Santander UK is experiencing pushback from small business owners after implementing charges on business accounts previously assured to be 'free for life.' Many SMEs, misled by this abrupt policy shift, expressed their frustrations in an open letter. The letter claims the decision raises ethical concerns since many business owners based their banking decisions on a ten-year-old commitment. This longstanding promise made by Santander, that banking would be free unless regulations changed, now faces scrutiny as many clients were not informed of changes undermining this guarantee.
Santander UK is facing backlash from small business owners after introducing charges to business accounts that were guaranteed to be 'free for life', resulting in accusations of broken promises and misleading conduct.
An open letter to Santander executives expresses frustration among SMEs who believed in the permanent fee-free agreement. Business owners feel misled after banking with Santander for over a decade.
Steve Richardson's letter states, 'This wasn't a vague marketing statement - it was a binding commitment.’ Under the guise of internal product migration, revoking the commitment is seen as misleading and ethically questionable.
Santander’s original promise of 'Free Business Banking, For Life' included a caveat that charges would apply only if laws or banking regulations changed. Customers assumed their accounts would remain free.
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