Made open a business account when I wanted a current account

Barneyboyz336

Prior to opening an account with Ulster Bank, I had an account with another bank closed unexpectedly. When I approached Ulster Bank about opening a current account with them they said I didn't have a good enough credit score but that if I wanted an account that I would have to open a business account. Feeling that I had little choice I agreed even though it would never be used as business account in any way and the advisor was fully aware of this. I had no cheque book or over draft available to me at any time. The account was used as a normal 'current' account having wages paid into it except that the business account I was using as an ordinary current account came with business account fees for all my transactions paid every quarter. Can anyone advise me on whether I would be entitled to these fees back as surely this was unethical advice and also whether the advisor would have received any financial gains for advising that I open this particular account? Thanks

dunstonh

Made open a business account when I wanted a current account

Perhaps a bit of confusion here. Current accounts are available to business and personal customers. So, a business current account is a current account.

When I approached Ulster Bank about opening a current account with them they said I didn't have a good enough credit score but that if I wanted an account that I would have to open a business account.

Unless you operate a business as self employed or as a company director, then that is wrong and certainly a valid reason for complaint.

Can anyone advise me on whether I would be entitled to these fees back as surely this was unethical advice and also whether the advisor would have received any financial gains for advising that I open this particular account?

It doesnt matter if the bank clerk (wouldt be an adviser) gained from it or not. That is between the bank and the staff member. Nothing to do with you. Although its unlikely as most staff did not get direct financial benefits that way. Just complain that you did not operate a business and being told to open a business account to get around the credit scoring and then making you pay charges was wrong. Should be an easy one for them to uphold and refund.

Barneyboyz336

Thank you for your reply it's been very helpful. Yes current accounts may be made available for business account users but I have to pay for this account. With a standard current account I would have paid no fees unless it was bank charges for late payments etc. Would this be right? And thanks again I ever so grateful

Barneyboyz336

It was also the bank Manager who advised me!

[Deleted User]

Barneyboyz336 wrote: »

I had an account with another bank closed unexpectedly.

Why would that have been?

Barneyboyz336

I kept missing my repayments for a car the money was always in late I kept getting charged but the bank was always paid. They closed my account in April 2004 I opened the other account in May 2004. Hope this helps you answer my question!

dunstonh

Barneyboyz336 wrote: »

It was also the bank Manager who advised me!

Banks throw titles around willy nilly. Kids out of school could be called manager of something. However, you dont need to worry about any of that. You were sold a business account without being a business or self employed. A simple two sentence complaint letter will do the trick. Or bullet point the key facts of the complaint.

Barneyboyz336

Thanks again for your advise it really helped me.

Barneyboyz336

Can anyone tell me why I would have been made open a business account or has anyone else ever heard tell of this? This was back in 2004.

Nasqueron

Barneyboyz336 wrote: »

Can anyone tell me why I would have been made open a business account or has anyone else ever heard tell of this? This was back in 2004.

It doesn't matter

Just complain and point out you needed a current account and were given a business account

safestored4

You haven't given any information whatsoever about your employment status at the time the account was opened. For all that we know you may well have been self employed and the bank manager invited you to open a business account after discussing your requirements with you. This is just conjecture of course, but it seems a bit odd that it has taken you 13 years to raise the issue.