TSB Business Account is a joke!

pappy12

After spending over 1 hour filling out an application form and waiting two days for someone to call me, I expected more from TSB customer services.

I wish the online form at the top had said, "We don't welcome business accounts that accept trade from USA" because I would not have bothered to spend that effort on them.

I was shocked and taken aback when the woman said that because we take payments made from USA, that they wouldn't be interested in opening a business account for me.

Which begs the question, why on earth are TSB in business at all?

realaledrinker

Anti-Trump sentiment gone mad

ChiefGrasscutter

Well TSB have presumably made the strategic decision that the risks of incurring the wrath and fines of the USA's dept of justice if they inadvertently handle a laundered bank transaction if it involves the USA despite their best endeavours is just not worth the candle.

So just as many sellers on Ebay say they will not ship abroad due to the risk of major aggro if the transaction/delivery goes wrong so too have TSB decided there is a group of customers they would rather not have: those having dealings with the USA.

In my days in international engineering we did the same -we refused business from some customers and from all customers in some countries for various strategic reasons.

Bit surprised this was not highlighted at the start but then again TSB probably do not want to draw attention to themselves as being an awkward bank by overtly stating this up front.

Paul_1977

"We don't welcome business accounts that accept trade from USA"

Oh dear, by by TSB. Clearly they don't know how to operate a business. Stupid.

Herbalus

It's probably more likely that they've taken the strategic decision to not want any of the faff that American legislation imposes upon UK banks (allowed by our esteemed parliament), and would rather focus on more "straightforward" business.

What I mean is that the number of lost businesses that deal with America are not enough to put up with the hassle of dealing with regulations. Whether that's a wise thing or not is entirely down to them.

GingerFurball_2

TSB's whole marketing gimmick is that they're a straightforward local bank for straightforward local people. This is hardly surprising.

henm2

They obviously don't want the significant hassle of having to deal with the effects of FATCA (Foreign Account Tax Compliance Act) when it comes to small business accounts. FATCA affects most persons/businesses with links to the US.

pappy12

I was completely dumbstruck, to be honest. I spent a long time filling in the business account form, no where did it say I'd be refused if I received a lot of business from USA.

I said to her, we're a film production company, we don't need loans or credit. In fact we only deal with one major corporate which is the largest entertainment company in the world. I explained the business in full. No hint of odd business practices at all, our business is very straight forward. It made no difference. The fact our money came from USA was a deal breaker.

I'm still scratching my head now! I called up the next bank and before they asked any questions I asked them if I'd be refused based on the fact we did business with the USA. No problem at all, in fact she laughed at the absurdity of it.

TSB's loss.