Business Bank Account - Declined

WTFUK

Well my accountant to be says as a limited company you need to have an account in the business name. Sometimes and only a very small amount of time I wish I were in the USA!!!!

richt71

WTFUK wrote: »

Well my accountant to be says as a limited company you need to have an account in the business name. Sometimes and only a very small amount of time I wish I were in the USA!!!!

Yes you need an account as a ltd company if that's what you're trading as otherwise you'll upset VAT and/or tax office. Really is a pain in the butt. The government goes on about encouraging people to set up a business but it's a waste of time when the banks turn half of these people down for an account. I never understand why banks don't let businesses have a basic business account with a cashcard, no overdraft but can accept DD and payments etc.

Savvy_Sue

You will also upset the bank if you try to pay cheques in made out to a name other than the one on the bank account.

WTFUK

I hear all that you say.

I'm desperately trying and hope not to be defeated by the banks....As for Halifax I'm so clueless. They don't seem to know what the deal is with their own account. I will give them one last go and see where and how far I get with it all

Big_Steve_4

Hi there, yet another one in the same position with a extra problem.
My mrs has a loan with Halifax which is currently on reduced repayments, however if you miss a payment, (like we did at xmas due to her being in hospital) they have the right to take whatever they want from your current account or clear it down to £1 as they did, which was a nice surpise on 30/12!
Anyone know if they'll be able to do the same if we have a treasurer account for a business we've just started? cos that could be a bit annoying.

My only other option is an account with Business Investor account with Nationwide (my bank) which looks great until you get to the bit about opening it with £5,000 - this may help other people though if they have poor credit but have the 5k to open the account especially as you only need to keep a minumum of £1 in there once opened.

WTFUK

The banking system is crud in all honesty. I hope you have luck in getting an account.

I can't find any info on the Nationwide Business Investor Account though

Big_Steve_4

As usual they don't make it easy - I found it because i was trying to find what, if anything, Nationwide could offer as they gave me and the other 1/2 a basic current account last year so in theory we could pass their credit scoring.
If you go to the main Nationwide site then search for "business" it should give you a link.

WTFUK

Went in to NW and applied for the Business Investor account. They tried to dissuade me from opening it appeared. Also at the end of taking my deposit they then informed me that they will be doing a credit check! I just did not have the energy to ask what ever for. If it happens well it happens. Fed up.

lmw1977

Hi,

I'm not sure how applicable this is but I've seen these prepaid credit card things from mastercard and this seems to indicate they offer business bank accounts too:

http://www.iprepaid.co.uk/prepaid-business-banking.html

Please Note: I've only just found this - I'm a sole trader running through a personal account at the moment as business is slack they don't seem to be minding so I've not had any time or inclination to check out the details (i.e. make sure it's not a con) so be sure to do your research.

Cheers.

lee.

EDIT: to say I wouldn't really look at prepaid cards unless in desparate need as some of the companies shaft you both ends i.e. a monthly fee and a usage fee.

richt71

Moment of truth for me as I've got an appointment with Natwest next week regarding getting a business account. Hopefully after they upgraded my personal account things should be ok.