Transactive Business Accounts have recently changed the way they do business, which has left many companies confused.
The Transactive Business Accounts were supposed to be a new and revolutionary way for companies to bank their business.
However having agreed to open a number of business accounts, it appears they have now changed their minds about their charges.
This has caused a great deal of confusion with some new Transactive Business Accounts holders.
It appears the Transactive stipulated that each new business had to sign a 12 month contract to complete the process.
However, due to lack of sufficient revenue and a failed business model, they wrote to a number of their clients forcing them to either accept their new increased charges or face having their account closed.
Why did they change their terms on the Transactive Business Accounts?
It appears that the senior management at Transactive were unaware of the original contracts and charges.
So when they became aware, instead of honoring the contracts for the agreed 12 months, they simply began issuing notice letters.
Would we recommend you open a Transactive Business Accounts?
No we would NOT recommend opening any Transactive Business Accounts.
It is obvious they are not realiable when it comes to business banking, so our fear would be that you could open a business account and they change their T&Cs at will.
We work with a number of specialist business banking providers and none operate like Transactive.
To date this is the only company that insists you sign a 12 month agreement and then changes their T&Cs due to running an unsustainable business model.
Our advice would be to find a business banking partner that you can rely upon and one that knows how to operate their business.
Perhaps consider opening one of the Transactive Business Accounts once they have shown they can be more reliable or if there are no other options available.
If ever you do, be mindful that the contract they insist you sign is obviously one they could change with no consideration of your requirements.
To help find an alternative to Transactive Business Accounts, please contact us on 020 3286 3929 or complete our Online Form Here