Been Refused a bank account

apples101

i have been refused a business bank account by HSBC and advised by Lloyds TSB that i cant have an account.

can somebody please help me.

all i need is a basic account to pay my wages and tax from.

I am now desparate as i havn;t been paid for three weeks waiting for this.:o

chevalier

I have heard that many people with credit problems can still get a Nat West step account. I believe this is one with no overdraft or card facility, but you can pay wages into it and direct debits/standing orders out of it.
hope this helps
chev
ps you may be able to go via https://www.quidco.com and get cash back for opening it

Snaggles

Do you know why you were refused? Is it because of credit rating etc?

Even with a terrible credit rating, you should still be able to get a basic bank account, and if it's just to pay your income into (ie, you're not paying suppliers, other peoples wages etc through it), then you shouldn't really need a 'business bank account', just a personal account.

Could it be because you are asking for a business account that they are refusing you?

Sorry if I'm barking up the wrong tree

tomterm8

You don't need a business bank account. You do need a basic bank account - they are very different things. Make sure you specifically ask for a basic account, at a bank you don't owe any money to.

Basic bank accounts have no credit facilities, so your credit rating shouldn't matter. You will need to be on the electoral roll, though.

wherediditallgo

The Co-op offer basic accounts (Cashminder) to everyone except those with info on their credit file about fraud. They offer a debit card (can be used for online shopping), you can set up direct debits on the account & get your salary paid into it.

apples101

thanks everyone,

I need a business account for my LTD. company.

will natwest still be an option.

I do owe them money (although paying via CCCS DMP)

Snaggles

The criteria for opening a business account is more stringent than for a basic bank account, so this could be why you are struggling. Could you open a basic bank account in the meantime, so you can at least pay cheques etc in, so you have some money to live off? I don't know much about business banking, so not sure if there are banks which let you open them while you are in a DMP. Hopefully someone else will know.

apples101

does any one know of another forum where i can get some advice?

ie. no on MSE.

Thanks

wlcnetwork

apples101 wrote: »

does any one know of another forum where i can get some advice?

ie. no on MSE.

Thanks

Only just seen your messages apples101. How did you get on? I had a similar problem and found it better to insist on an appointment at the bank. Laid my cards fully on the table and they helped with a very basic business account.

wlcnetwork

I found, to my embarrassment, that you should not apply for a basic account to a bank with which you already have an account! From the days many years ago when I lived and worked overseas I had an offshore account with a British bank with whom I still have a small outstanding loan and thought it would be a good idea if I had a basic account with a local branch of the same bank. It didn't work!

chica_fi

To open a business bank account for a limited company there will need to be a credit search done on you - i THINK that's FSA rules which means that all banks will be the same. Would you be able to open a sole trader account instead? - as that doesn't always require a credit search, depending on the bank. Basic bank accounts won't work as they have to be in a personal name not a business, and i presume you'll be wanting to pay in cheques which are payable to your ltd co name?

Sorry, realise this doesn't help much but hope it clears things up a little?