Bob Ritchie

Bank closures across the region have infuriated local residents and small businesses in particular stand to be affected. Many owners of small businesses will be forced to travel greater distances to get to their nearest branch, taking valuable time out of the working day.

Local businessman Bob Ritchie has solved the problem by turning to the Abbey business banking service designed to provide convenient and low cost banking to small businesses in the local community.

Based in Bristol, Bob Ritchie is a specialist machinery supplier to the wood, aluminium, plastics and engineering industries. In this capacity, Bob and his engineers carry out annual services, safety checks and electrical installations across the South West. As business grew, Bob became increasingly frustrated at the length of time he was spending visiting the bank each week and imminent bank closures may have meant the banking process would take even longer.

Before switching to the new direct business bank account, Bob estimates he spent an average of four hours every week visiting the bank, traveling a total of thirty miles.

As my business grew, I found that I needed to visit the bank two or three times a week. I don't have time to waste time traveling to banks and standing in long queues and so direct banking by telephone and post have taken away the need for this. I'm also making savings on petrol.

As well as being a convenient option, the account is free of transaction charges indefinitely and, unlike other big banks, pays interest on credit balances.

I spent twenty eight years banking with other high street banks and I always felt that the bank charges for small businesses like mine were unfair.

In November, Bob also decided to open up a Business Reserve Account. This account offers rewarding rates of tiered interest designed to benefit organisations with cash flow surpluses and Bob estimates he will make several hundred pounds every year in interest alone.

I have been considering switching banks for the past five years but was concerned it would be a complicated process, as a large proportion of my transactions are automatic.

Now I've made the change, I'm delighted to say I've done it without experiencing any problems. I just wish I had done it years ago.

Neil Lovis, Abbey's regional relationship manager for Gloucestershire, Somerset and Avon:

This is a bold move on the part of Abbey, it is our way to show our appreciation and support for the small business community.

We have found that all too often small businesses are being treated as second-class customers despite the fact they play such a valuable role within local communities and indeed within the economy as a whole.

For too long now, small businesses seem to have been at the mercy of larger commercial banks, often paying significant amounts in transaction charges alone. We want to offer a fair and uncomplicated banking relationship. After all, there are enough challenges in running a business without having to face added complications with business banking.