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Firms hit by banking cost, says expert

21 May 2008

Firms hit by banking cost, says expert Bank charges are just one of the things that make life harder for small businesses, one expert has said.

Students who work part-time for small businesses in order to support their studies could be interested to see how their employers deal with evolving bank charges.

The National Federation of Enterprise Agencies (NFEA) said yesterday (May 19th) that banking charges the Royal Bank of Scotland (RBS) plans to introduce will add another cost at a time when businesses are being hit financially.

RBS will introduce a monthly charge of £10 and transactional charges on its Business Banking Direct account in June.

George Derbyshire, chief executive of the NFEA, said: "Whilst the sums involved seem modest in the context of the total turnover of a business, this is just one of a number of cost increases small businesses are seeing.

He added that firms are also seeing a rise in costs for transport, energy and utilities at a time when "customers are starting to feel the pinch".

Other banks will no doubt be watching how the RBS customers respond, he concluded.

The NFEA is a network of independent, not-for-profit, Local Enterprise Agencies committed to responding to the needs of small and growing businesses.

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