Welcome help from the banks for small businesses ?

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M
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With the sources of credit tightening , I decided to keep an increased facility available at the bank to cover eventualities in our residential letting portfolio.I have 2 business accounts with Natwest and the 12k overdraft facility on each (although largely unused )is now due for annual review.

Annual visit to Business Manager's office yesterday ( no coffee this time - times are hard) armed with portfolio spreadsheet showing plenty of equity and , thanks to recent rate cuts and mostly tracker mortgages , healthy and improving income too.

Expecting (naievely?)simply,to review the situation and continue the existing facilities +10k for eventualities(at 2% over Bank Base)imagine my amusement to be told that their new overdraft rate is 6.99% over base!!! This is not a typo !! Oh and 187 renewal fee on each account for administration plus a fee of 150 to add 10k to one account!

Good job I don't need the money !

" If at times like this you can smile, you simply don't understand the situation (or you have a good lawyer!)"

13/11/2008 00:00

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