Latest news with #Current
Scottish Sun
3 days ago
- Business
- Scottish Sun
NatWest making major change to bank accounts – and thousands will pay £100s more
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) NATWEST is shaking up its banking charges, leaving thousands of customers facing higher costs for everyday transactions. The bank is making changes to its business current accounts by increasing fees for cash payments, cheque transactions, and certain online transfers. Sign up for Scottish Sun newsletter Sign up 1 NatWest said that the new charges will remain fixed until at least September 2027 Credit: PA From August 30, cash payments into and out of business accounts will see their fees surge from 70p per £100 to 95p per £100. Cheque payments, whether processed by hand or via mobile, will also jump from 70p to 75p per cheque. The bank is also increasing some charges related to its BACS payment system. The BACS system is a UK payment network used by businesses to make electronic bank-to-bank transfers, such as Direct Debits and Direct Credits. The fee for processing each individual payment or instruction, will soon rise from 18p to 21p. The cost to process a file containing multiple payments or instructions will also increase slightly from £5.25 to £5.35. Business bank accounts are used by self-employed individuals, small business owners, charities, and community organisations to manage their finances. A spokesperson for NatWest said: "NatWest is changing the prices of some business banking services. "It's been seven years since day-to-day banking charges have changed for our business customers. "The cost of providing services has gone up so we've had to review our charges." Switch bank accounts for free perks NatWest said that the new charges will remain fixed until at least September 2027. However, not all customers will need to pay them, as eligibility depends on individual circumstances. Businesses and organisations with free banking are not affected by the rising charges right now. This includes new businesses with turnover under £1million, who get free banking for their first two years. Charities and community organisations with turnover under £100,000 are also included, as long as they stay eligible. Established businesses with turnover under £2million are covered too, but only for two years after switching accounts using the Current Account Switching Service. NatWest continues to offer business bank accounts without a monthly fee. Several other banks, including HSBC, Virgin Money, Monzo, and Co-operative Bank, also provide business banking with no monthly fees. However, service charges differ, and not all digital banks allow cash deposits or withdrawals. How do I switch bank accounts? SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee. What other bank account changes are on the way? Santander customers have been left outraged after the bank revealed it will start charging £120 a year for an account it promised would be "free forever". Thousands of small business and self-employed account holders are facing £9.99 monthly charges from October. This comes despite written assurances that their accounts would always remain free of fees. The changes will impact three types of business accounts: 1|2|3 Business Current Accounts, Business Everyday Current Accounts, and Business Current Accounts. The "free forever" promise applied to accounts offered by Abbey and Alliance & Leicester before the 2008 merger with Santander. The bank first attempted to introduce fees for these accounts in 2012 but backed down after customers threatened legal action. However, these accounts were shifted to the Business Everyday account in 2015, which did not include the "free forever" promise. From October 1, these accounts will be closed, and customers will be automatically switched to Santander's new Business Current Account – Classic. Under the new structure, every Business Current Account – Classic will incur a £9.99 monthly fee, regardless of the type of account customers previously held. While some accounts were free, others offered additional benefits with charges as high as £40 per month. The bank is closing its 123 Lite current account, which offers up to 3% cashback on household bills for a £2 monthly fee, on August 21. Customers affected by the closure will be automatically switched to Santander's Everyday Current Account. This account has no monthly fee but does not include cashback benefits. Meanwhile, customers of Lloyds Bank, Halifax and Bank of Scotland will soon lose the ability to deposit their cheques at any of the 11,500 Post Office branches nationwide. From December 31 this year, Lloyds Banking Group will withdraw this service for all customers.
Business Wire
4 days ago
- Business
- Business Wire
Current Expands U.S. Distribution Capabilities with Enhanced Network to Accelerate Service and Efficiency
GREENVILLE, S.C.--(BUSINESS WIRE)--Current, a leader in commercial and industrial lighting and controls, has made a major expansion to its U.S. distribution capabilities. The growth marks a significant step in Current's mission to provide best-of-class lighting solutions with speed, agility, and precision. This new distribution model is designed to support faster service, greater efficiency, and smarter product availability. The enhanced network is built around a system of Master Distribution Centers (MDCs) and Regional Distribution Centers (RDCs), each playing a strategic role in optimizing logistics. MDCs are in Harrisburg, Pa., Hendersonville, N.C., and Mira Loma, Calif. They will serve as national hubs managing bulk inventory and fulfilling large-scale distributor orders. RDCs are in Chicago, Ill., Dallas, Texas, and Atlanta, Ga. They will focus on high-demand products and enable frequent, agile shipments to jobsites and end customers. 'This growth in our capabilities marks a pivotal step in our mission to deliver unmatched value to our customers and partners,' Current's Chip Taylor, Chief Commercial Officer said. 'By optimizing our distribution network, we're accelerating deliveries, improving product access, and staying focused on serving our customers better, regionally and nationally. This new model ensures that our best-of-class lighting and controls solutions are always within reach, wherever and whenever they're needed.' This improved supply chain delivers easier ordering, faster lead times, and smarter inventory placement. Regional customers benefit from greater shipping efficiency and tailored product availability. It also deepens collaboration with distributors, agents, and specifiers by providing more reliable access to Current's innovative lighting and controls solutions. About Current At Current, we are Always On and working to improve lives with the industry's most expansive portfolio of sustainable advanced lighting and intelligent controls that reliably meet our customers' needs. Learn more at
Scottish Sun
18-07-2025
- Business
- Scottish Sun
Santander customers FUME over ‘disgusting' £120 fee for key bank account after being promised it would be ‘free forever'
The bank first tried to introduce fees for these accounts in 2012 CHARGED UP Santander customers FUME over 'disgusting' £120 fee for key bank account after being promised it would be 'free forever' Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SANTANDER customers are outraged after the bank revealed it will start charging £120 a year for an account it promised would be "free forever". Thousands of small business and self-employed account holders are facing £9.99 monthly charges from October. Sign up for Scottish Sun newsletter Sign up 1 Several other banks, such as Virgin Money, Monzo, and Co-operative Bank, continue to offer free business banking Credit: Getty This comes despite written assurances that their accounts would always remain free of fees. Santander's move has left customers feeling betrayed. Customers have taken to social media to vent their anger. One user said on "Promised me free business banking forever in writing, and now they want to charge £9.99 a month. Is this even legal?" Another branded the move "absolutely disgusting". The changes will impact three types of business accounts: 1|2|3 Business Current Accounts, Business Everyday Current Accounts, and Business Current Accounts. Santander said that the "free forever" promise only applied to accounts offered by Abbey and Alliance & Leicester before their 2008 merger. The bank first attempted to introduce fees for these accounts in 2012 but backed down after customers threatened legal action. However, these accounts were shifted to the Business Everyday account in 2015, which did not include the "free forever" promise. From October 1, these accounts will be closed, and customers will be automatically switched to Santander's new Business Current Account – Classic. Switch bank accounts for free perks This migration comes with new fees and charges that could significantly impact businesses, especially those handling large cash deposits or relying on cheque transactions. Under the new structure, every Business Current Account – Classic will incur a £9.99 monthly fee, regardless of the type of account customers previously held. While some accounts were free, others offered additional benefits with charges as high as £40 per month. Several other companies, such as Virgin Money, Monzo, and Co-operative Bank, offer free business banking. A spokesperson for Santander said: "The business banking landscape has changed significantly over the last decade. "As such, we are simplifying our business banking offering as the first step to ensure that we can sustainably and efficiently evolve to better meet the needs of our business customers in the future." Santander Business Current Account – Classic charges SANTANDER has also revised other charges that could hit businesses hard. For example: Cash deposits : Free up to £1,000 per month via Santander cash machines, but £1.25 per £100 for anything over that. Deposits made at Santander branches or Post Office counters will also cost £1.25 per £100. : Free up to £1,000 per month via Santander cash machines, but £1.25 per £100 for anything over that. Deposits made at Santander branches or Post Office counters will also cost £1.25 per £100. Cash withdrawals : Free at Santander cash machines, but £1.25 per £100 withdrawn at branch counters or Post Office counters. : Free at Santander cash machines, but £1.25 per £100 withdrawn at branch counters or Post Office counters. Cheque deposits: £0.70 per cheque. Overdraft fees are also set to change, adding further financial strain for some customers. What else is happening at Santander? The bank is closing its 123 Lite current account, which offers up to 3% cashback on household bills for a £2 monthly fee, on August 21. Customers affected by the closure will be automatically switched to Santander's Everyday Current Account. This account has no monthly fee but does not include cashback benefits. The 123 Lite account has not been available to new customers since 2022, however, hundreds of thousands still rely on the current account. The 123 Lite account allowed bill payers to earn up to 3% cashback, capped at £15 per month, on expenses like council tax, mobile phone bills, energy, and water. However, if you still have a 123 Lite account, cashback will stop automatically, and you will no longer need to pay the £2 monthly fee from August 21. If you're looking to keep cashback perks, the Everyday Current Account you'll be switched to won't be suitable, as it doesn't offer any cashback features. Instead, customers who want to stay with Santander may want to explore the Edge or Edge Up accounts. The Santander Edge account offers 1% cashback on certain household bills and debit card spending at supermarkets, petrol stations, and on travel. This account has a £3 monthly fee, with cashback capped at £10 per month. For a higher cashback limit, the Santander Edge Up account costs £5 per month and allows you to earn up to £15 per month on both bills and debit card spending. To keep these accounts active, Edge customers must deposit at least £500 per month, while Edge Up customers need to deposit £1,000. However, from September 9, cashback on supermarket, fuel, and travel spending will be removed for both accounts. Customers will only continue to earn 1% cashback on household bills like council tax and utilities. If you're looking to maximise your cashback, there are other options available. For example, American Express' Cashback Everyday Credit Card offers an impressive 5% cashback on purchases for the first five months (up to £125). What is cashback? CASHBACK is a type of reward offered by banks, credit card providers, and retailers where customers receive a percentage of their spending back as cash. Essentially, it's a way to earn money while making purchases. For example, if your card offers 1% cashback and you spend £100, you'll earn £1 back. Cashback can be credited to your account, deducted from your balance, or saved up for future use, depending on the provider's terms. It's often offered on everyday purchases, such as groceries, fuel, or online shopping, and may be part of a promotional deal or an ongoing benefit of your account. However, remember to check the terms and conditions, as some transactions may not qualify for cashback rewards. By using cashback offers wisely, you can usually make your money go further on purchases you'd already be making.
Yahoo
14-07-2025
- Business
- Yahoo
Baytex Announces Granting of Exemptive Relief Regarding Its Normal Course Issuer Bid Program
Calgary, Alberta--(Newsfile Corp. - July 14, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex") today announced it obtained an exemption order from the Canadian securities regulators which permits Baytex to purchase up to 10 percent of the "public float" (within the meaning of the rules of the Toronto Stock Exchange (the "TSX")) of its common shares through the New York Stock Exchange and other U.S.-based trading systems as part of Baytex's shareholder return strategy, including the current normal course issuer bid announced on June 24, 2025 (the "Current Bid"). Absent this exemptive relief, Baytex's purchases under a normal course issuer bid on markets other than the TSX would be limited to not more than 5 percent of its outstanding common shares over any twelve-month period. The exemptive relief is applicable to the Current Bid and any other normal course issuer bid commenced by Baytex and which expire on or before July 11, 2028 and is conditional upon, among other things, purchases being made in compliance with applicable U.S. rules and National Instrument 23-101 - Trading Rules and at a price not higher than the market price at the time of purchase. The aggregate number of common shares purchased by Baytex over any exchange or market over the relevant 12-month period of a particular normal course issuer bid may not exceed 10 percent of the public float, as specified in Baytex's notice accepted by the TSX in respect of the relevant normal course issuer bid, including the Current Bid. Baytex Energy Corp Baytex Energy Corp. is an energy company based in Calgary, Alberta and offices in Houston, Texas. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE. For further information about Baytex, please visit our website at or contact: Brian Ector, Senior Vice President, Capital Markets and Investor Relations Toll Free Number: 1-800-524-5521Email: investor@ To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-07-2025
- Business
- Yahoo
To the rescue: Why you need an emergency fund now
With the stock market at record highs and the unemployment rate at a modest 4.2%, an emergency savings fund might not seem like the most pressing need at the moment. But in fact, this is exactly when you should be thinking about starting one, consumer fintech banking platform Current suggests. The harsh reality is that many Americans do not have the cash to deal with the unexpected. A shocking 54% of Americans don't have enough cash to cover three months' worth of expenses, according to a survey by financial information site Bankrate. Even worse, 24% of people don't have any emergency savings at all. That may not seem like a big deal in boom times. But Future You could very likely be dealing with a different economic landscape. And if you ever run into financial trouble, the stakes will be raised very high, very quickly. 'Maintaining an emergency fund can provide valuable peace of mind: You can go about your business knowing that unanticipated outlays won't derail your financial plan,' says Christine Benz, a personal finance expert at financial research firm Morningstar and author of the new book 'How To Retire'. 'Holding liquid reserves to cover unplanned expenses keeps people from having to tap their long-term investments or rely on unattractive forms of financing, like credit cards, if they need short-term cash.' As an example, let's do our best to peer a few months down the road. The U.S. economy has already contracted at a .5% annual rate in 2025's first quarter, in part thanks to a highly uncertain tariff situation. Meanwhile, employee confidence – those who foresee a positive six-month business outlook – just hit a record low, according to career site Glassdoor. And CEO confidence just had the largest decline in its history, according to the Conference Board. That indicates that economic storm clouds are brewing. So if trouble hits, and you had to deal with a layoff: Would you have enough money to get through lean times, without having to take drastic action like raiding your retirement funds or putting your living expenses on high-interest credit? If the answer is no, then you need to take action. Of course, emergency funds don't materialize instantly: Doing it right requires thoughtful planning about how to get started, how much to accumulate, and where exactly to keep it. A few pointers: Start right away. Presuming you don't have thousands of dollars lying around, this project is going to require the gradual accumulation of small sums. So as the saying goes: The best time to start was yesterday, and the next best time is today. That is best achieved by setting up regular deductions, which is easily arranged with your bank. 'One of the best ways to create an emergency fund is to automate your savings,' says Marguerita Cheng, a financial planner and CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland. 'You can select an amount, as little as $50 every pay period, or on a pre-determined date every month.' Do that before you have a chance to access that money for day-to-day expenses (often known as 'paying yourself first'). Start small, and then hopefully boost that amount over time. Even just $20 a week, over the course of a year, amounts to over $1,000 – a fund that could prove to be critical in times of crisis. Aim high. To truly give yourself a cushion, aim for between 3-6 months' worth of expenses. That way, if you are laid off suddenly, you can rest assured of keeping food on the table and a roof over your head even if you don't find a new job for a while. If you are financially able, aim even higher than that. 'High earners, older workers, or sole/main earners in households with dependents should shoot for closer to a year's worth of expenses,' suggests Morningstar's Benz. Giving yourself that financial breathing room has extraordinary effects: Those who are able to set aside at least $2,000 report a 21% increase in financial well-being, according to a survey by money manager Vanguard. And those who achieve 3-6 months' worth of expenses? Even more than that, with another 13% boost. Make it work for you. Whatever you manage to set aside, there is no reason for it to be earning close to zero, as you might find at many big banks. Instead, you can create a positive snowball effect: Cheng suggests looking into high-yielding accounts, many of which these days offer 4% or more on your money. Also keep in mind that the federal SECURE 2.0 Act also allows for penalty-free withdrawals from retirement funds in cases of emergency (with a limit of $1,000 per year). Wherever you decide to house your emergency savings fund, there is no denying how critical it is – to establishing a first line of defense, keeping your financial plans on track, and helping you sleep at night no matter what economic storms may come. This story was produced by Current and reviewed and distributed by Stacker.
