logo

The ASC Blog

Sale of Lloyds and RBS branches - has anyone asked the clients?

Published 08/03/2012 00:00:00

You may know that both Lloyds Bank and RBS have been forced to sell several hundred branches. That was decided by the Government and the European Commission. I am not getting involved in the political discussion but I have a question. Has anybody asked the clients whether they want to be transferred? The reason why this is an important question is because any transfer from one bank to another is quite a troublesome affair. It is difficult enough for personal bank accounts. However, what about business accounts? What about businesses with substantial standing order or direct debit income? I will not be convinced that any transfer will be easy and it will thus involve a lot of cost and effort for individual businesses…and who will compensate for the additional expense?

So what appears to be a “reasonable” political decision (again I am not prepared to enter the political debate) will create additional red tape for individual businesses. I understand that the total number of branches involved is 932 and that means that the total number of customer affected is over 7 million. Add the wasted time and effort from the individual businesses – remember there is no evidence that the transfer of the branch will be of benefit to the individual account/business - and you will see then that this is a serious issue. A unilateral decision has been made but I suspect that many businesses would not wish to change their bank accounts just because the Government and European Commission have decided that this is a good idea.

What is your opinion?

Back to the blog

We focus on arranging finance for your business...
so you can focus on running your business

10 reasons to
work with ASC

Why ASC?

close ✖

Why ASC?

You already know that arranging business finance can be a tricky experience.

We appreciate that your time is precious. With our extensive knowledge of business finance available in today’s SME market we can approach the lending institutions that are right for your business finance needs. You will be saved from the frustration of endless form filling, repeated conversations with numerous lenders, and save you from having to provide each different lender stacks and stacks of information.

Our job is to remove the ever increasing number of hurdles that are put in your path, by arranging business finance or commercial finance for you in a time-saving and more efficient manner.

ASC have been established for over forty years and we have experienced more recessions and ups and downs in the economy then we care to remember. Due to our clear focus on independent businesses and entrepreneurs we have developed a track record which is envied by our competitors. You will deal directly with an experienced Director who has a strong commercial background and real experience enabling him or her to find the business finance which is just right for your business.

close ✖

The Ten Reasons

We work in the way which works best for you

Call Now on
020 7616 6628

Email

Get a Quote