A Millon Businesses Unhappy With Their Bank!

Posted by martinparry on June 18, 2010 under Banks, Business Planning, Finance | Comments are off for this article

A quarter of all small businesses are unhappy with the support offered by their high street bank, a new report suggests.

The research by the Federation of Small Businesses (FSB) found over a million small business owners have expressed dissatisfaction with their bank over the past year.

The level of unhappiness with bank service directly corresponds to the number of different bank managers business owners have to deal with, the report found.

Over a quarter of those who have dealt with two bank managers over the past year expressed dissatisfaction but the figure increased to 52% for those who had dealt with three bank managers and 70% for five.

Some 26% of respondents said a good relationship with their bank manager was one of the most important factors for choosing a bank. Other factors cited were the convenience of the branch location and the competitiveness of the account package, both cited by nearly a third of respondents.

The FSB is now calling for a Post Bank, which utilises the Post Office network, to be established. The lobby group believes this would provide a ‘local and trusted’ option for small business owners as well as increasing competition in the sector.

Sc: www.ukba.co.uk

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