Another which bank for business account question
Discussion
So I've been spending the last three weeks trying to open a business account with my bank, which has a strong oriental connection.
They want me to prove who I am and where I live. Each time I do this they wait for a while and then tell me (when I enquire as to the lack of progress) that the documents don't meet (up til then) secret stipulations. They've just done this again, and I'm getting irritated to the point of thinking I need to approach a different bank. The problem is that time is now at a premium.
Anyone have recent experience of opening a business account and was it relatively quick (a matter of days rather than weeks)?
They want me to prove who I am and where I live. Each time I do this they wait for a while and then tell me (when I enquire as to the lack of progress) that the documents don't meet (up til then) secret stipulations. They've just done this again, and I'm getting irritated to the point of thinking I need to approach a different bank. The problem is that time is now at a premium.
Anyone have recent experience of opening a business account and was it relatively quick (a matter of days rather than weeks)?
singlecoil said:
So I've been spending the last three weeks trying to open a business account with my bank, which has a strong oriental connection.
They want me to prove who I am and where I live. Each time I do this they wait for a while and then tell me (when I enquire as to the lack of progress) that the documents don't meet (up til then) secret stipulations. They've just done this again, and I'm getting irritated to the point of thinking I need to approach a different bank. The problem is that time is now at a premium.
Anyone have recent experience of opening a business account and was it relatively quick (a matter of days rather than weeks)?
I opened a "Cash Plus" business account as I got sick of the process.They want me to prove who I am and where I live. Each time I do this they wait for a while and then tell me (when I enquire as to the lack of progress) that the documents don't meet (up til then) secret stipulations. They've just done this again, and I'm getting irritated to the point of thinking I need to approach a different bank. The problem is that time is now at a premium.
Anyone have recent experience of opening a business account and was it relatively quick (a matter of days rather than weeks)?
It's fully no frills but works.
Max payment into account of 15k per day, which will be an issue so we ended up applying with Lloyds after looking at a few others. It's painful and they either don't want the business or don't know what they are doing.
I am told Metro are OK, but we are based in the frozen wastelands of the north and they have no branches - not sure why that made a difference to us but at the time it seemed a factor.
Barclays - opened instantly. IIRC I went to the branch to do it.
I also have a personal account with them which may have helped.
I like the online application, I can't speak for support or costs as almost all mine is done electronically (and hence free) without the need for any discussion.
I also have a personal account with them which may have helped.
I like the online application, I can't speak for support or costs as almost all mine is done electronically (and hence free) without the need for any discussion.
I'll look in to the cash plus option, the £15K a day won't be a problem for me, not for a while anyway 
One of the bizarre aspects of my current bank is that they won't accept their own bank statements as ID proof, anyone else's would have been fine. I daresay they have a sound reason for this but it's not one they share with their complaints handling staff. I've listened to and read an amazing amount of self-justifying BS since I started making formal complaints.
One of the bizarre aspects of my current bank is that they won't accept their own bank statements as ID proof, anyone else's would have been fine. I daresay they have a sound reason for this but it's not one they share with their complaints handling staff. I've listened to and read an amazing amount of self-justifying BS since I started making formal complaints.
singlecoil said:
So I've been spending the last three weeks trying to open a business account with my bank, which has a strong oriental connection.
They want me to prove who I am and where I live. Each time I do this they wait for a while and then tell me (when I enquire as to the lack of progress) that the documents don't meet (up til then) secret stipulations. They've just done this again, and I'm getting irritated to the point of thinking I need to approach a different bank. The problem is that time is now at a premium.
Anyone have recent experience of opening a business account and was it relatively quick (a matter of days rather than weeks)?
I'm going through this at the moment (not opening an account, but sorting an OD). Their online system says my documents aren't legible, and a human being cannot check them, "because data protection". This is the 3rd time in six months I've done ID&VA for this bank, and the fifth time in two years. So, forget the online process, I went into branch. They want me to prove who I am and where I live. Each time I do this they wait for a while and then tell me (when I enquire as to the lack of progress) that the documents don't meet (up til then) secret stipulations. They've just done this again, and I'm getting irritated to the point of thinking I need to approach a different bank. The problem is that time is now at a premium.
Anyone have recent experience of opening a business account and was it relatively quick (a matter of days rather than weeks)?
"Hello", says I, "I need to do a ID&VA".
"No problem" says the chap. "Sit there, and I'll be with you in a moment."
twenty minutes, and two customers later, I said "I've been waiting for a while now"
"Oh, sorry" he says "I forgot about you"
So I went to a different branch. Got somebody to take and photocopy my documents. I asked what they did with them. She said that they will be send tot he Business Banking Team. It takes two days. Two days! Why? "Because we have to send them by post, as they need original documents." They are f
king photocopies!They are a f
king shambles. The only people there who know how to do their jobs properly are the ones whose job it is to apologise to the customer for yet another fk up.In the past I've used NatWest, Barclays, Lloyds and Coutts. All much of a muchness, really. It largely depends upon whether you get a decent Business Manager, or one who claims to be in authority, but it then turns out can't actually do anything without asking his boss.
Cater Allen - they're great with customer service, but not massively quick. Phone them up, explain how quickly you need to have the account open and they might be able to do something. If you open via ContractorUK then you can get free banking with them, but then it'll take even longer.
Otherwise, try Handlesbanken if there is one in your area.
Otherwise, try Handlesbanken if there is one in your area.
jammy-git said:
Cater Allen - they're great with customer service, but not massively quick. Phone them up, explain how quickly you need to have the account open and they might be able to do something. If you open via ContractorUK then you can get free banking with them, but then it'll take even longer.
Seconded. Used them for every bank account i've set up for business, and been very pleased with service.The first time i've ever agreed with a Jammy-Git post
Normally is talking rubbish on the Spurs thread!
janesmith1950 said:
Haven't used them myself, but Tide might be worth a look.
Just tried to open an account.Nice slick looking app BUT there are a few issues - looks good for a one man band type set up, but having the account tide to a mobile phone won't work for many.
Would have loved it when I was consulting.
Rather than going to a new bank from cold, why not go and transfer your account from your old bank.
Yes you'll have to take ID & utility bills etc and write a letter on company paper, but they do love poaching existing accounts.
They transfer all your direct debits, standing orders for you as well. (Do expect a month full of cockups whilst they do this)
Yes you'll have to take ID & utility bills etc and write a letter on company paper, but they do love poaching existing accounts.
They transfer all your direct debits, standing orders for you as well. (Do expect a month full of cockups whilst they do this)
Well after reading about Tide on this post I tried to open an account for a small LLP I am involved in.
It's a small 2 man partnership that decided to open an account with Lloyd's as one of the partners has banked with them for years and we thought that would make things easier. 3 weeks down the line we still don't know when we will get our account number.
I downloaded the app feeling very cynical about the promise of an account number within 5 mins.
The process was very slick but didn't proceed to completion due to the fact it was an llp. They messaged me within the app and within a couple of hours we had a sort code and account number and this morning I have just received a message saying the card has been despatched.
There are a few issues with the account as it is tied one device and you can't have multiple users. It also doesn't have FSCS protection. But it could work for many micro businesses.
It's a small 2 man partnership that decided to open an account with Lloyd's as one of the partners has banked with them for years and we thought that would make things easier. 3 weeks down the line we still don't know when we will get our account number.
I downloaded the app feeling very cynical about the promise of an account number within 5 mins.
The process was very slick but didn't proceed to completion due to the fact it was an llp. They messaged me within the app and within a couple of hours we had a sort code and account number and this morning I have just received a message saying the card has been despatched.
There are a few issues with the account as it is tied one device and you can't have multiple users. It also doesn't have FSCS protection. But it could work for many micro businesses.
Still struggling with my bank on this, they have at last conceded that I have proved my ID and address, the best I can get out of the complaints handler now is "The application is with our Business Account Opening Team for review and will be in contact with you shortly".
I've asked her what 'shortly' means in this context but no reply.
What I don't understand is why, if they don't want any more small business accounts, don't they fking well say so. Or at least stop advertising them. The difference in behaviour between my bank and people who actually want my business is dramatic.
So I've started looking at Cash Plus and Tide. The thing that concerns me is that I might open an account with one of them and then approach my choice of card provider and find that they don't deal with them. I'm not expecting that, but I've recently learned that I have to expect the unexpected.
I've asked her what 'shortly' means in this context but no reply.
What I don't understand is why, if they don't want any more small business accounts, don't they f
king well say so. Or at least stop advertising them. The difference in behaviour between my bank and people who actually want my business is dramatic.So I've started looking at Cash Plus and Tide. The thing that concerns me is that I might open an account with one of them and then approach my choice of card provider and find that they don't deal with them. I'm not expecting that, but I've recently learned that I have to expect the unexpected.
Gassing Station | Business | Top of Page | What's New | My Stuff