Natwest Business Accounts

Confused_Mother

Kavanne wrote: »

Yeah she probably gets less points for a foundation account than a standard business account. Phone up business and try again. Explain why you only WANT the foundation account and not the normal business account. If you say 'Oh I think I'll only be eligible for the foundation' they'll try and get you to go through the app but explain you do not want any credit facilities.

Tried what you suggested but was still told that was the only way of going for foundation was through normal bus acc, so i had to apply which, to my surprise was not a straight out 'decline' but came back as 'referral'. The phone operator said that its not uncommon for people with bad credit history to get declined immediately, but you cant get much worse than mine, so why was it not a straight decline? Any ideas?

olly300

BarclaysManager wrote: »

This is a breach of the personal T&Cs with pretty much every bank known to mankind. Banks can/will/do close on people who do this, which would make his credit score even worse if it showed a bank had closed on him.

As a sole trader there is no legal requirement for you to have cheques written as your business name as you and the business are not legally separate entities.

Therefore it is legal for a guy who works as occasionally as a plumber but has a full time job to bank cheques paid to him in his personal account.

However if you are a director of a limited company legally you and the company are separate entities so you cannot use a personal account for the company.

The reason banks don't like sole traders doing this is because they make more money from business accounts and some sole traders actually have a decent turnover.

Amzy_2

I know this was a while ago but i just wanted to say that I am in the process of applying for this account and asked the person im dealing with at natwest if this was the case about having to apply for the normal account first and she said that wasnt the case.

She asked if i was bunkrupt and if i owed any money to natwest becuase if i was I couldnt apply (no to both!)

She was happy with that and I have to go see her with all my paper work on wednesday!

djm1972

BarclaysManager wrote: »

If you must break the T&Cs, then don't set up a National Insurance direct debit on your accounts. More than one bank "hunts" for them.

Why not? Class 2 NICs are a personal thing rather than being associated with any one of your businesses; so it makes sense for the direct debit to be on your personal current account...