Around two years ago I graduated from University and decided to set up my own marketing company. Having gained a degree in Business Studies I knew what sort of things I needed to do and one of the first on the list was to open a business bank account.
I was well aware of the need for a good account and therefore decided to shop around. I set up meetings with all the major names in banking and visited them in turn. I have to admit that I wasn't overly surprised that they all offered similar services and were all willing to offer me the small amount of money I needed.
So the decision came down to the personality of the bank manager or account manager that I would be given. This was very important to me as I felt that I would need a lot help in my first year or so in business and that a good manager that I could easily turn to for advice would be crucial.
So after much deliberating I chose Barclays.
Like I have already stated, the package they offered was more than sufficient, with a local branch in the town centre and I felt that the account manager was approachable and on the level that I would need.
- The Package -
As I was opening a new account I was entitled to 18 months free banking. This was excellent and 6 months longer than most other banks. In case you are not aware, businesses are charged through the roof for anything and everything including paying in a cheque (64 pence!!) or withdrawing cash from a machine (the list goes on and on). Crazy, but standard - so this free 18 months was a God send.
As I've already touched on, every business gets an account manager, or a Relationship manager, as Barclays like to call them. They are supposed to be there to oversee your account as well offering practical and expert information as and when needed.
The account also includes free online and/or telephone banking for the first year - both 24 hour service - which can be very handy for sorting out your finances and keeping them in check.
You also receive a lot of fact sheets on business information as well as a pack which includes a disc to help plan and manage your finances. Access to free business seminars and events, which have been few and far between, is also given.
- Reality -
So that’s what they offer but unfortunately the reality has been much different.
Firstly when the account was opened there were no problems at all, everything ran smoothly. But the first problems were not too far away. A supplier hadn't paid on time and when I went to check that the agreed overdraft was in place I was shocked to not only find it hadn't been set up but my account manager had left her role for another position in the company, and that a new one had been put in place - all without my knowledge.
Secondly, the overdraft. This was agreed when I opened the account and I assumed was all in place. The bank however had no record of it, although my proof that it had been agreed was that I got a loan from the Princes Trust who agreed to match the amount that Barclays had offered - therefore they wouldn't have given me the loan without notice of the agreement from the bank. This turned into a nightmare and, although I eventually got the overdraft, I wasted time I didn't have going to the branch and making endless phone calls.
Secondly, the new manager. As I've already made you well aware the account manager was the biggest factor in choosing which bank I set up an account with, so you can imagine my disappointment. But the disappointment was also anger: I hadn't been told of this change and only found out when I rang her to ask about the overdraft. Personally I feel that I should have been called, a letter at the very least, explaining the change, etc.
Unfortunately the new manager is not up to scratch and my relationship with them is very poor. She has never tried to find out more about the business or offered to help in any way. Her attitude is appalling and she has little business sense to help and guide someone through a tough period in setting up and trying to establish a business. I believe that this position should be occupied by someone with a greater understanding of businesses in general.
My last moan is the way that account mangers are distributed to businesses such as mine. The new account mangers are given the new businesses which I think is not helpful. They are learning the job whilst trying to help my business when a more experienced member of the team would be able to guide and advise me much better.
- Overall -
Obviously I am very disappointed with the way that my account has been handled. I feel that Barclays have not helped me during this stressful period, and although it's nothing personal towards my account manager, she is not up to the task.
I wrote this opinion on the day I've started to seek a new bank to swap my account over to and have tried to include everything what the account offers before giving you my own personal experience. I have never had a personal account with Barclays and, due to this experience, very much doubt I ever will - but I must say that with their reputation that the problems I have encountered could well be local as the reputation of Barclays has always been presented to me as very good.
How helpful would this review be to a person making a buying decision? Rating guidelines
Barclays took over my Woolwich accounts in May this Year, and they have been useless all round so far, especially the Call Centre and Online banking side of them. I can't see me staying with them much longer in fact. I really have got to keep a close eye on all of my finances now.............Roy......
NattCullen 30.01.2005 22:29
ive never had any problems wit barclays, i love banking with them
Looby5 09.05.2004 16:58
Barclays are very poor and expensive - I speak as a customer who is just about to make the break after 12 years of thinking about changing my bank. good op
Advantages: Efficient, Good Variety of products, Best offered Cash ISA 2 years running Disadvantages: Try and sell you products that are not always beneficial to you.
BTreyo 18.04.2008 (18.04.2008)
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May 19th, 2003
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