Standard Bank’s current advertising campaign asks: “When last did you feel this excited about banking?” The honest answer is: before I became a small business owner. But actually, honestly: probably never. Certainly not when they treat business people like they have this week. Maybe its advert is directed at shareholders, and not customers.
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For businesses, the action steps are obvious:
Review your overdraft facilities and reduce them to the levels you absolutely need.
Look for alternative methods of funding cash flow requirements.
Move your business to another bank, or at least threaten to do so.
Like most banking facilities, it is likely that if you’re a good customer this additional fee might be negotiable.
Buy more banking shares.
It looks as if they’re going to continue their glorious tradition of making money no matter what happens to their customers or the economy.
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