tax investigation plus various other bits and pieces. So overall I find membership 'pays'.

 

[SweetJo]

We joined last year. Our banking charges were also getting ridiculous so that was our main reason for joining. Since then we have got a card machine in. Once we worked out the maths it has shown it has been worth it. Especially the free banking x

 

[Paul Kelly ICHYB]

I joined for the merchant account and saved over double my joining costs in the first year (mainly due to no merchant signup fees).
I then save 30% on business insurance.
I have used the legal and accounting support lines, which are OK.

Re the banking, there is a cap on cash banking, but not total money.

 

[Talay]

We use the Co-op because we have a mini post office near us and that means access to easy Saturday banking and no charges.

As to the FSB in general, I am still hounded by some regional general or whatever who wants to deliver some set of items to me in person but I have no interest. Likewise, I have no interest in the "pat each other on the back" networking tosh which presumably businessmen with little else to do so enjoy. Perhaps it is useful if you flog stuff to Councils ?

I'm happy renewing each time and I do take some fringe benefits but I haven't needed to use the mainstay of their services.

 

[perpixon]

We joined FSB to get better card rates and we also used the coop free banking. I found their internet banking really bad (website down) and awkward to use (only able to view a few transactions at a time). So we also opened a proper bank account with Barclays which has been fantastically problem free. We now only use the coop to process cheques and cash, then electronically transfer any surplus to Barclays that way we have completely free banking. We also stopped our FSB membership and kept the card discount and free coop account. I think the coop also give us £25 per year for having the account.

 

[fairdealworld]

We joined FSB to get better card rates and we also used the coop free banking. I found their internet banking really bad (website down) and awkward to use (only able to view a few transactions at a time). So we also opened a proper bank account with Barclays which has been fantastically problem free. We now only use the coop to process cheques and cash, then electronically transfer any surplus to Barclays that way we have completely free banking. We also stopped our FSB membership and kept the card discount and free coop account. I think the coop also give us £25 per year for having the account.

I'm very surprised by your website down comment. I've been both a business and personal customer of the bank for many years (moved my personal account now on the avoiding all your eggs in one basket theory but otherwise would have stayed with the Co-op) and I've just not found this a problem despite using the online account every day.

I find the online banking works well with the exception of the issue of only being able to view a few transactions at a time. I've discovered you can overcome this problem by clicking 'Print'. Mysteriously but usefully this opens up a full page of transactions for you to see and obviously you don't have to actually print them out just view them on screen. Odd but useful!

 

[warnie]

We've overspent this quarter so will be getting that nasty rent payment out the way to possibly join the FSB early October.

It should save us nearly £200 on the banking alone by the looks of it.

 

[Deleted member 59730]

I echo the views above. The free banking and the card machine more than pay for the sub.
I have used the legal helpline to very useful effect.

I was talking to someone recently who had spent days trying to solve an intractable problem with transfering a business van insurance. The FSB promised to phone back in five minutes, apologised profusely when he was 3 minutes late and solved the problem within 30 minutes. Their savings in money were hundreds of pounds.

 

[oldoakey]

Just had the rep in this week and he explained that the free banking is up to £4,000 for cash - per month with std charges after that.

No charges for cheques in or out

The other benefits are £25 credit per year for having the account.

No overdraft set up or yearly renewal charges which for us would save over £400 per year.

Free legals including Tax and Vat investigations which our accountant has tried to sell us for £300 per year.

So I was interested but I told him this relied on me being able to set up an overdraft similar to what we have now, I rang the co-op and they promised someone would get back to me within the hour - that was 4 days ago.

 

[Deleted member 59730]

So I was interested but I told him this relied on me being able to set up an overdraft similar to what we have now, I rang the co-op and they promised someone would get back to me within the hour - that was 4 days ago.

The FSB seems to make it very difficult for you to join. It took me over 2 months to open a joint personal account even though I already had a business account with a substantial balance and the same names.

Persevere, its worth it in the end.

 

[Talay]

Co-op online banking is like something from the 1990s though. Access through a stupid algorithmic token which often goes no the blink and there is no back up facility, none ! If it goes down, you are back in the dark ages.

Thought up by dim witted people with no-one around them to point out just how stupid it was.

 

[oldoakey]

Still waiting for a reply from the Co-Op business banking team. I thought I would give them a ring today to see if we could do business but they have kicked me back.

Basically they told me that as I am in the overdraft most of the time they would not look at taking us on.

So what's the point in offering a business banking service that does not want you to be in the agreed overdraft limit even though they would be well covered by a stock debenture and a personal guarantee backed by personal assets that are 8 times the overdraft limit.

There not even close to being a business bank.

Any other suggestions anyone on how to get a sensible deal from your bank or other banks I could look at.

 

[businessfunding]

Still waiting for a reply from the Co-Op business banking team. I thought I would give them a ring today to see if we could do business but they have kicked me back.

Basically they told me that as I am in the overdraft most of the time they would not look at taking us on.

So what's the point in offering a business banking service that does not want you to be in the agreed overdraft limit even though they would be well covered by a stock debenture and a personal guarantee backed by personal assets that are 8 times the overdraft limit.

There not even close to being a business bank.

Any other suggestions anyone on how to get a sensible deal from your bank or other banks I could look at.

You shouldn't be in overdraft most of the time, as that constitutes core borrowing. An overdraft is intended for dip in and out borrowing

You might find a bank to take you on, but they will almost certainly want to convert the core part of your borrowing to a term loan.

That might also be why your charges are high - have you asked your current bank?

 

[Geoff T]

for me - FSB has been a waste of time and money - Co-Op didn't want to know, nor did the other "preferred suppliers" I talked with

...it appears I'm in the minority - nevertheless, I won't be paying to rejoin..

 

[businessfunding]

for me - FSB has been a waste of time and money - Co-Op didn't want to know, nor did the other "preferred suppliers" I talked with

...it appears I'm in the minority - nevertheless, I won't be paying to rejoin..

TBH they blew it with me on first meeting

with no attempt to establish what my business was the set about selling me insurance. Even when I told them I had associates in the industry they didn't let up.

I guess I just got the insurance guy..

 

[David1962]

TBH they blew it with me on first meeting

with no attempt to establish what my business was the set about selling me insurance. Even when I told them I had associates in the industry they didn't let up.

I guess I just got the insurance guy..

I guess they try to sell you on whatever they think applies to you. Retailers must be an easy sell with the discount on streamline that wipes out the membership fees.

Can't imagine what they have to offer others that you can't find elsewhere cheaper i.e insurance, banking. Maybe their legal helplines are useful but I never had to use them. As for my current business there is nothing they offer that I could justify the membership costs for.

Also I'm pretty sure that, despite what they say, customers couldn't give a monkeys if you are displaying a "FSB Member" logo on your premises window or paperwork!

 

[Talay]

TBH they blew it with me on first meeting

with no attempt to establish what my business was the set about selling me insurance. Even when I told them I had associates in the industry they didn't let up.

I guess I just got the insurance guy..

Maybe that is why they keep trying to make appointments with me ?

I've seen coppers give up far easier than the one who keeps phoning me quarter after quarter !

 

[Homer J Simpson]

Ask to be removed from their marketing lists. Worked for me. Also, I joined online, I got an email from the local rep saying he'd tried to call me (no missed calls or messages), asking me to call him back. Ignored him and not heard from him since. I joined for the bankin & the legal line & hmrc investigation cover. That's all I need for now so no need to talk to anyone there until I need something from them.

 

[warnie]

for me - FSB has been a waste of time and money - Co-Op didn't want to know, nor did the other "preferred suppliers" I talked with

...it appears I'm in the minority - nevertheless, I won't be paying to rejoin..

That's interesting, I'm wondering now weather to contact the co-op 1st to make sure they would deal with us. We've never had an overdraft or bad debts so I can't see why not?

 

[KateCB]

The FSB seems to make it very difficult for you to join. It took me over 2 months to open a joint personal account even though I already had a business account with a substantial balance and the same names.

Persevere, its worth it in the end.

Remember that the FSB is not responsible for the Co-op....they use the FSB as an introduction agent in reality! All that said, joining the FSB is worth it, so i agree, persevere.

 

[Geoff T]

That's interesting, I'm wondering now weather to contact the co-op 1st to make sure they would deal with us. We've never had an overdraft or bad debts so I can't see why not?

Wasn't even that - they didn't like what my business does - snooty sods! Even on the phone I could "hear them" looking down their nose at me!

They didn't seem to care about the number of clients (businesses) that were either better off, or even still trading, because of my work for them!

 

[Deleted member 59730]

Remember that the FSB is not responsible for the Co-op....they use the FSB as an introduction agent in reality! All that said, joining the FSB is worth it, so i agree, persevere.

OOPS! I only just realised I typed FSB when I meant Co-op Bank. Sorry for the confusion.

 

[warnie]

Wasn't even that - they didn't like what my business does - snooty sods! Even on the phone I could "hear them" looking down their nose at me!

They didn't seem to care about the number of clients (businesses) that were either better off, or even still trading, because of my work for them!

Nowt wrong with your business Geoff, glad for them they can be so bloody choosy :|

 

[businessfunding]

Nowt wrong with your business Geoff, glad for them they can be so bloody choosy :|

They have a very defined ethnics policy. Like all of these things t can produce strange results; hence they will deal with the 'adult' industry, but declined to deal with a huge and successful chemicals company.

 

[gr9ce]

We are members but found the net working events pretty self serving. It did however facilitate face to face 'awareness raising' with some top level MP's.

Legal advice is useful although one of the most important challenges is not covered.

We did obtain some FSB help although their rep failed to follow through when the going got tougher and blanked us.

 

[oldoakey]

You shouldn't be in overdraft most of the time, as that constitutes core borrowing. An overdraft is intended for dip in and out borrowing

You might find a bank to take you on, but they will almost certainly want to convert the core part of your borrowing to a term loan.

That might also be why your charges are high - have you asked your current bank?

We have run this way for years now, my bank manager is virtually non existent nowadays so never get any advice.

Do you think i should go for a term loan, how would that be cheaper?

 

[andygambles]

We have run this way for years now, my bank manager is virtually non existent nowadays so never get any advice.

Do you think i should go for a term loan, how would that be cheaper?

Lower interest rates but less flexibility as you will be paying down the debt so can not draw against it again.

 

[Page]

They do have another use beyond the saving money

Namely to act as a central source to make representations to government etc

This needs a slightly different mindset and longer term view and an understanding that these things can and do add up even if they are less obvious

It is why even people like big supermarkets who are out to beat each other still have joint bodies to represent them on things

 

[Deleted member 59730]

They do have another use beyond the saving money

Namely to act as a central source to make representations to government etc

This needs a slightly different mindset and longer term view and an understanding that these things can and do add up even if they are less obvious

It is why even people like big supermarkets who are out to beat each other still have joint bodies to represent them on things

And everyone can join in and help. The FSB's representations to the Jackson enquiry into court costs helped shape the new Small Claims Track at the Patents County Court. You can put in effort and in the long term get something back like this improvement in legal channels.

 

[Paul Kelly ICHYB]

The FSB are one of the best kept secrets in UK business!

Here is a list of their recent national achievements, but they have done lots at all levels - remember, the more local issues tend to be driven by local (unpaid) members!

 

[Jo1971]

I joined the FSB a month ago and within 2 weeks of that my co op account was up and running including online banking, got a great deal on my shop insurance and no set up fees for my streamline card machine and 3 months free so I have saved a considerable amount. I have found the FSB to be extremely helpful.