Business Bank Advice Please

Well I've been very happy with Abbey business banking but I know some people don't like them. I've been with them several years now without any serious issues.

No charges for up to thirty or forty transactions per month. Interest on current account, not a fantastic rate but it's certainly better than them charging you.

Lots of branches (though you can't actually do much at a branch, paying in for example has to be by post, but they supply pre-paid envelopes for nothing). I have arranged to draw large[ish] amounts of cash from a branch though without too much hassle.

I doubt if any bank is really very good at answering E-Mails nowadays, any I have sent to anyone in the last few years have received useless replies.

I also haven't found any bank able to do on-line international transfers, at least not for smallish/domestic amounts. I have set up an xetrade account for this which works pretty well.

What charges? The only things I get are 40p on a cheque if I keep a balance of less than £5k I pay £10 per bunch of checks paid in.

My old manager used to let me email him - don't know about this new one - but he claimed to be a bit more proactive.

Tell yours that you're on the verge of leaving - so what better deal can they offer you.

Every time I get cross with them they promise the earth, the present reason I am cross with them is these "tokens" they have forced on us. When I asked them what would happen if I was in say Moscow and this was stolen they replied they would send another one to my home address. (The Tokens are the new encrypted password devices to allow you to log on to your bank site)

I pointed out that this would make it rather difficult to carry on doing business until I returned home (which can be weeks some time) and that telephone was not acceptable given the stupidly high charges. I have been using passwords for decades without a problem and having my business access rely on a difficult to replace "souped up" calculator is not how I like to do business. I like redundancy in everything.

I had no problem whilst they were BOS but since this merger with Halifax resulting in things like my personal account now on a different website and the general difficulty in getting hold of my manager (she has just taken 2 weeks to call me) I have decided to look around to see what else is on offer.

On the subject of charges I do not have my statement with me but every month I get "transaction" charges of several pounds (I do not use cheques nor pay them in)

Thanks for any thoughts

Andy

Do you have counter service? I don't! It wasn't made clear when I signed up but I don't deal with cash so don't need to put money in at the counter.

It's all internet based.

And I agree entirely about the tokens. I think they're silly. I'd not thought of the issue of losing one... but I can see your point entirely if you're away and lose it then there is great potential for loss of service there.

Won't all banks use these tokens sooner or later?

I am not a security geek more of a network geek but there is no proof (that I am aware of) that there is anything insecure about a decent password of mixed letters and numbers of say 8 upwards characters.

Sure the token is more secure but so is driving to work in a tank.

I have made clear to the BOS that I do not see why I have to carry this around because some morons use "God" "Sex" or their children's first names as the password for their bank account.

Many sites will test your password when you enter it and only let you use strong passwords.

And no I have no counter service, everything I do is B2B no cheque's, no cash, in fact rarely even human contact :-)

Thanks so far

Andy

I haven't heard of tokens before. Exactly what are they and how do they work?

Small device about the size of a cigarette lighter. You key in your pass number and it generates a new number which you input into the log in screen on the bank web page. My account with Fortis has a similar device like a miniature calculator, you have 30 seconds from entering your pass number then receiving the new number to entering that into the website.

I can definitely go with the idea say of using these things for entering a new payment mandate or even making a large payment to an existing mandate. But in this age of mobility it is yet another bit of junk to haul around.

I have just spent a pile of cash on a phone that takes great photos, acts as my PDA, does GPS and even makes calls all in one device, I can then backup the PDA at a touch and if I lose the phone buy another one and carry on regardless of where I am.

If I lose this token thing I can no longer access my money online.

Andy

You make that sound like you have to do something. My key token is always on and generates a number number every so many seconds. Another I've seen needs a button pressing.

ssword when you enter it and only let you use

I would insist on speaking to someone higher up and explaining that you're not happy about these charges when you know that other customers don't get any!

I did actually do this, I told them I was going to move to Cater Allen and suddenly charges seem to be disappearing and I find out about the new account they offer paying 5.9 AER if your account has more than 10k in.

So I will give this a trial and see how it goes, as they correctly say the thought of moving banks is enough to put most people off doing it :-)

Thanks

Andy

The savings account? Will have to check what rate I get. Thanks! :)

The problem is you can give up that password to someone all too easily. (Also not a security geek, even if the WSJ has described me as such)

But I agree entirely that the device is a pain in the neck, and I can't see more banks moving to it, it simply isn't liked enough by people - they'll just end up back on the phone.

Jim.

???

I simply do not tell my passwords to anyone, not even family. There is never a case where you need to do this on any sort of system I have ever used.