Cant Open a Business Bank Account

D3xt3r5L4b

Grumpy_chap said:

xlnc99 said:

@Deleted User aka D3xt35L4b 

Please refrain from posting on my threads, i have seen many complaints from users about your posts. You already been banned on on username, its only a matter of time before you get banned again. I have no interest in your comments and advice.

Thanks - Wish you well

I am not sure what the comment is that you object to, but no user gets to dictate who does or does not post on any thread.  If you wish not to see posts from any specific user, there is an ignore function.  

Sadly, we also see threads from time-to-time about people having their accounts frozen and how can they gain access to their funds.  Unfortunately, from any bank's perspective, a new business formed and then receiving large payments from overseas China and Russia may flag those automated alerts.  Even when the alert is subsequently proven to be erroneous, the inconvenience of a blocked account in the mean-time is high.

It is not only Dexerslab that raised the possibility of such an account being seen as possibly flagged for fraud / money laundering.  You responded:

xlnc99 said:

No concerns about money laundering or anything dodgy. That is all covered from my end and the other end 

It is good that you were already aware of the possibility of such a flag.  When you do open the business bank account, it would be pertinent to set out as part of the business plan submitted to the bank about the customer base and source of future funds - at least then the bank is fore-warned and can manage the account to expect such transactions.

I still don't know why the foreign customers would prefer a big bank compared to a newer startup.

It’s either a load of twaddle or mischief.

I’ve never known a client to dictate what bank must be used by a business, a small time Ltd.  one at that (if it indeed exists), other than government-led businesses, MoD and the like who are within their rights to do so. 

xlnc99

@Grumpy_chap

I have no only experienced first hand the nonsense that dexter posts on threads, i have also seen the numerous complaints by many people about him on threads. There is a reason he was banned from the forum. He causes nothing but arguments and misleads posters with false and incorrect information, hence the complaints the the forum ban.

I am all for helpful advice and information but dexter is only on this forum to cause a mess and not to be helpful.  Therefore, i would prefer him not to post on my threads. The ignore function will not help him confusing my thread by posting on it and making it into something that is not.

The reason why the clients want a big bank and not the smaller ones is due to the value and the products/services on offer. I can understand and completely get why they would want a reputable bank, i would to if i was in their shoes.

Grumpy_chap

As a new start-up business, presumably self-financing as if you had an angel investor they could give business advice rather than an internet forum, what type of value and nature of products and services on offer?

I am still surprised that any Client would be stipulating the supplying company's bank.  Indeed, if your business was established rather than a start-up, you would already have an operating business bank account.  Would you then just agree to a prospective Client dictating that you changed bank accounts?  

The more this thread develops, the more it looks like fraud / money-laundering type activities are a possibility.  Especially given the urgency expressed at the early part of the thread and the "high value" now advised for the products / services.  If this is a genuine business and the orders land tomorrow, then the services / products won't be delivered for several weeks (quality work of high value takes time) and there is no need for any bank account until you invoice.  That gives you the time to get the account once the orders are underway - payments from those large companies will likely be 60-day or longer terms anyway.  Do you have financing in place to cover that start-up period and the risk of non-payment?

xlnc99

I really think we are drifting off topic. Money Laundering, business advice, etc etc/

I am just interested in a business bank account with one of the top banks and if there is any way of getting one, rather then waiting.The products/services and the business is not something i have come for advice (with the greatest of respect). Its a new start up and i have no angel investors and as with any new businesses there is a chance of failure, a big one. With the situation as it is in the world, the chance of failure is even more. So its not looking promising in all honesty, but it would help for me to get a business bank account quickly for any chance of succeeding. 

Grumpy_chap

xlnc99 said:

I am just interested in a business bank account with one of the top banks and if there is any way of getting one, rather then waiting.

"One of the top banks" really means the "Big 4".  The quickest way to get an answer to your question is to make an appointment with the local business banker in the local branch for each of the "Big 4" banks in the UK:

• Barclays
• HSBC
• Lloyds Group
• Natwest Group

They will give you definitive answers that are more accurate and quicker than anyone on an internet forum can.  Given the type of business transactions, building a relationship with a local business banker will help to smooth the way for what may be perceived as 'unusual' transactions.  I suspect you can apply for an account online these days, but that may be more suited to smaller, totally UK start-ups.

D3xt3r5L4b

Interested in or told to?

D3xt3r5L4b

xlnc99 said:

@Grumpy_chap

I have no only experienced first hand the nonsense that dexter posts on threads, i have also seen the numerous complaints by many people about him on threads. There is a reason he was banned from the forum. He causes nothing but arguments and misleads posters with false and incorrect information, hence the complaints the the forum ban.

I am all for helpful advice and information but dexter is only on this forum to cause a mess and not to be helpful.  Therefore, i would prefer him not to post on my threads. The ignore function will not help him confusing my thread by posting on it and making it into something that is not.

The reason why the clients want a big bank and not the smaller ones is due to the value and the products/services on offer. I can understand and completely get why they would want a reputable bank, i would to if i was in their shoes.

I still have no idea what you’re on about buddy.

You clearly have issues and not just finance related. 

Yahoo_Mail

He can't open a "mainstream" account because he has a history of not paying back his debts.  There's no point giving him any advice on this, as none of the mainstream banks will offer him an account, because he has a history of not paying back his debts...

I'm sure this post will be reported, xlnc99, but facts are facts, even if you don't like them.

ratechaser

Grumpy_chap said:

xlnc99 said:

@Deleted User aka D3xt35L4b 

Please refrain from posting on my threads, i have seen many complaints from users about your posts. You already been banned on on username, its only a matter of time before you get banned again. I have no interest in your comments and advice.

Thanks - Wish you well

I am not sure what the comment is that you object to, but no user gets to dictate who does or does not post on any thread.  If you wish not to see posts from any specific user, there is an ignore function.  

Sadly, we also see threads from time-to-time about people having their accounts frozen and how can they gain access to their funds.  Unfortunately, from any bank's perspective, a new business formed and then receiving large payments from overseas China and Russia may flag those automated alerts.  Even when the alert is subsequently proven to be erroneous, the inconvenience of a blocked account in the mean-time is high.

It is not only Dexerslab that raised the possibility of such an account being seen as possibly flagged for fraud / money laundering.  You responded:

xlnc99 said:

No concerns about money laundering or anything dodgy. That is all covered from my end and the other end 

It is good that you were already aware of the possibility of such a flag.  When you do open the business bank account, it would be pertinent to set out as part of the business plan submitted to the bank about the customer base and source of future funds - at least then the bank is fore-warned and can manage the account to expect such transactions.

I still don't know why the foreign customers would prefer a big bank compared to a newer startup.

Well, the added veneer of legitimacy coming from a more internationally recognised bank could be seen as a bonus to certain foreign businesses... especially if there is the prospect of the account being used to make payments to third parties.

Good job there are no anti money laundering concerns really...

NottinghamKnight

I've heard HSBC have a good track record.