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    • Barneyboyz336
    • By Barneyboyz336 16th Mar 17, 1:16 PM
    • 15Posts
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    Barneyboyz336
    Made open a business account when I wanted a current account
    • #1
    • 16th Mar 17, 1:16 PM
    Made open a business account when I wanted a current account 16th Mar 17 at 1:16 PM
    Prior to opening an account with Ulster Bank, I had an account with another bank closed unexpectedly. When I approached Ulster Bank about opening a current account with them they said I didn't have a good enough credit score but that if I wanted an account that I would have to open a business account. Feeling that I had little choice I agreed even though it would never be used as business account in any way and the advisor was fully aware of this. I had no cheque book or over draft available to me at any time. The account was used as a normal 'current' account having wages paid into it except that the business account I was using as an ordinary current account came with business account fees for all my transactions paid every quarter. Can anyone advise me on whether I would be entitled to these fees back as surely this was unethical advice and also whether the advisor would have received any financial gains for advising that I open this particular account? Thanks
Page 1
    • dunstonh
    • By dunstonh 16th Mar 17, 1:50 PM
    • 86,900 Posts
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    dunstonh
    • #2
    • 16th Mar 17, 1:50 PM
    • #2
    • 16th Mar 17, 1:50 PM
    Made open a business account when I wanted a current account
    Perhaps a bit of confusion here. Current accounts are available to business and personal customers. So, a business current account is a current account.

    When I approached Ulster Bank about opening a current account with them they said I didn't have a good enough credit score but that if I wanted an account that I would have to open a business account.
    Unless you operate a business as self employed or as a company director, then that is wrong and certainly a valid reason for complaint.

    Can anyone advise me on whether I would be entitled to these fees back as surely this was unethical advice and also whether the advisor would have received any financial gains for advising that I open this particular account?
    It doesnt matter if the bank clerk (wouldt be an adviser) gained from it or not. That is between the bank and the staff member. Nothing to do with you. Although its unlikely as most staff did not get direct financial benefits that way. Just complain that you did not operate a business and being told to open a business account to get around the credit scoring and then making you pay charges was wrong. Should be an easy one for them to uphold and refund.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Barneyboyz336
    • By Barneyboyz336 16th Mar 17, 2:32 PM
    • 15 Posts
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    Barneyboyz336
    • #3
    • 16th Mar 17, 2:32 PM
    • #3
    • 16th Mar 17, 2:32 PM
    Thank you for your reply it's been very helpful. Yes current accounts may be made available for business account users but I have to pay for this account. With a standard current account I would have paid no fees unless it was bank charges for late payments etc. Would this be right? And thanks again I ever so grateful
    • Barneyboyz336
    • By Barneyboyz336 16th Mar 17, 2:38 PM
    • 15 Posts
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    Barneyboyz336
    • #4
    • 16th Mar 17, 2:38 PM
    • #4
    • 16th Mar 17, 2:38 PM
    It was also the bank Manager who advised me!
    • Moneyineptitude
    • By Moneyineptitude 16th Mar 17, 2:54 PM
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    Moneyineptitude
    • #5
    • 16th Mar 17, 2:54 PM
    • #5
    • 16th Mar 17, 2:54 PM
    I had an account with another bank closed unexpectedly.
    Originally posted by Barneyboyz336
    Why would that have been?
    • Barneyboyz336
    • By Barneyboyz336 16th Mar 17, 2:59 PM
    • 15 Posts
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    Barneyboyz336
    • #6
    • 16th Mar 17, 2:59 PM
    • #6
    • 16th Mar 17, 2:59 PM
    I kept missing my repayments for a car the money was always in late I kept getting charged but the bank was always paid. They closed my account in April 2004 I opened the other account in May 2004. Hope this helps you answer my question!
    • dunstonh
    • By dunstonh 16th Mar 17, 3:19 PM
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    dunstonh
    • #7
    • 16th Mar 17, 3:19 PM
    • #7
    • 16th Mar 17, 3:19 PM
    It was also the bank Manager who advised me!
    Originally posted by Barneyboyz336
    Banks throw titles around willy nilly. Kids out of school could be called manager of something. However, you dont need to worry about any of that. You were sold a business account without being a business or self employed. A simple two sentence complaint letter will do the trick. Or bullet point the key facts of the complaint.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Barneyboyz336
    • By Barneyboyz336 16th Mar 17, 3:23 PM
    • 15 Posts
    • 2 Thanks
    Barneyboyz336
    • #8
    • 16th Mar 17, 3:23 PM
    • #8
    • 16th Mar 17, 3:23 PM
    Thanks again for your advise it really helped me.
    • Barneyboyz336
    • By Barneyboyz336 17th Mar 17, 6:00 PM
    • 15 Posts
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    Barneyboyz336
    • #9
    • 17th Mar 17, 6:00 PM
    • #9
    • 17th Mar 17, 6:00 PM
    Can anyone tell me why I would have been made open a business account or has anyone else ever heard tell of this? This was back in 2004.
    • Nasqueron
    • By Nasqueron 17th Mar 17, 8:23 PM
    • 3,972 Posts
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    Nasqueron
    Can anyone tell me why I would have been made open a business account or has anyone else ever heard tell of this? This was back in 2004.
    Originally posted by Barneyboyz336
    It doesn't matter

    Just complain and point out you needed a current account and were given a business account
    • safestored4
    • By safestored4 17th Mar 17, 8:57 PM
    • 402 Posts
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    safestored4
    You haven't given any information whatsoever about your employment status at the time the account was opened. For all that we know you may well have been self employed and the bank manager invited you to open a business account after discussing your requirements with you. This is just conjecture of course, but it seems a bit odd that it has taken you 13 years to raise the issue.
    Last edited by safestored4; 17-03-2017 at 9:00 PM.
    • Barneyboyz336
    • By Barneyboyz336 18th Mar 17, 12:07 AM
    • 15 Posts
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    Barneyboyz336
    I'm a firefighter I thought I said I never ran a business which surely means I was never self employed? I never questioned the banks reasons for making me open the business account as it was the manager who advised me and to be honest it's a bit humiliating being told you can't have the account you wanted I was that embarrassed I never went back to question it. I'm not going to come on here and say I never used the account for business purposes if I had ran a business. My account will show it was only used for personal use. I think you should read the thread better next time before commenting.
    • Barneyboyz336
    • By Barneyboyz336 18th Mar 17, 12:18 AM
    • 15 Posts
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    Barneyboyz336
    I was also a firefighter at the time of opening the account just incase you think I was running a business . And just to be clear I have never ran a business or been self employed in my life which my account will show when Ulster bank check out my complaint. Why on earth would someone complain to Ulster Bank and come on here looking for advise if they indeed had ran a business?
    • Moneyineptitude
    • By Moneyineptitude 18th Mar 17, 12:41 AM
    • 18,153 Posts
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    Moneyineptitude
    You need to convince the Bank, not the internet..
    • Barneyboyz336
    • By Barneyboyz336 18th Mar 17, 6:37 AM
    • 15 Posts
    • 2 Thanks
    Barneyboyz336
    I don't need to convince the bank it's there in black and white for them to see
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