How long to open a business account? (esp Co-op)

Crocswearer

Hi

I sent off an application to open a business current account with Co-op. It was recorded as delivered on 12th December. I rang up last Thursday (15th) to check its progress and was told it wasn't on the system yet as they were extremely busy.

9 days after it arrived, I still haven't even had an email of acknowledgement.

This seems like really bad service.

Am I expecting too much too quickly?

LianneCarlaS

My business is with Barclay's I filled the form in online (was not a customer of theirs at the time) someone called me back within 2 hours at the very most to book an appointment for the following week. Wen't in and sorted out all the other details they needed and proof of ID, the account was set-up and I began recieving the relevant documents through the post in a week.
I would look into how easy they are to contact and how easy it is to get an appointment with the business account manager to make sure that they can provide the level of service you need. If you can find out what the reason for the delays was and if this is a one off or a regular occurance.

paddyrg

The back-room processes may take a couple of weeks. I already had 20 yrs personal banking and 3 yrs company banking with Lloyds when I needed a new company bank account (for a new company) opening pronto to clear a cheque. They were able to give me an account number and copy/paste most of the opening details within an hour on a Friday night because we already had a long trelationship - but it still took 10 days or so to be 'fully open' as printing and posting cheque books, etc takes finite time - especially at busy periods and slow postal periods.

stephent82

I applied to RBS online, and received a phonecall within a day-or-two. Whithin about 5hrs of the phonecall I was approved. I was approved for an overdraft an hour-or-so later (which I didn't take). I began receiving my books, cards etc. within the next couple of days. I would say it was about 10 days from the start of the process to having everything I needed.

Horace

The co-op can take ages. As soon as I can clear my overdraft I will be closing my account with them altogether. Unfortunately, I am now on benefits so am having to send them small amounts to clear the overdraft but they keep charging and then send me over the limit and they charge me £20 for the privilege so the dratted thing can never reduce. It took me ages to get anything from them when I first set up the account - it took a few weeks' as I recall.

alebox

I opened a santander bus account recently and it was the most painful process of my life!

Crocswearer

Thanks everyone for your comments.

I know getting the card and cheque book can take a couple of weeks. I think I should have received an email of acknowledgement within 9 working days of them receiving the application form, though, so I've rung up and cancelled the application.

Instead, I opened an HSBC Business Direct account online, which was instantly approved "in principle". I received a call later this afternoon about it but unfortunately I missed the call. At least they have made contact on day 1.

Cheers

jexygirl

They have, but in business terms place a value of their charges, versus joining FSB and getting free banking... and a very competitive card machine. Whilst I appreciate service, considering what I pay, and do myself - Co op save me a FORTUNE.

Crocswearer

Update - today I received the debit card and a welcome letter - from the Co-op! Yes, the application I cancelled on 22nd December has gone ahead and Co-op have no record of the cancellation on their system. :eek:

I am so glad I opened an account elsewhere!

Radsteral

despite dislikes towards hsbc at some stage i closed my accounts and terminated my card, but kept my bussiness acount with them . never had a problem, their online acces is great and couple of small complaints i have done have been dealt swiftly..a late payment to an employee, i recieved 25 pounds and a sorry letter;)

steve1980

Crocswearer wrote: »

Update - today I received the debit card and a welcome letter - from the Co-op! Yes, the application I cancelled on 22nd December has gone ahead and Co-op have no record of the cancellation on their system. :eek:

I am so glad I opened an account elsewhere!

And that doesn't ring alarm bells?

Enjoy the unsecure non encryption of their computer systems!