Santander is facing backlash from thousands of small business owners who were promised free business accounts for life. The bank has stated it will start charging £9.99 a month, contradicting its previous assurance to customers that their accounts would be exempt from fees indefinitely. Affected customers, many of whom have been with Santander since 2005, express feelings of betrayal regarding this change. The bank justifies the fees by claiming structural changes and account migrations have rendered the original guarantee invalid, although customers assert they were not properly informed of these changes.
Thousands of small business owners accuse Santander of breaking its promise of free banking for life, now introducing a £9.99 monthly charge for existing business accounts.
Affected customers, including long-standing account holders since 2005, feel betrayed, asserting that Santander's new fees violate the written guarantee of zero banking fees.
Santander's rationale includes the assertion that the business banking landscape has changed significantly and the original promise is no longer applicable due to account migrations.
Customers question why they were not informed that the changes would void their prior contracts, highlighting a significant breach of trust and expectations.
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