Anyone applied for Bounce Back Loan with RBS?

Spotnpaul

dunstonh said:

Anecdotally, it does appear that those that run business accounts for their business are getting their BBLs very quickly.   Those that breach T&C and use personal accounts for their business are taking much longer.    

Breach T&C, don't understand that?
I'm a sole trader and never been advised by accountant to open a business account. 

holly1991

I was advised to just open a personal account by RBS when starting my business as they didn’t see the need for me to have a business account being a sole trader... so if it’s to do with their T&C’s then they need to educate their own staff better like I’ve said in a previous post o got rejected for not living in Scotland ... RBS just seems to be throwing any excuse out there other than the fact they can’t cope with all this 

Spotnpaul

holly1991 said:

I was advised to just open a personal account by RBS when starting my business as they didn’t see the need for me to have a business account being a sole trader... so if it’s to do with their T&C’s then they need to educate their own staff better like I’ve said in a previous post o got rejected for not living in Scotland ... RBS just seems to be throwing any excuse out there other than the fact they can’t cope with all this 

Yep. Never was advised or asked to open a business account by bank or accountants.
Haven't been declined as yet, so will take the advice re the recent RBS email and wait out the two weeks - see what happens.

holly1991

Good luck fingers crossed I hope u have better luck with them than I did ... 👍🏻 Safe to say I won’t be using RBS for much longer , they shut our branch nearly 2 years ago anyway so have been having to use NatWest anyway bloody useless 

dunstonh

Spotnpaul said:

dunstonh said:

Anecdotally, it does appear that those that run business accounts for their business are getting their BBLs very quickly.   Those that breach T&C and use personal accounts for their business are taking much longer.    

Breach T&C, don't understand that?
I'm a sole trader and never been advised by accountant to open a business account. 

If you read the T&C of most banks for their personal accounts, you will see they say they are not to be used for business accounts.

I was advised to just open a personal account by RBS when starting my business as they didn’t see the need for me to have a business account being a sole trader... so if it’s to do with their T&C’s then they need to educate their own staff better like I’ve said in a previous post o got rejected for not living in Scotland ... RBS just seems to be throwing any excuse out there other than the fact they can’t cope with all this 

Checking RBS T&C for personal accounts it says the following:
1.2 Using your personal current account Your account must not be used for business purposes.#
and then
12.2 When we can close your account
....
• you’ve used your account for business purposes. 

As I said, staff often turned a blind eye when it was small non-cash transaction levels. 

Had you had a business account, it's likely the BBL would have been dealt with quicker.

Spotnpaul

dunstonh said:

Spotnpaul said:

dunstonh said:

Anecdotally, it does appear that those that run business accounts for their business are getting their BBLs very quickly.   Those that breach T&C and use personal accounts for their business are taking much longer.    

Breach T&C, don't understand that?
I'm a sole trader and never been advised by accountant to open a business account. 

If you read the T&C of most banks for their personal accounts, you will see they say they are not to be used for business accounts.

I was advised to just open a personal account by RBS when starting my business as they didn’t see the need for me to have a business account being a sole trader... so if it’s to do with their T&C’s then they need to educate their own staff better like I’ve said in a previous post o got rejected for not living in Scotland ... RBS just seems to be throwing any excuse out there other than the fact they can’t cope with all this 

Checking RBS T&C for personal accounts it says the following:
1.2 Using your personal current account Your account must not be used for business purposes.#
and then
12.2 When we can close your account
....
• you’ve used your account for business purposes. 

As I said, staff often turned a blind eye when it was small non-cash transaction levels. 

Had you had a business account, it's likely the BBL would have been dealt with quicker.

Thanks for this. Yes, your right, interesting.
Well, it's (the personal account) has been used for weekly cash deposits from my business for many years - most of them over the counter at my local branch until it was closed. Lately it's been the post office. For a few years, monthly bacs payments were also paid in from an international client. Not one person at the bank ever raised a query - not one person at my accountants either. 

dunstonh

Well, it's (the personal account) has been used for weekly cash deposits from my business for many years - most of them over the counter at my local branch until it was closed. Lately it's been the post office. For a few years, monthly bacs payments were also paid in from an international client. Not one person at the bank ever raised a query - not one person at my accountants either.

The accountant won't mention it.   They are reactive to your situation and you are not making their job any harder if you go have a separate account, even if it's not tagged as a business account.  Its when you put personal and business through the same account that it becomes messy.

On the one hand, I am surprised the bank didn't pick up that it was a business from the cash entries as they are the first ones they target when they carry out reviews.     Although on the other hand, staff levels of knowledge and ability are not what they used to be.

One thing is clear is that the BBL does give the banks the perfect opportunity to see who is using personal accounts for business and a ready-made list to go back to in the future to tell them to switch to business accounts.  In the bad days of retail banking, they would already have someone on it.   Nowadays, banks are much better and it will be interesting to see how long they delay acting on that information or whether they choose to or not.