Business Bank Account - Declined

WTFUK

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Hello, I've just set up my limited company and I've been declined for a business bank account with my own bank. I do have a couple of defaults and I'm on a DMP which I have been paying back for almost 2 years without any hiccups. I have run my current bank account extremely well.

I would like a dead basic business account without any credit facilities. I'll probably be banking at least £9K per month. Is there anything that I can do to get an account which I really do need for my limited company? Any help will be greatly appreciated. The bank that declined me was A&L.

Thank you in advance

motorguy

Try other banks?

WTFUK

Thanks Paul. I'll give them a go. I got the letter from A&L today with a lovely A4 sheet explaining about CreditExpert! Bless. :j

motorguy

WTFUK wrote: »

Thanks Paul. I'll give them a go. I got the letter from A&L today with a lovely A4 sheet explaining about CreditExpert! Bless. :j

Definitely try round others. Try Bank of Scotland, i hear they are great for businesses.... Anyone else any suggestions of banks WTFUK could try?

WTFUK

Thanks Paul.. I'm going to try Natwest first. I hear that they do a no frills business account which is right up my street....

Savvy_Sue

People usually say "don't use the same bank for personal and business accounts" - I think because if the bank perceives a problem with one they may give you grief with the other. However, in your case that may have to be what you do. And if you do, remember that in 6 months' time you may be able to get a different business account, so you wouldn't then be vulnerable ...

anitamarie

I would recommend HSBC; been with them for a year. If you go in and see them they can probably advise you of your chances before you put in an application (don't want too many rejections on the record). Might also be worth checking your credit report to make sure there's nothing amiss. I was staggered when I checked mine to see a couple of credit card companies from 5-6 years ago hadn't actually done what I asked and closed my account and that Vodafone were claiming an unpaid bill when everything had gone through just fine. Unfortunately, we are at the mercy of incompetent corporate processes.

WTFUK

Thanks SavvySue and AnitaMarie. I will give them a go. I have applied to Natwest and will keep my fingers crossed.

WTFUK

Now rejected by Natwest. According to Natwest you cannot have more that £1000 of adverse credit on your Equifax file. I really need a business account. I'm stressed by this all. I may have to try one of those guaranteed schemes or using one of my current accounts which is not the done thing for a ltd company

richt71

Open a treasury account with the halifax. I did it for my Ltd. They'll push you to going to a full account but I just said my accountant asked me to start with a treasury account. You get a paying in book only but you can access it online/ via phone.

WTFUK

Thanks Rich. Do you have a link for it? I cannot find it on their website...