Small Business Bank Accounts Discussion Area
Comments
-
I think the only advice is to take your business elsewhere! Where is difficult to say: you know what your level of transactions in and out are, you know whether you need to pay in or withdraw cash, you know if you could change how money goes in and out.
If you need access to cash, you need a convenient bank. If you don't, you've got more choice.Signature removed for peace of mind0 -
Hi I have just set up a limited company and am considering Buisness bank accounts - an recommendations/pros or cons from experience please?0
-
Hi I have just set up a limited company and am considering Buisness bank accounts - an recommendations/pros or cons from experience please?
A bit late IMO.
You cannot consider having a business account you HAVE to have one.
If you don't believe me try opening a personal account in the name of the Ltd company.
Any high street bank will offer you one some will offer you free banking for a set period of time.0 -
Hi I have just set up a limited company and am considering Buisness bank accounts - an recommendations/pros or cons from experience please?
What he said, but to grab my latest post in this thread ...jonesMUFCforever wrote: »A bit late IMO.
You cannot consider having a business account you HAVE to have one.
If you don't believe me try opening a personal account in the name of the Ltd company.
Any high street bank will offer you one some will offer you free banking for a set period of time.Where is difficult to say: you know what your level of transactions in and out are, you know whether you need to pay in or withdraw cash, you know if you could change how money goes in and out.
If you need access to cash, you need a convenient bank. If you don't, you've got more choice.Signature removed for peace of mind0 -
I have been with Santander for 4 years and business has increased from nothing to £75K last April ( still growing and don't want to reach vat ceiling because of this ! ) and I still can't get a small overdraft facility because of a personal mortgage problem 4 years ago that was out of my control ( that's a bone for another day ! ) my business is seasonal and I only asked for £3K . Experian are useless they didn't even have me registered on the electoral role although been here 20 years and I'd flagged that with them before ! Wish I could have one to one with Martin as I get refused to open another business bank when I try because checks keep showing on Experian !
Wits end !!0 -
I've posted this elsewhere but seeing as this is the banking section, i'll repost here if i may...
Ok, so i'll try and be concise with this but it may go on some, am looking for some advice or even better, help.
Back in Jan this year, our company bank account was frozen, without warning, approximately £50,000 was in the account.
To this day, the bank have refused to say why or give us any reasoning behind this decision.
We, as a company have been through the FCA (cant do anything/have no power over the bank) and the Banking Ombudsman, where they have basically ignored their requests for the files etc that are held about us and the reasoning behind their decision. When this first happened , the bank in question requested details of where the funds had come from and any AML that we had performed as due diligence, which we duly provided, there is 101% nothing to hide. This bank are now using this information to contact our customers and advise them that they believe we are a scam company and that they shouldn't be dealing with us as it's unsafe. Some of these customers are re-investing money with us for a second time! so they are well aware we are not a scam. So there is also now a data protection breach issue, along with mis-use of client data on the banks part (as confirmed by the ombudsman).
Even the ombudsman now seems unsure as to what way to proceed as they are not getting any returns from the banks fraud team or anything.
Anyone got any ideas as to where to go next??
cheers0 -
I've posted this elsewhere but seeing as this is the banking section, i'll repost here if i may...
Ok, so i'll try and be concise with this but it may go on some, am looking for some advice or even better, help.
Back in Jan this year, our company bank account was frozen, without warning, approximately £50,000 was in the account.
To this day, the bank have refused to say why or give us any reasoning behind this decision.
We, as a company have been through the FCA (cant do anything/have no power over the bank) and the Banking Ombudsman, where they have basically ignored their requests for the files etc that are held about us and the reasoning behind their decision. When this first happened , the bank in question requested details of where the funds had come from and any AML that we had performed as due diligence, which we duly provided, there is 101% nothing to hide. This bank are now using this information to contact our customers and advise them that they believe we are a scam company and that they shouldn't be dealing with us as it's unsafe. Some of these customers are re-investing money with us for a second time! so they are well aware we are not a scam. So there is also now a data protection breach issue, along with mis-use of client data on the banks part (as confirmed by the ombudsman).
Even the ombudsman now seems unsure as to what way to proceed as they are not getting any returns from the banks fraud team or anything.
Anyone got any ideas as to where to go next??
cheers
Not sure this is appropriate in this particular thread, which is to discuss business banking, not to discuss disputes.
Your original thread should work fine - for everyone's convenience it is here: http://forums.moneysavingexpert.com/showthread.php?t=58176440 -
Hello every one and hope you can give an insight or suggestions.
We incorporated a limited company for our new second hand clothes business. We were told Metro Bank was the quickest for a business bank account.
We have very good credit record but after messing up with us they rejected us simply because they said the company's name was used long time ago and closed down, which we didn't know.
I spoke to Companies House and they were astounded because the name now has nothing to do with the previous owner and they suggested we should change the BANK itself.
Anyway, we decided to obtain a new company name and Metro Bank messed up again and dragged us for weeks only to reject us again. To be honest, I never saw unprofessional people at any bank before like the Metro Bank Staff. For every question on their system, they needed to wait for the manager to become available and ask him/her how to enter the details. They never had training apart from how to greet clients.
Because of the rejection, other banks don't seem to spend time looking into the application and they reject right and left once you had been rejected by others, as if other banks had done the himework for them.
And so, Lloyds rejected us again. And we are stuck.
We can't use our personal account for business and we are left not knowing what to do.
Any ideas or suggestion, I would be grateful.0 -
What are your personal credit files like? Banks will do a credit search on you to see if you are a fit person to be a company director.0
-
Hi,Hi, I have finally got to the stage where I can't put up with NWB anymore. It took them four months to open my biz account and we are so far two months into trying to open a second account to sweep my VAT into. Their online system is so cumbersome too.
Anyway, I run a pub and restaurant, have no overdraft. We pay in a fair amount of cash - about £5k a week, and take out float change, so I need advantageous cash in / out fees.
I also want a decent online banking platform for bulk payments for suppliers and wages.
We have NW, Barclays, Lloyds and post office locally for paying in.
I want a parallel account which pays interest that I can sweep into.
I'm struggling to wade through all the many options. One hand gives, one hand takes on the fees.
Any sage advice?
Many thanks
Jemima
Could you pay wages in cash so reducing your cash in and Bacs out transactions? Also consider paying as many suppliers as you can in cash. We also run a pub and paying in cash is ridiculously expensive.
HSBC do have free banking for a year for existing companies if you can be bothered to switch- it took us several months.
Good luck!0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.9K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards