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    • carolth
    • By carolth 21st Nov 17, 4:14 PM
    • 1 Posts
    • 0 Thanks
    carolth
    Hello, first time on this forum. Wondering if anyone can give us advice. We are a small partnership business who have been in business for over 40 years. Have banked with HSBC all along without any problems & were paying a fixed fee/tariff right up until last month when without any communication they hiked up the fees, & put us on individual transactional fees which has resulted in monthly banking costs for the business shooting up by 3oo%. Have tried to discuss with our local branch & get no sense whatever, they say nothing can be done & will not negotiate in any way even after threatening to look for alternative banking facilities.
    • Savvy_Sue
    • By Savvy_Sue 23rd Nov 17, 11:26 PM
    • 39,181 Posts
    • 36,091 Thanks
    Savvy_Sue
    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.
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats, 2 balaclavas for seamen, 1 balaclava for myself, multiple poppies, 3 peony flowers, 4 butterflies ...
    Current projects: ready to decrease / decreasing on all parts of the mohair cardigan pattern!
    • NatNat9
    • By NatNat9 26th Mar 18, 2:33 PM
    • 1 Posts
    • 0 Thanks
    NatNat9
    Hi I have just set up a limited company and am considering Buisness bank accounts - an recommendations/pros or cons from experience please?
    • jonesMUFCforever
    • By jonesMUFCforever 26th Mar 18, 5:50 PM
    • 25,313 Posts
    • 12,544 Thanks
    jonesMUFCforever
    Hi I have just set up a limited company and am considering Buisness bank accounts - an recommendations/pros or cons from experience please?
    Originally posted by NatNat9
    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.
    What goes around - comes around
    give lots and you will always receive lots
    • Savvy_Sue
    • By Savvy_Sue 26th Mar 18, 10:01 PM
    • 39,181 Posts
    • 36,091 Thanks
    Savvy_Sue
    Hi I have just set up a limited company and am considering Buisness bank accounts - an recommendations/pros or cons from experience please?
    Originally posted by NatNat9
    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.
    Originally posted by jonesMUFCforever
    What he said, but to grab my latest post in this thread ...

    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.
    Originally posted by Savvy_Sue
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats, 2 balaclavas for seamen, 1 balaclava for myself, multiple poppies, 3 peony flowers, 4 butterflies ...
    Current projects: ready to decrease / decreasing on all parts of the mohair cardigan pattern!
    • Twowheels
    • By Twowheels 27th Mar 18, 9:54 AM
    • 1 Posts
    • 0 Thanks
    Twowheels
    Overdraft facility
    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 !!
    • DSD2016
    • By DSD2016 27th Mar 18, 10:54 AM
    • 10 Posts
    • 0 Thanks
    DSD2016
    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
    • Zanderman
    • By Zanderman 27th Mar 18, 11:28 AM
    • 1,860 Posts
    • 4,563 Thanks
    Zanderman
    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
    Originally posted by DSD2016
    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=5817644
    • saga555
    • By saga555 1st May 18, 11:01 AM
    • 2 Posts
    • 0 Thanks
    saga555
    Business bank account rejected
    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.
    • jonesMUFCforever
    • By jonesMUFCforever 1st May 18, 1:02 PM
    • 25,313 Posts
    • 12,544 Thanks
    jonesMUFCforever
    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.
    What goes around - comes around
    give lots and you will always receive lots
    • LisaJW
    • By LisaJW 30th May 18, 5:26 AM
    • 7 Posts
    • 1 Thanks
    LisaJW
    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
    Originally posted by jemimaw
    Hi,
    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!
    • Zanderman
    • By Zanderman 30th May 18, 8:24 AM
    • 1,860 Posts
    • 4,563 Thanks
    Zanderman
    Hi,
    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!
    Originally posted by LisaJW
    You are replying to a query made in June 2016. I don't think there is much point in answering it now!
    • ClareBe
    • By ClareBe 8th Jun 18, 11:07 AM
    • 1 Posts
    • 0 Thanks
    ClareBe
    Hi, new to forum posting so forgive me if I'm doing it wrong! I was just after some opinions on the new online bank accounts for small businesses like Starling Bank. Does anyone use them? Any thoughts? Ive just done a search on here for Starling and not found anything. Thanks
    • Zanderman
    • By Zanderman 8th Jun 18, 1:05 PM
    • 1,860 Posts
    • 4,563 Thanks
    Zanderman
    Hi, new to forum posting so forgive me if I'm doing it wrong! I was just after some opinions on the new online bank accounts for small businesses like Starling Bank. Does anyone use them? Any thoughts? Ive just done a search on here for Starling and not found anything. Thanks
    Originally posted by ClareBe
    They don't do business accounts for partnerships - yet - so I've not tried them. I do have a personal account with them and can vouch for that.

    The business account has some attractive features - which you'll have seen on their site. Some (eg categorised transactions) seem a little gimmicky and may not be useful for many. Others (eg no fee) are obviously very good..

    Obvious disadvantages are they have no means of paying in cheques or cash. Yet. Which is a pretty big problem if you ever have cheques or cash. Both the businesses I help run, whilst mostly online, do need to pay in cheques and cash now and then, so without that facility Starling is useless for us at present.
    • Anthorn
    • By Anthorn 10th Jun 18, 9:22 AM
    • 4,000 Posts
    • 1,070 Thanks
    Anthorn
    Hi, new to forum posting so forgive me if I'm doing it wrong! I was just after some opinions on the new online bank accounts for small businesses like Starling Bank. Does anyone use them? Any thoughts? Ive just done a search on here for Starling and not found anything. Thanks
    Originally posted by ClareBe
    Starling has opened its business account to sole traders if that's what you're looking for. But you need a personal account to get it:
    https://www.starlingbank.com/blog/sole-trader-bank-account/

    Obvious disadvantages are they have no means of paying in cheques or cash.
    Originally posted by Zanderman
    To pay in cash you contact support through the app and to pay in cheques you send them in by post:

    Yes, a cheque can be deposited if the cheque is made out in your name and in Sterling GBP. On the back of the cheque, please clearly write your last name and Starling account number.

    The cheque can be mailed to Starling Operations Team, PO Box 74352, London, EC2P 2QU.
    https://www.starlingbank.com/faq/
    • OuterNet
    • By OuterNet 10th Jul 18, 9:47 PM
    • 51 Posts
    • 62 Thanks
    OuterNet
    Would like some advice on the Santander Treasurer Current Account. I am in the process of setting up this account for a residents association, our turnover will be between 1000 and 5000 per year. When I enquired about it at first I was told that the two people operating the bank account (signatories) would have to complete an application and each be credit checked. Then when we applied over the phone we were told that all members of the committee (a further 4 people, 6 in total) would have to submit all their details and then up to 3 would be credit checked at random. The official also mentioned this as being a joint application although there is no credit/overdraft being offered.



    My questions are:

    Why does the bank want all the committee members to submit full financial info and be potentially credit checked?



    Why wouldn't the bank want to ensure the individuals actually operating the account are credit checked? [They will be able to operate the account individually as there is no option for a joint mandate, so as a member I'd like the two account operators (treasurers) to be creditworthy and of good financial standing, but not so bothered about the deputy secretary.



    Will the committee members be financially linked as a result of their application for a community bank account? It was implied by what was said but perhaps I have misunderstood.
    • Savvy_Sue
    • By Savvy_Sue 10th Jul 18, 10:38 PM
    • 39,181 Posts
    • 36,091 Thanks
    Savvy_Sue
    My questions are:

    Why does the bank want all the committee members to submit full financial info and be potentially credit checked?
    Originally posted by OuterNet
    I don't know for sure, but I'm guessing that all the committee members are held to be liable: before opening a bank account there has to be a minute from a meeting agreeing to do so.

    Why wouldn't the bank want to ensure the individuals actually operating the account are credit checked? [They will be able to operate the account individually as there is no option for a joint mandate, so as a member I'd like the two account operators (treasurers) to be creditworthy and of good financial standing, but not so bothered about the deputy secretary.
    Originally posted by OuterNet
    The bit I've highlighted would have me looking elsewhere, immediately. I took over as treasurer of a small walking group and discovered that the bank account was sole signatory. It was the first thing I changed! As I said to the committee, I know you can trust me, but you don't, and you shouldn't even if you think you can! It's for my protection as much as the club's: I can't be accused of syphoning off funds because someone else has to authorise any payment.

    I then discovered that internet banking with that bank was possible, but only by single mandate. We opened another account for that: we only use the original account for paying cash in now.

    And TBH I would care about the good standing of all the committee members.

    The way we run the account for the walking group, we have four signatories and any two must sign or be involved in an internet transaction. That way, any two of us can be on holiday or fall under a bus and we can still operate the account.

    Will the committee members be financially linked as a result of their application for a community bank account? It was implied by what was said but perhaps I have misunderstood.
    Originally posted by OuterNet
    I agree it sounds as if they might be, but I don't know.
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats, 2 balaclavas for seamen, 1 balaclava for myself, multiple poppies, 3 peony flowers, 4 butterflies ...
    Current projects: ready to decrease / decreasing on all parts of the mohair cardigan pattern!
    • suziemoon
    • By suziemoon 18th Jul 18, 12:22 PM
    • 82 Posts
    • 62 Thanks
    suziemoon
    Which bank is best for us?
    Hi we are trading as a Limited Company. We are sub contractors and receive one payment in weekly and make paymens for wages, dividends, pension, tax, vat & accountant out every month. Not sure what bank would be best for us to move to. We are currently with RBS Business Current Account and pay 5 per month charge.
    • jonesMUFCforever
    • By jonesMUFCforever 18th Jul 18, 6:42 PM
    • 25,313 Posts
    • 12,544 Thanks
    jonesMUFCforever
    Hi we are trading as a Limited Company. We are sub contractors and receive one payment in weekly and make paymens for wages, dividends, pension, tax, vat & accountant out every month. Not sure what bank would be best for us to move to. We are currently with RBS Business Current Account and pay 5 per month charge.
    Originally posted by suziemoon
    The bank charge is a legitimate expense which can be offset to reduce your profits and tax. So really it does not cost you anything.
    What goes around - comes around
    give lots and you will always receive lots
    • koru
    • By koru 19th Jul 18, 6:40 PM
    • 1,348 Posts
    • 680 Thanks
    koru
    The bank charge is a legitimate expense which can be offset to reduce your profits and tax. So really it does not cost you anything.
    Originally posted by jonesMUFCforever
    Assuming suziemoon wants to extract the profits to live on, surely by reducing the profits it does have a cost? At best the cost will be offset partially by the tax saved due to the bank charge being tax deductible, so 5x12 = 60 gross cost per year has a net cost of 48.60. But that's still 48.60 less profit than otherwise.
    koru
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