Natwest Feeder Account for BBLS

frankieloois

Update on this: they have appeared to have changed the goal posts and now make you open a new business current account unless you are a current personal customer AND use the personal account for business. Despite telling me last week a free account had been opened for me to service my loan they’ve actually opened a business current account that is subject to all the charges. 

Loan went through really quickly but as yet don’t have access to the account it is sitting in. 

Williehutchdarren1

I'm a current account holder of a natwest account and have used it to service my business as well so needed to apply and open a feeder account for business use and to make repayments of the bbl into. I'm of the understanding that this account although it says is a business account is nothing of the sort, no fees attached to it and can ONLY be used to repay the loan... Any other business usage will then incur the usual bank fees. 
So far its taken 8 working days to apply for account and receive and then sign the online docs. And now a further 4 days to apply for loan and again sign the online docs. The money it says in their online info will be in the new account in 3 working days and if you have online banking this new account will automatically be shown alongside your current /savings/ credit card accounts.
The 3rd day is tomorrow. 
All seems a little long winded especially as I was an existing customer. 

StopShopandRoll

I’ve been refused a business feeder account from NatWest. I hold all my personal accounts there and have been a customer for 10 years. I have been self employed for 9 years but run my business payments through my current account as I’m a part time sole trader. The email gave no explanation and said there was no opportunity to appeal. Waited over a week for the rejection email. 

Is it worth me applying elsewhere? 

Ricoiheagwara

I am a Natwest personal customer, if Natwest decline your feeder account application does anyone know why this would be? i do have CCJ's and Defaults but all my debt was paid off over 12 months so why would this affect me now? also, does anyone have any other options i can now go to? i have been told HSBC would be a waste of my time even though i have started the application with them however does anyone have any other options as i am a limited company and do not hold any other accounts. 

Please let me know, thank you

holly1991

frankieloois said:

Update on this: they have appeared to have changed the goal posts and now make you open a new business current account unless you are a current personal customer AND use the personal account for business. Despite telling me last week a free account had been opened for me to service my loan they’ve actually opened a business current account that is subject to all the charges. 

Loan went through really quickly but as yet don’t have access to the account it is sitting in. 

Same here I applied for a feeder account and they’ve opened me a business account Which wasn’t too pleased about but I’d it meant I could apply for the loan wasn’t going to get them to cancel it to start again although I’ve managed to sign up to the online banking I have two accounts in there one for new business account and one for loan?? So I’m really not going to be happy if the other is a feeder account and I’ve now got a business account I didn’t want or need 

Williehutchdarren1

Feeder Account / business account are the same thing in this instance. If you never had originally a business account with natwest then you need to open a "feeder account" this is so you can repay your loan off and in first instance actually get a business loan. Usually you would pay a rate for a business account but not for this as it can ONLY be used to pay the loan off, nothing else... Ever! If you put one invoice through it you will incur full business account rates. 

Pepper_Tree

I'm having problems with Natwest BBL too.  I use a personal bank account solely for my self-employed trade and have done so for a decade. I applied for a feeder account as per N/west rules to apply for loan.  I got an email a week later that the feeder account was open detailing sort code and account number and that this would be linked to my online banking account/mobile app.  Then I applied for the BBL - all very straight forward and got the agreement to sign electronically which I did and got the copy of the signed loan agreement back all in the same day, I was impressed by the speed of the process.  This would appear to be the point the loan has been agreed and should be paid within 3 working days.  

This all seems too good to be true and yes it was!  Over a week later and still no funds.  After numerous online chats being passed from one department over several days I've been told that there was an error on the details of my feeder account and that they would correct that and link it to my online banking - this has still not happened despite it being raised with them again.  This seems to be a separate problem to the one about the none payment of the BBL funds into my personal account.  After 3 days was told apologies for the delay it will be available to drawdown at midnight.  No it wasn't nor the day after or the day after that.  More online chat and being passed from pillar to post.  Now I'm being told the loan application hasn't been processed when I stressed I had the email with the signed loan agreement the story changed to the system is showing I returned the signed agreement but nothing further has happened, not even that I have been sent the signed copy!  I was given apologies and told it would be escalated to the BBL team to look into but no timescales or further detail were available.  I get the impression queries are just passed from one desk to another in the hope that it will all miraculously resolve itself as everyone is too busy to deal with problems and in the meantime I am in limbo and no idea if the loan will be paid out or not and no idea when I will find out!

Williehutchdarren1

Ok
I had exactly the same prob only I've waited 3 weeks. In the end, after 5 attempts on the phone for someone to step up to the plate and stop saying it will be done within 24hrs when it obvs wasn't going to be I just refused to take what they was telling me and then (whilst on the phone with my mobile app open) got them to transfer the money that they could see I had but had no access to, to my current account. Wasn't a quick phone call mind you, 1hr 38mins! Later but now have the funds in my account. 

holly1991

Williehutchdarren1 said:

Feeder Account / business account are the same thing in this instance. If you never had originally a business account with natwest then you need to open a "feeder account" this is so you can repay your loan off and in first instance actually get a business loan. Usually you would pay a rate for a business account but not for this as it can ONLY be used to pay the loan off, nothing else... Ever! If you put one invoice through it you will incur full business account rates. 

As far as I’m aware also the 5 different advisers I have spoken to also say that I t is a business account not a feeder account that has been opened for me (maybe different for others also RBS personal customer not NatWest) They said that they were managing to get them open a lot quicker so no they are not the same in this instance I’ll get free use of the account until Aug then pay for transactions after that in or out of that account Although once that was open and loan agreement signed the rest has surprisingly gone smoothly 

Williehutchdarren1

Don't worry, the loan you have been given will be given in the knowledge that its a BBL and will automatically be ran through your feeder account, (if you ran your business through your personal current account you would have had to open up a feeder account to even get accepted for the loan) no stress.