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Like many other Bank of Scotland (BoS) business account holders, your correspondent received a letter from the bank yesterday stating that, from October, BoS would no longer pay interest on my credit balance. The Herald has a lengthy piece on their move here. In the article by the paper’s business editor Ian McConnell, a BoS spokesperson justifies the measure by saying that their small business customers don’t have to pay a monthly maintenance charge on their accounts. That is not altogether true. Under the terms of my BoS Direct Business Cheque Account, I have to pay £15 a month any time that my balance falls below £5000 in credit. That is not an overdraft fee, it is not a lending fee
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