May 20, 2011

The Next Big Bank Scam??

Now that consumers have found some justice with the mis-selling of payment protection insurance (PPI), you would think the banks would be trying to clean up their practices. We have received information hinting at the possibility of another mis-selling practice involving at least one of the 5 major  banks. According to the information received, this bank is selling an accounting management product to business owners, which may be completely unnecessary to the owners. However, we are told that this bank’s target is that 60% of business accounts must be sold this product. At £20-£30 per month per account, this product is generating considerable profit for the bank.

We need more information about this practice. We would like to hear from business owners who hold business accounts with their financial institution. Have you been sold accounting management software? We want to know how it was sold to you (was it optional or did it sound necessary?) and if you have found your investment in this product has been worthwhile? If you were not been satisfied with this product, was it easy to cancel? If you have had experience with this product or have information regarding this practice, Whistle Blowers would like to hear from you.

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