As Sidmouth becomes a one-bank town, how do businesses adapt?
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Vincent Page of Antiques on High writes for the Herald.
As the price of fuel continues to make us cringe at the pumps are we going to have to pay more to bank our business takings?
With the announcement that the HSBC bank is closing, which will almost certainly see the demise of its cashpoints, the only bank left in the town will be Lloyds and much as no -one will admit it, the question has to be asked as to how much longer will that be a feature of the High Street?
Whilst much of our business can be done via bank transfer and card payments these days, there are certain businesses whose takings are largely made up of cash and they need to bank them, so if you don’t bank with Lloyds then it’s the Post Office or start driving which takes up more valuable time and money when you are already working round the clock.
All the predictions are that we are rapidly heading towards a cashless society, (although personally speaking I think it’s some way off) which under the current circumstances may not be such a bad thing but as the transition slowly takes place, and let’s face it, it will be slow, it does present small businesses with problems which they can ill afford to be dealing with at the moment and that could be an issue for some considerable time.
Whilst a new raft of predominantly internet banking-based banks are making there presence felt in the banking world some of them cannot accept cash payments from a Post Office.
Anne Boden formed the Starling Bank and has already attracted some large financial heavyweights into its quarters and yes you can pay cash into the account at a post office but only a thousand pounds a year into a personal or joint account, before you attract any interest for the privilege of doing so which for a one-man band business could be viewed as pretty pointless.
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So ultimately it appears that love or hate it we may be in the position where multiple accounts at selected banks maybe an answer and the thrills of internet banking are well and truly here to stay.