Banks
- Thread starter sleepy
- Start date
Walterp
Member
- Location
- Pembrokeshire
Barclays in this region are actively lending to new and old farming customers, and are especially keen on the BoE's 'Funding for Lending' program. They are, in fact, trying very hard in West Wales.
But I appreciate that different regions are, well, different.
We used to be Barclays and then moved about 8 years ago to Arbuthnots who have been very good up until the last 12 months. (would not lend on a land purchase and dire credit interest rates among other things)
We are in the process of moving to Lloyds who almost fell over themselves to get us to sign up. I think they have recently rejigged their Ag division...
We are in the process of moving to Lloyds who almost fell over themselves to get us to sign up. I think they have recently rejigged their Ag division...
KMA
Member
- Location
- Dumfriesshire
Currently with RBS & HBoS, seriously looking to move elsewhere but they all seem equally useless. Neither seem to have any interest in SMEs, in my experience there are no business managers any more just various grades of box tickers/sales people. If your enterprise/proposal doesn't fit the 'puter software (its designed for newsagents selling mars bars
) its an automatic NO NYET NON.
FK 'em, I use them because I have to and if I found a way to screw them like they screw us I'd be a happy man.
) its an automatic NO NYET NON.FK 'em, I use them because I have to and if I found a way to screw them like they screw us I'd be a happy man.
I moved last year from HSBC...woefull organisation...to Lloyds, which have, so far, been a totally different ball game, I get to deal with an Ag manager who can make hs own decisions and knows about Agriculture as well, unlike the chap I 'inherited' at HSBC when the previous guy retired..
My second choice would have been Barclays, who also were keen, but had heard lots of good things about the Ag manager from Lloyds for my area (North Wales) which swung it for me.
My second choice would have been Barclays, who also were keen, but had heard lots of good things about the Ag manager from Lloyds for my area (North Wales) which swung it for me.
Sussex Martin
Member
- Location
- Burham Kent
I have everything through Lloyds and I cannot fault my business banking manager. He has gone out of his way to help us even with personal banking.
- Location
- Essex/Herts Border
I use Barclays. Can't fault them really, like their online and mobile banking systems, quick and easy to use. Never have to deal with them much in person so will stick with them for now.
outofthefryingpan
Member
- Location
- South Devon
I used to work for Lloyds and I don't really have a good thing to say about the personal side of their business - customer used to walk into the branch and it was a case of how much stuff can we sell them - but from what I could see the agri business side was excellent, they actually had proper managers than understood about how farms worked!!!!!!! just imagine that
They don't want anything that could be considered a risk IMHO
All you can do is talk to lots of other banks to see what they can do for you.
Have two business's, farming one(HSBC) they are happy to throw money at you if you have lots of security and business is sound and capable of servicing debt. The other non farming(Lloyds)has no real assets other than stock and 20k overdraft at rubbish rates is the best we can get with 8 years of very good accounts!
I use the farm overdraft for the other business
All you can do is talk to lots of other banks to see what they can do for you.
Have two business's, farming one(HSBC) they are happy to throw money at you if you have lots of security and business is sound and capable of servicing debt. The other non farming(Lloyds)has no real assets other than stock and 20k overdraft at rubbish rates is the best we can get with 8 years of very good accounts!
I use the farm overdraft for the other business
GenuineRisk
Member
- Location
- Somerset
Banks! Just had a dire two weeks dealing with them... ! We moved to NatWest for our software business years ago from a lifetime at Lloyds, both personal and business. We moved from them because we have business in the US and move money regularly. They were taking up to three weeks to transfer dollars to our sterling account which drove me insane, so I looked around and HSBC and NatWest both competed for our business and NW were keener, so went with them. All fine for a couple of yeas till the great shake up and since then, nothing but hassle. Til last month, when out off the blue we got a letter cancelling out overdraft. In fact we haven't used it for a couple of years but wer're a cautious outfit and like to have it, which I know is not profitable for the bank but they charged us for the privilege, got good banking fees from us yada yada. I know that, being part of RBS, they have to reduce liabilities now but no phone call, no explanation, just a letter? Crap. Cannot understand any organisation basically acting in such a way as to lose customers from whom they are getting a regular income with no risk for no effort.
So back to Lloyds? My co-director who also happens to be my ex and who still banks personally with them (I moved my farm/stud account to Barclays AG and am very happy with them) started comms and then handed it over to me, as he has a lot of other business on. So I emailed thr new business manager, asking how our,application was going etc, copying me ex in and he replied to him! Didn't even copy me in! He knows I'm a director and equal shareholder so totally inexcusable and plain rude.
At which point, I contacted both HSBC and Barclays and in short, it was same bloke as last time we approached them, he remembered us, came straight out, can offer us same facilities as we have now, in short, treated us like the customers we actually are and we will be moving our account to them. Had a great deal of pleasure sending a polite but to the point emails o both NatWest and Lloyds telling them we wouldn't be banking with them.
So in my experience, both NatWest and Lloyds are totally useless and I am extremely glad I don't have to bank with either!
So back to Lloyds? My co-director who also happens to be my ex and who still banks personally with them (I moved my farm/stud account to Barclays AG and am very happy with them) started comms and then handed it over to me, as he has a lot of other business on. So I emailed thr new business manager, asking how our,application was going etc, copying me ex in and he replied to him! Didn't even copy me in! He knows I'm a director and equal shareholder so totally inexcusable and plain rude.
At which point, I contacted both HSBC and Barclays and in short, it was same bloke as last time we approached them, he remembered us, came straight out, can offer us same facilities as we have now, in short, treated us like the customers we actually are and we will be moving our account to them. Had a great deal of pleasure sending a polite but to the point emails o both NatWest and Lloyds telling them we wouldn't be banking with them.
So in my experience, both NatWest and Lloyds are totally useless and I am extremely glad I don't have to bank with either!
Sussex Martin
Member
- Location
- Burham Kent
My bussiness outside of ag. is expanding rapidly at the moment (good news in these trying times) but it does bring with it a few problems. Cash flow is severely restricted as we increase stocks and there is also a time lag from paying for the goods we buy and receiving payment from our customers. We have managed up till now but after a meeting with my co directors on Thursday the consensus was that we may strugle short term. Phoned my Lloyds business banking manager on Friday and he agreed an increase in overdraft facility of 40% there and then after I explained the situation. He did say that he had looked at the account a couple of weeks ago and could see we where doing a lot better and had expected my call.
In the end it comes down to your manager, I have a good relationship with mine and he understands my business and its needs. I can't see me moving away from Lloyds for a long time.
In the end it comes down to your manager, I have a good relationship with mine and he understands my business and its needs. I can't see me moving away from Lloyds for a long time.
Grassman
Member
- Location
- Derbyshire
Lloyds here because you actually have a manager who understands farming. I have his mobile number and he is happy to take texts and calls at any time. First manager I have been on first name terms with!
IANTO
Member
Over the years I have dealt either personally or onbehalf of Clients with all the High Street Banks.
Years ago the Local manager could make a decision and you could always telephone him to explain the situation. The reasons for having to issue a cheque, to provide proof of payment, before a grant was received, or needing to take advantage of an offer on Fertilizer etc., before the Milk Cheque was received were accepted, understood and agreed by a simple telephone call.
Today every other member of Staff is a "Manager" of something or other, but hardly any are authorised or willing to make a decision.
Most of the time they will not give direct branch telephone numbers of personal contact numbers. You therefore spend ages on the telephone getting through "security", and are then passed to another person where the procedure is repeated.
Here are my experiences and views of those I have dealt with.
Barclays - Fine if you know someone in the Branch. I currently Bank with them but not a happy bunny. In December they set up a Direct Debit on my personal account, which is always in credit. A first payment of approx.. £6K immediately and 1st Monthly thereafter. This had nothing to do with me they had set it up on the wrong account. December Payment was taken between Xmas and new year and a further 6K on ist January. First I knew was when I tried to use my Cashpoint on the 3rd January and was refused. It took numerous phone-calls and eventually an E-mail to the Chairman to get the matter sorted, and charges and interest refunded, in the meantime my account was frozen. The annoying part was that in theory at least my private account was linked to my business accounts. As the SFP had come in, in December between them these had credit balances of approx. £90K. They also cocked up seriously with a Client. When Business Accounts were centralised his business account was reclassified as a Community Accound, and his overdraft facility which he only used for a few months every year removed. Again it took a long time for them to admit their mistake. Never offered an appology or compensation, and he no longer banks with them.
Bank of Scotland - Bank of Wales were great. They had a Branch in Carmarthen, then retreated to Swansea. Taken over by Bank of Scotland and it has been downhill ever since. I can't find anything good to say about them. Lending propositions had to fit extremely tight criteria, and they could give a decision in less than a month. Client wished to bid for an 80acre block of land at auction. No borrowing and 400+acres already charged to them. Needless to say, he also moved banks.
HSBC - I know one of the local Agricultural Managers personally, who tells me that as far as he can see they are not interested in lending. Application after Application from Clients with a Good Track Record, Adequate Security, and a Good Business Plan, have been submitted for borrowing over his personal discretion and only a small percentage have been approved. A Ltd Co., I am a director of, bank with HSBC and have always found them helpfull. The account however is always in credit, and have never seeked borrowing facilities.
Lloyds - Have not been involved with them as far as borrowing propositions are concerned for several years. Many of my Clients did bank with them, but have since moved elsewhere. Those who are left all have credit balances. Old habbits die hard, and feedback from clients, is that they are still been pressurised to take investment advice. My wife and other family members, bank with Lloyds and they all confirm that this is still the case. There are ongoing claims for poor advice in the past.
NATWEST - They in my experience have never been a big player in this area. Had a contact at Carmarthen Branch with a direct line, who was always helpfull. When she retired I was relegated to speaking to call centres. Have had little dealings with them, but am not impressed. I retired as Treasurer of a Charity Account two years ago, but while all the signatories have been changed, I still receive correspondence from some departments, which I have to forward. It smacks of incompetence.
Which Bank is "Best" or most interested in aquiring business in any particular area at any one time, is cyclical. This has been a feature for the last 60 years or more. Head Office would look at the figures, and decide they were under represented in a particular sector in a particular area. Regional Office were told to say increase "Agricultural Lending" and this relaxation of criteria was passed down to Branch Managers, or todays Agricultural Managers. They then found that due to the pressure from Targets etc. and subsequent bonuses and in theory promotion for the individual manager concerned, their criteria had been too relaxed locally. The Free-lending Manager was replaced with a hardliner, whose instructions were to reduce exposure to individual sectors. If someone was borrowing up to the hilt they could not cut back without foreclosing and inevitably took the easy route of clamping down on profitable farmers who had facilities, which they rarely used. Did not do much for their bad debt exposure, but helped with their overall commitment figures, and artificially on paper strengthened their balance sheets.
To sum up there is no simple answer, to which is the best bank in a particular area. It varies from area to area and time to time.
Recently by word of mouth several of my Clients have either moved or are discussing moving with Handelsbanken a Swedish owned bank who are expanding in the UK. Their business ethos is a breath of fresh air. From my understanding all staff from the Chairman to the Cleaners get, the same annual bonus. From my experience, give out direct line and mobile contact numbers and return your calls. I am 62 years old, but they remind me of how Banks operated when I joined a High Street Bank in 1971,
Years ago the Local manager could make a decision and you could always telephone him to explain the situation. The reasons for having to issue a cheque, to provide proof of payment, before a grant was received, or needing to take advantage of an offer on Fertilizer etc., before the Milk Cheque was received were accepted, understood and agreed by a simple telephone call.
Today every other member of Staff is a "Manager" of something or other, but hardly any are authorised or willing to make a decision.
Most of the time they will not give direct branch telephone numbers of personal contact numbers. You therefore spend ages on the telephone getting through "security", and are then passed to another person where the procedure is repeated.
Here are my experiences and views of those I have dealt with.
Barclays - Fine if you know someone in the Branch. I currently Bank with them but not a happy bunny. In December they set up a Direct Debit on my personal account, which is always in credit. A first payment of approx.. £6K immediately and 1st Monthly thereafter. This had nothing to do with me they had set it up on the wrong account. December Payment was taken between Xmas and new year and a further 6K on ist January. First I knew was when I tried to use my Cashpoint on the 3rd January and was refused. It took numerous phone-calls and eventually an E-mail to the Chairman to get the matter sorted, and charges and interest refunded, in the meantime my account was frozen. The annoying part was that in theory at least my private account was linked to my business accounts. As the SFP had come in, in December between them these had credit balances of approx. £90K. They also cocked up seriously with a Client. When Business Accounts were centralised his business account was reclassified as a Community Accound, and his overdraft facility which he only used for a few months every year removed. Again it took a long time for them to admit their mistake. Never offered an appology or compensation, and he no longer banks with them.
Bank of Scotland - Bank of Wales were great. They had a Branch in Carmarthen, then retreated to Swansea. Taken over by Bank of Scotland and it has been downhill ever since. I can't find anything good to say about them. Lending propositions had to fit extremely tight criteria, and they could give a decision in less than a month. Client wished to bid for an 80acre block of land at auction. No borrowing and 400+acres already charged to them. Needless to say, he also moved banks.
HSBC - I know one of the local Agricultural Managers personally, who tells me that as far as he can see they are not interested in lending. Application after Application from Clients with a Good Track Record, Adequate Security, and a Good Business Plan, have been submitted for borrowing over his personal discretion and only a small percentage have been approved. A Ltd Co., I am a director of, bank with HSBC and have always found them helpfull. The account however is always in credit, and have never seeked borrowing facilities.
Lloyds - Have not been involved with them as far as borrowing propositions are concerned for several years. Many of my Clients did bank with them, but have since moved elsewhere. Those who are left all have credit balances. Old habbits die hard, and feedback from clients, is that they are still been pressurised to take investment advice. My wife and other family members, bank with Lloyds and they all confirm that this is still the case. There are ongoing claims for poor advice in the past.
NATWEST - They in my experience have never been a big player in this area. Had a contact at Carmarthen Branch with a direct line, who was always helpfull. When she retired I was relegated to speaking to call centres. Have had little dealings with them, but am not impressed. I retired as Treasurer of a Charity Account two years ago, but while all the signatories have been changed, I still receive correspondence from some departments, which I have to forward. It smacks of incompetence.
Which Bank is "Best" or most interested in aquiring business in any particular area at any one time, is cyclical. This has been a feature for the last 60 years or more. Head Office would look at the figures, and decide they were under represented in a particular sector in a particular area. Regional Office were told to say increase "Agricultural Lending" and this relaxation of criteria was passed down to Branch Managers, or todays Agricultural Managers. They then found that due to the pressure from Targets etc. and subsequent bonuses and in theory promotion for the individual manager concerned, their criteria had been too relaxed locally. The Free-lending Manager was replaced with a hardliner, whose instructions were to reduce exposure to individual sectors. If someone was borrowing up to the hilt they could not cut back without foreclosing and inevitably took the easy route of clamping down on profitable farmers who had facilities, which they rarely used. Did not do much for their bad debt exposure, but helped with their overall commitment figures, and artificially on paper strengthened their balance sheets.
To sum up there is no simple answer, to which is the best bank in a particular area. It varies from area to area and time to time.
Recently by word of mouth several of my Clients have either moved or are discussing moving with Handelsbanken a Swedish owned bank who are expanding in the UK. Their business ethos is a breath of fresh air. From my understanding all staff from the Chairman to the Cleaners get, the same annual bonus. From my experience, give out direct line and mobile contact numbers and return your calls. I am 62 years old, but they remind me of how Banks operated when I joined a High Street Bank in 1971,
Walterp
Member
- Location
- Pembrokeshire
Blimey! Pretty full reply.
But Ianto's correct about HSBC; me and Julie can vouch for that personally.
If you're in this area, then Barclays and Lloyds are both keen on farmers at the moment.
But Ianto's correct about HSBC; me and Julie can vouch for that personally.
If you're in this area, then Barclays and Lloyds are both keen on farmers at the moment.
- Location
- Ashbourne, Derbyshire
We changed from HSBC 18 mths ago as they'd lost the plot, went to Yorkshire/Clydesdale Bank, very impressed with them and 100% pro agriculture