Bank of Scotland screws it’s factoring clients

We were recently approached by a company that had been factoring it’s invoices with Bank of Scotland’s factoring division for over two years but now wanted to change.

Having arranged an introduction to a replacement factor the company tried to give notice to be told that they were on a rolling 12 month contract with three month’s notice to be given on the anniversary date of the Agreement and they could either stay for another nine months or else pay a hefty termination fee.

In an age where most factoring companies are reigning in their restrictive practises it is a shame that Bank of Scotland is still trying to screw as much money out of their customers as they can.

Caveat Emptor

Ian

Factoring Solutions

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