Business Bank Account - Declined

WTFUK

I hate banks! Dealing with the banks has been absolutely nightmarish! I'm aware I made a mistake but in trying to rectify that mistake I ended up with defaults. All of my creditors are paid a very high percentage each month without fail and yet I virtually have to prostitute myself to get a business bank account. There should be a basic form of business account for people who are in this position. Rant over. Sorry

richt71

WTFUK wrote: »

I hate banks! Dealing with the banks has been absolutely nightmarish! I'm aware I made a mistake but in trying to rectify that mistake I ended up with defaults. All of my creditors are paid a very high percentage each month without fail and yet I virtually have to prostitute myself to get a business bank account. There should be a basic form of business account for people who are in this position. Rant over. Sorry

Pain in the neck isn't it? I recently got refused by lloyds for another account even though I have one sole trader one in dollars for the last 8 years but don't use much. They were unhappy I had 2 defaults on file in the last year. 1 was a mistake and 1 should be removed due to court action against monument over credit card charges.
I really fail to see why banks can't offer a basic business account with no overdraft facilities etc for even bankrupt people. And the government is on a drive to encourage new businesses! :mad:

littleowl

Can I ask why you want a business bank account?

I thought I had to have a business bank accout when I opened a shop some years ago. I opened one (account) and found everything was charged for - every cheque etc etc, the cost was high. My accountant then told me it was not obligatory to have a business account and that an ordinary account was perfectly fine - without the charges.
Banks lead you to believe you should have a BBA when you do not - but, of course, they gain much more in fees if you do open one. I opened an ordinary account with another bank wanting to keep my personal finances separate and never had a problem.

richt71

WTFUK wrote: »

Thanks Rich. When I get a bit of free time I'm going to check out Halifax. Does this account accept payment via BACS/CHAPS?

Thanks again

It acceps electronic payments in but not all ones out like but don't ask me which ones. But yes unfortunately the account is a bit limited but as a last resort i's great as no credit checks are done to open it.

richt71

littleowl wrote: »

Can I ask why you want a business bank account?

I thought I had to have a business bank accout when I opened a shop some years ago. I opened one (account) and found everything was charged for - every cheque etc etc, the cost was high. My accountant then told me it was not obligatory to have a business account and that an ordinary account was perfectly fine - without the charges.
Banks lead you to believe you should have a BBA when you do not - but, of course, they gain much more in fees if you do open one. I opened an ordinary account with another bank wanting to keep my personal finances separate and never had a problem.

You certainly can have an additional personal account and use for business unless there's too much money going through it and the bank requests you to switch to a business account. The problem is no bank will let you (as Far as I've found) open a personal current account for a limited company as it's obviously for business.

WTFUK

Thanks Rich.

I was speaking to an accountant the other day and basically you have to have a business account as banks will not allow you to use a personal account for business purposes.

I have not yet been to see Halifax but I do have a Yorkshire/Clydesdale basic current account so I'll check with them to see if they can convert it to a basic business account

bestyman

WTFUK wrote: »

Thanks Rich.

I was speaking to an accountant the other day and basically you have to have a business account as banks will not allow you to use a personal account for business purposes.

I have not yet been to see Halifax but I do have a Yorkshire/Clydesdale basic current account so I'll check with them to see if they can convert it to a basic business account

I have used a basic co op personal account for the last 5 years for business. I pay in around 10 cheques a week so its obvious what its used for . I keep expecting them to complain . If they do complain now my credit file is clean so Ill just move to the Abbey or similar.

WTFUK

I also have a Co-Op account too which is a dormant account. Well I've applied for a Halifax Treasurer Account so let's see what happens.

GiveItBack

richt71 wrote: »

You certainly can have an additional personal account and use for business unless there's too much money going through it and the bank requests you to switch to a business account. The problem is no bank will let you (as Far as I've found) open a personal current account for a limited company as it's obviously for business.

I'm assuming you couldn't accept credit card payments through one of these though?

Savvy_Sue

In another discussion, someone suggested setting up a PayPal account for your debit and credit card payments. Would that work for you?