Opening a business bank account - painful
Discussion
Applied on line, got a message to call. Over an hour later still on the phone.
Customers, payments, expenses, business plan, customer's business, top 5 customers, projected income from top 5 and so it went on.. Email, website blah blah, premises, industry experience, PAYE, how often, dividend use..
As the clock ticked past the hour I was ready to give but then it all just came together. After another 1/2 hour..
I realise they have to watch for money laundering but I was amazed at just how deep they want to go.
Just me or others had the same treatment? I've now got 6 multi page forms to complete. Crikey, if I'd been applying for finance I dread to think.
Customers, payments, expenses, business plan, customer's business, top 5 customers, projected income from top 5 and so it went on.. Email, website blah blah, premises, industry experience, PAYE, how often, dividend use..
As the clock ticked past the hour I was ready to give but then it all just came together. After another 1/2 hour..
I realise they have to watch for money laundering but I was amazed at just how deep they want to go.
Just me or others had the same treatment? I've now got 6 multi page forms to complete. Crikey, if I'd been applying for finance I dread to think.
I opened an account about 3 years ago with HSBC (for a ltd co). Online application plus about 20 minutes on the phone I think. Was all pretty simple iirc.......
edit:
Customers : none of their business
payments: set them up on line as I want
expenses: what bank costs? Pretty clearly laid out by hsbc
business plan: just asked what sort of business it was
customer's business: ? see above
top 5 customers: none of their business
projected income from top 5: finger in the air estimate of annual turnover to make sure I had the right account
etc
Who was the account with because I had none of that lot. Or has something changed in 3 years?
EDIT: ignore that, just seen it was natwest
edit:
Customers : none of their business
payments: set them up on line as I want
expenses: what bank costs? Pretty clearly laid out by hsbc
business plan: just asked what sort of business it was
customer's business: ? see above
top 5 customers: none of their business
projected income from top 5: finger in the air estimate of annual turnover to make sure I had the right account
etc
Who was the account with because I had none of that lot. Or has something changed in 3 years?
EDIT: ignore that, just seen it was natwest
Edited by brman on Saturday 22 August 10:03
Edited by brman on Saturday 22 August 10:04
I last went through it a year or two ago with Santander and it was easy - I think they just checked we were actually a business and then gave us the right account based on turnover.
Cater Allen refused us though as we had a 'non standard setup'. Not sure what their problem was but might try again at some point. I'm not a huge fan of Santander and their monthly charges.
Cater Allen refused us though as we had a 'non standard setup'. Not sure what their problem was but might try again at some point. I'm not a huge fan of Santander and their monthly charges.
NorthDave said:
Cater Allen refused us though as we had a 'non standard setup'. Not sure what their problem was but might try again at some point. I'm not a huge fan of Santander and their monthly charges.
Opening a second account with Cater Allen was quite painful, not least because I had to start the process again, twice, due to house moves and once because they insisted I go through my referral organisation.It's just taken me 6 weeks with RBS!
I setup several accounts a year for comapnies I help and that was just ridiculous. I know the ownership structure was a bit off the wall but even so if they could make a mistake and or make a mountain out of a mole hill they insisted on doing so.
Insane and never again. No wonder they're doing so badly.. Left us with no bank account for the first 2 weeks of trading and we still don't have any online access.
Back to Barclays in future.
I setup several accounts a year for comapnies I help and that was just ridiculous. I know the ownership structure was a bit off the wall but even so if they could make a mistake and or make a mountain out of a mole hill they insisted on doing so.
Insane and never again. No wonder they're doing so badly.. Left us with no bank account for the first 2 weeks of trading and we still don't have any online access.
Back to Barclays in future.
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