Business Services Industry
The Post and Courier, Charleston, S.C., Finance Column.
Knight Ridder/Tribune Business News, June, 2004
By Frank Norton, The Post and Courier, Charleston, S.C. Knight Ridder/Tribune Business News
Jun. 14--BIG-COMPANY EXECUTIVES REPORT BEING SQUEEZED BY THEIR BANKS: Banks increasingly are squeezing their business clients by pressuring them to buy high-cost services in exchange for low-cost loans, according to a survey by the Association for Financial Professionals.
The survey found that 96 percent of big-company executives said their bankers pressured them to buy ancillary services in exchange for loans, even though the practice of tying credit to the purchase of other financial goods can be illegal.
Nearly two-thirds of the respondents from large companies -- those with annual revenues greater than $1 billion -- reported being denied...
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