Opening a bank Account

Orchidlady_2

I am newly Bankrupt and OR have agreed I am allowed to continue as a sole trader, however I can't seem to open a bank account. My current bank Nat West said they may be able to offer personal account the same as Barclays but not a business. I have a cheque to pay in and no where to put it. Am getting seriously low on money. Any advice please

National_Debtline

Hi Orchidlady


I am assuming that Natwest have assessed your eligibility for their Foundation business account and turned you down. You can still try RBS who offer the same product, as their criteria may differ.


Failing this, bear in mind that you do not necessarily need a specific business account to operate as a sole trader, though it is good practice to have separate accounts for business and personal matters - these can be with the same bank.


Is the cheque made out to you personally or to a trading name you use? If it is the latter, can you possibly ask the payer to rewrite a cheque made out in your name instead?


You may find it useful to speak or web chat with our colleagues at Business Debtline www.bdl.org.uk


Dennis
@natdebtline

Orchidlady_2

Thanks Dennis. Nat West have just agreed a personal account but refused me a business account which is a shame. I have asked my client to make cheque payable to me personally but not happy. Have an appointment with Barclays tomorrow and see what they say. Not really sure why NW have not allowing to have business account.OR are happy so far.

tigerfeet2006

Barclays will say no. The only business account you will likely be able to get is a Cashplus one.

http://www.mycashplus.co.uk/business/default.aspx