A friend of mine, with a 33% interest in a ltd co went to see their Barclays bank manager yesterday.
The manager was 'concerned' about the amount of bank charges on the account (there are thousands) & in a bid to reduce charges he suggested that the company...
reduce their overdraft by 50% by taking out a barclays loan to cover it because apparently charges are tiered & the higher the overdraft limit, the higher the cost of charges etc....
I was a bit suspicious when I heard this.....reducing liabilities (the overdraft) & increasing business for the bank (a new customer loan) sounds like a way for the manager to make it look like hes improving the banks business to me! I have asked about interest rates etc...the person doesnt know what theyll be!
does anybody have any opinions or advice or comments which they can share with me on this please?
The manager was 'concerned' about the amount of bank charges on the account (there are thousands) & in a bid to reduce charges he suggested that the company...
reduce their overdraft by 50% by taking out a barclays loan to cover it because apparently charges are tiered & the higher the overdraft limit, the higher the cost of charges etc....
I was a bit suspicious when I heard this.....reducing liabilities (the overdraft) & increasing business for the bank (a new customer loan) sounds like a way for the manager to make it look like hes improving the banks business to me! I have asked about interest rates etc...the person doesnt know what theyll be!
does anybody have any opinions or advice or comments which they can share with me on this please?
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