It turns out that banks love high-tech guys. They can’t wait to shower us in “free” services and add-on products designed to make our lives easier.
The poor market trader with his stacks of cash is totally obsolete from a banking point of view. He’s paying his fees daily and there’s nothing he can do about it. However, instead of mourning the loss of cheap market goods, I’m going to focus on the positive angles for Internet start-ups.
HSBC are currently offering 18 months of free business banking to start-ups. This means you can get your corporate account set up (and ready to start buying any essential hardware & software) without paying a penny. They offer an inclusive credit card, cheque processing, online & phone access and all the usual services you’d expect from personal banking, for nothing. The only condition is that you don’t want to process a lot of over-the-counter cash payments. Awesome.
I’ve gone ahead and set up an account with them, but MY GOD, the volume of paperwork that arrived this morning was unbelievable. It’s going to take me most of the weekend just to read it.