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    • Kittykat74
    • By Kittykat74 9th Oct 17, 2:27 PM
    • 24Posts
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    Kittykat74
    Connected bank accounts ..personal and ltd company!
    • #1
    • 9th Oct 17, 2:27 PM
    Connected bank accounts ..personal and ltd company! 9th Oct 17 at 2:27 PM
    We have had personal accounts with a major bank for many years! Recently we moved over the company account (Ltd company)
    I am unhappy to find these accounts have been linked both on the app and online. So if I need to make a payment then the entire list of anyone we have paid personally comes up.
    I just feel this is a huge mistake waiting to happen (not I don't trust myself as I am very careful but mistakes happen ..) I also feel nervous having 'all eggs in one basket' if hackers can access this then they can access the business account too.
    I have asked the bank to separate with different logins but have been told this is not possible. Does anyone else think this is odd?
    Thank you
Page 1
    • RG2015
    • By RG2015 9th Oct 17, 2:42 PM
    • 328 Posts
    • 114 Thanks
    RG2015
    • #2
    • 9th Oct 17, 2:42 PM
    • #2
    • 9th Oct 17, 2:42 PM
    Yes, this does sound odd but I have heard that NatWest do exactly this.

    I assume that as you say "we" that there are at least two of you that have personal accounts and are company shareholders. Does the other shareholder see exactly the same payees as you, both business and personal?

    A limited company is an entirely separate legal entity to its shareholders so I cannot understand why these have been linked. I suspect though that this is a result of the anti money laundering (AML) and know your customer (KYC) legislation.

    It may be worth taking legal advice or at least undertaking some research on this issue. Just to satisfy my curiosity I am now going to start googling this issue.

    Edit: It may also apply to company directors and authorised signatories
    Last edited by RG2015; 09-10-2017 at 2:51 PM.
    • RG2015
    • By RG2015 9th Oct 17, 4:12 PM
    • 328 Posts
    • 114 Thanks
    RG2015
    • #3
    • 9th Oct 17, 4:12 PM
    • #3
    • 9th Oct 17, 4:12 PM
    The following is on the NatWest website.

    Use our mobile banking app to:
    View both your Business and Personal accounts in one place


    Clearly NatWest promote this as a feature of their mobile app. Therefore one major bank at least do not see this as a conflict. One must assume that they they have a well appointed legal team so it would not appear to be a legal requirement to keep these separate.

    https://www.business.natwest.com/business/newapp/new.html
    • eskbanker
    • By eskbanker 9th Oct 17, 4:31 PM
    • 5,568 Posts
    • 5,413 Thanks
    eskbanker
    • #4
    • 9th Oct 17, 4:31 PM
    • #4
    • 9th Oct 17, 4:31 PM
    Santander do the same - my understanding is that they're effectively associating an online banking ID with an individual rather than a specific bank account, so any account that person has access to is visible within online banking.

    I'm not sure I'd go as far as to describe the accounts being inherently linked or connected as such, just accessible from the same login, which, as observed above, will be seen by some as a benefit rather than a weakness (it works for me!).

    If 'all eggs in one basket' is a concern, don't use the same bank for both business and personal banking!
    • Kittykat74
    • By Kittykat74 9th Oct 17, 4:52 PM
    • 24 Posts
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    Kittykat74
    • #5
    • 9th Oct 17, 4:52 PM
    • #5
    • 9th Oct 17, 4:52 PM
    It is very confusing when trying to carry out banking tasks as everything is linked!
    My husband is the Director and I am the secretary.. only us! But considering I previously accidently paid his salary to HMRC and paid him the tax and NI it worries me as yes I appreciate I need to be careful I just see huge scope for errors!
    So yes I now need to look at changing bank again .. joy of joys!!
    • mt99
    • By mt99 9th Oct 17, 5:45 PM
    • 392 Posts
    • 177 Thanks
    mt99
    • #6
    • 9th Oct 17, 5:45 PM
    • #6
    • 9th Oct 17, 5:45 PM
    Not sure it's a good idea to have a business account in the same bank (or group) as your personal account - I would definately keep these as far apart as possible.
    • evangelos
    • By evangelos 9th Oct 17, 5:47 PM
    • 22 Posts
    • 11 Thanks
    evangelos
    • #7
    • 9th Oct 17, 5:47 PM
    • #7
    • 9th Oct 17, 5:47 PM
    As mentioned Santander does the same (customer ID login/password and then you can see all your accounts business including).

    In Santander however the payees of one account are independent from the payees of the other account. If you create a payee in your personal account, you cannot just "see" it from the business account and transfer money to him. You will need to recreate the same payee in the business account.
    • RG2015
    • By RG2015 9th Oct 17, 5:56 PM
    • 328 Posts
    • 114 Thanks
    RG2015
    • #8
    • 9th Oct 17, 5:56 PM
    • #8
    • 9th Oct 17, 5:56 PM
    Santander do the same - my understanding is that they're effectively associating an online banking ID with an individual rather than a specific bank account, so any account that person has access to is visible within online banking.
    Originally posted by eskbanker
    Up to 2012, I worked for a large company and managed all of the UK banking with the same bank as I used for my personal banking. There was no link at all then although my ID was verified for both personal and company banking.

    Round about 2009 or 2010 I arranged all of the KYC requirements for the company directors which was a tortuous task to say the least! I simply cannot imagine any of the directors or signatories having access to their personal banking on the business banking login.
    • polymaff
    • By polymaff 9th Oct 17, 7:17 PM
    • 1,726 Posts
    • 741 Thanks
    polymaff
    • #9
    • 9th Oct 17, 7:17 PM
    • #9
    • 9th Oct 17, 7:17 PM
    Yes, this does sound odd but I have heard that NatWest do exactly this.
    Originally posted by RG2015
    They do - or at least they did, even 25 years ago.

    We had personal, sole trader and limited company accounts with NatWest and they consistently failed to take any heed of the paying in slip submitted when deciding where to credit a payment.

    Absolute clowns.
    Last edited by polymaff; 09-10-2017 at 7:22 PM.
    • Kittykat74
    • By Kittykat74 9th Oct 17, 9:52 PM
    • 24 Posts
    • 0 Thanks
    Kittykat74
    The very question I asked (if the CEO had all his personal and business accounts linked) the gentleman who confirmed they would not be revisiting the decision to have 'merged' bank accounts!! .. He did not answer...
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