Bounce Back Loans - Customer Loyalty for term of loan?

Louie12

I’m a sole trader (coming up to 5 years).  I’ve always banked with Co-operative with a personal bank account, avoiding the business account for fees as many sole traders do.  I applied for a BBL with Co-operative, but had to open a business account first.  I’ve done that and the BBL has been processed and it’s in the account.  I’m really not happy with the Co-operative business account. The website is dreadful, the secure token is completely outdated and cumbersome and the fees and charges are astronomical for my small business.  I have another personal account with Starling and would like to open a Sole Trader business account with them and close my Co-operative business account (but still keep the personal one which is perfectly good).  Am I obliged to remain a Co-operative business account customer for the duration of the BBL?  I can’t see any reference to this in terms and conditions anywhere?  I’d be grateful for any thoughts / advice.

jonesMUFCforever

Ask the Coop?
What does it say about repayments? Does it have to come from a Coop business account or can you pay from any account?

Louie12

That's my point, I haven't seen any terms and conditions for the BBL from the co-op other than what is in the public domain about the BBL generically and what is outlined as key features and terms in the application form.  As far as the terms and conditions for the business account are concerned, there is nothing in there regarding the BBL.  Since the money turned up in my account and I haven't seen any further documentation about it.  I will indeed ask the co-op if I can change where I would like the loan to be repaid from, I just wondered if anyone had the same query.

jonesMUFCforever

Well their website states that you must hold a Coop business account to apply.
It also states they have the right to ''immediate repayment at their discretion'' in one of the pdf files.

If it was me I would suck up the charges (minimise them as much as possible by doing digital banking) for the term of the loan or at least until I had sufficient money behind me to clear the loan if I had to.
Your bank charges are tax deductible.

Louie12

Thanks - I think that their right to "immediate repayment at their discretion" is the key here indeed.