I signed up to Lloyds Business bank after my previous bank let me down. I was told of the service charges they applied to the account, it is £8.50 per month, which is fine. You get additionally charged for things like paying cash in etc, which wasn't great but it is minimal with my business anyway, so I went ahead and signed up. For the first 12 months there are not service charges. After that they began to charge me.
Every single month the charge gets higher and higher. This month, February, they have charged me £54. There is no invoice to be found, no breakdown of what is included in these service charges and I am going through a complaint procedure to try to discover what is going on.
The level of service I have received is worth nothing at all. I often have to queue for 30-60 minutes in the branch to pay in some cash because they often only have one person on the cash desk. The app in general is awful, it logs you out after about 30 seconds, customer service is extremely slow and I get bombarded with sales messages whenever I log on to the app.
All in all, I regret changing my business bank to Lloyds and I am going to be leaving them ASAP.
As a warning to everyone they charge:
£8.50 monthly account fee.
£1.80 per direct debit.
£1.70 for credits paid in at the bank.
£2.20 for internet and phone banking.
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