Business Banking Problems with lloyds TSB

June61

why would the bank need to have on file a copy of my accounts - they say its for money laundering purposes but i dont understand why - if i dontprovide they will close my accounts - i have already given my passport and all the other various types of info they requested but they still instist on my business accounts -why??? Can you please let me know as i am now under a threat of the business accounts been closed and having to repay a business loan with the next two months if i dont provide - thanks for the help as this is most stressful - they say they have tried to call me but i dont work from home and they have used the home number and my mobile i dont answer withheld numbers and they dont leave a message - they havent written previously just a nasty letter saying if i dont provide they will close the accounts.

CKhalvashi

And why do you not wish to provide them with this?

HSBC ask to see the accounts (but not keep a copy on file), and they also take (for their file) a copy of the Audit report (which you probably don't have), so I don't think Lloyds are being unreasonable here.

CK

opinions4u

Why is it such a problem to provide the information requested?

mgdavid

June61 wrote: »

...... and my mobile i dont answer withheld numbers .........

may one suggest you review this policy?
(how do you deal with new customers?)

jonesMUFCforever

OP when you opened the account you would have been asked what your turnover was likely to be - is that right?

I don't know whether you are borrowing or not but for instance if you stated T/O would be say £50k and in the first year you have a T/O of £150k - is it not reasonable for them to ask for accounts to verify that the figures are legit/

From what you have posted so far I would be very surprised if they don't close your account as to me you are acting very suspiciously.
If money laundering is involved (making no accusations here) it is the bank's integrity and good name which is also in danger when the s%it hits the fan - see what people are saying about HSBC after they were fined in the USA for not checking transactions for dodgy people.

If you are borrowing either by business loan or overdraft the accounts are needed to see whether the business can make enough money to pay back what you borrowed.

pmduk

OP, I suspect if you're offering any sort of credit to your customers you want to know that they can repay you. It's the same with a bank.

Thrugelmir

June61 wrote: »

but they still instist on my business accounts -why???

The bank has lent you money and needs to know the likelihood of it being repaid.

Not talking to them will result in all facilities being withdrawn. Which is fair enough.

June61

i am not asking for credit i have informed the bank that the account will be closed in 6 months the business is only running to pay the loan which is under 200.00 per months - the business is so small - i have nothing to hind was just frustrated at the shortcoming of Lloyds Business Banking when you cant speak to a person in person - its all call centres and very upsetting letters. They will receive my accounts but beware anyone wanting to bank business wise with Lloyds there contact to the public is disgusting

pmduk

Call centres are people too.

opinions4u

pmduk wrote: »

Call centres are people too.

Beautiful!

Thrugelmir

June61 wrote: »

They will receive my accounts but beware anyone wanting to bank business wise with Lloyds there contact to the public is disgusting

Can assume that there are far wider issues. As their request is very standard. Has been for as many years as I've been working. That applies to all banks I should add.