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Santander Risk Customer Backlash

santanderThere are many aspects of you choosing to place Binary Options trades on banking institutions that you always need to be aware of. However, one thing that any bank needs is customers and a lot of them to keep their profits flowing.

One bank that has been weathering the current financial climate much better than most others is Santander, and thanks to some of their innovative back accounts they have attracted a large number of new customers over the past few years.

One of reasons why many customers flocked to open an account at Santander was their flagship account, that being the 123 Bank Account, which for a small minimum annual fee of just £24 gave holders of those accounts a range of additional benefits which made the account very attractive.

However, things are about to change for Santander has just announced they will be very shortly increasing the annual fee on that flagship account which will see account holders being charged £60 per year as opposed to the current £24 per year.

That massive increase in the fee charged to service that account is going to wipe out instantly many of the benefits of that account, and that in turn could see a large number of those 123 Bank Account holders switching their accounts to one Santander’s competitors.

In fact it is not only the fees that are increasing on the 123 Bank Account for the £24 fee for their credit card is about to be increased by an additional £12 so their credit card holders are now going to have to pay £36 per year just for the privilege of having one of their credit cards.

Whilst Santander cites market conditions for these increases if you are considering placing some long term Binary Options trades on banking institutions then keep those increased charges at the forefront of your mind.

With many banks now offering customers a one off cash bonus for switching their bank accounts from another bank to their own it is only going to be a matter of time before a large proportion of those Santander customers start to vote with their feet and opt to switch their bank accounts and credit card accounts to another bank.

Banking related Binary Options are always something of a risky proposition these days, however if you are on the right side of those types of trades there are some large profits to be made.

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