Trouble opening business bank account - established business
Discussion
Just wondering if anyone has had trouble opening a business bank account.
I am the director of a company, I have an excellent credit rating, the only issue I can see is the BBL. I've been rejected for 3 business bank accounts.
The reason we want a new account is that we are currently with RBS and they are just archaic. I've had a few issues with them and complained at least 3 times in writing, each time I've not received a reply or acknowledgement of my complaint, but about 8 weeks later have received a payment of £100 and on my statements it says customer compensation, I'm assuming it's to do with the complaints I've not heard either way, made £300 but it's still not worth staying with them. Just fed up and would prefer a bank with a better online service, however I've been refused by 3 separate banks. I know some banks aren't offering new accounts to established businesses, Bank of Scotland for one, which is a shame because I do my personal banking with them and rate them highly.
Obviously, they won't state why they can't offer me an account, just wondering if it's me doing something wrong. Banks I've tried Mettle (I know they're NatWest/RBS - but a few people have recommended it), TSB and Starling.
I am the director of a company, I have an excellent credit rating, the only issue I can see is the BBL. I've been rejected for 3 business bank accounts.
The reason we want a new account is that we are currently with RBS and they are just archaic. I've had a few issues with them and complained at least 3 times in writing, each time I've not received a reply or acknowledgement of my complaint, but about 8 weeks later have received a payment of £100 and on my statements it says customer compensation, I'm assuming it's to do with the complaints I've not heard either way, made £300 but it's still not worth staying with them. Just fed up and would prefer a bank with a better online service, however I've been refused by 3 separate banks. I know some banks aren't offering new accounts to established businesses, Bank of Scotland for one, which is a shame because I do my personal banking with them and rate them highly.
Obviously, they won't state why they can't offer me an account, just wondering if it's me doing something wrong. Banks I've tried Mettle (I know they're NatWest/RBS - but a few people have recommended it), TSB and Starling.
Starling is your friend!
I looked at two of the mainstream banks two years ago and gave up with the rigmarole involved. If ever you want a case study on how not to win business, try opening an account with a mainstream bank.
Downloaded the Starling app, scanned in a few docs and the account was opened the same day. The only issue I've encountered is that they only accept USD payments if the Dollars come from the US (some of our international work is paid in USD but for work and clients outside the US).
I think there's a perception that Starling, Tide and the like are for the hairdressers and cup-cake-bakers of the business world but I'm seeing more and more big business use them.
I looked at two of the mainstream banks two years ago and gave up with the rigmarole involved. If ever you want a case study on how not to win business, try opening an account with a mainstream bank.
Downloaded the Starling app, scanned in a few docs and the account was opened the same day. The only issue I've encountered is that they only accept USD payments if the Dollars come from the US (some of our international work is paid in USD but for work and clients outside the US).
I think there's a perception that Starling, Tide and the like are for the hairdressers and cup-cake-bakers of the business world but I'm seeing more and more big business use them.
laserk said:
Just wondering if anyone has had trouble opening a business bank account.
I am the director of a company, I have an excellent credit rating, the only issue I can see is the BBL. I've been rejected for 3 business bank accounts.
The reason we want a new account is that we are currently with RBS and they are just archaic. I've had a few issues with them and complained at least 3 times in writing, each time I've not received a reply or acknowledgement of my complaint, but about 8 weeks later have received a payment of £100 and on my statements it says customer compensation, I'm assuming it's to do with the complaints I've not heard either way, made £300 but it's still not worth staying with them. Just fed up and would prefer a bank with a better online service, however I've been refused by 3 separate banks. I know some banks aren't offering new accounts to established businesses, Bank of Scotland for one, which is a shame because I do my personal banking with them and rate them highly.
Obviously, they won't state why they can't offer me an account, just wondering if it's me doing something wrong. Banks I've tried Mettle (I know they're NatWest/RBS - but a few people have recommended it), TSB and Starling.
I’d start by writing a letter of complaint explaining your issues to Alison Rose, the CEO.I am the director of a company, I have an excellent credit rating, the only issue I can see is the BBL. I've been rejected for 3 business bank accounts.
The reason we want a new account is that we are currently with RBS and they are just archaic. I've had a few issues with them and complained at least 3 times in writing, each time I've not received a reply or acknowledgement of my complaint, but about 8 weeks later have received a payment of £100 and on my statements it says customer compensation, I'm assuming it's to do with the complaints I've not heard either way, made £300 but it's still not worth staying with them. Just fed up and would prefer a bank with a better online service, however I've been refused by 3 separate banks. I know some banks aren't offering new accounts to established businesses, Bank of Scotland for one, which is a shame because I do my personal banking with them and rate them highly.
Obviously, they won't state why they can't offer me an account, just wondering if it's me doing something wrong. Banks I've tried Mettle (I know they're NatWest/RBS - but a few people have recommended it), TSB and Starling.
She is highly capable, and has an exec team dedicated to sorting out issues like yours.
If, in the unlikely event you don’t get satisfaction, try Metro.
I use both.
loafer123 said:
I’d start by writing a letter of complaint explaining your issues to Alison Rose, the CEO.
She is highly capable, and has an exec team dedicated to sorting out issues like yours.
If, in the unlikely event you don’t get satisfaction, try Metro.
I use both.
I'll give this a go, don't think I can handle applying for another account, hopefully will be able to resolve my issues with RBS. Thanks for your help.She is highly capable, and has an exec team dedicated to sorting out issues like yours.
If, in the unlikely event you don’t get satisfaction, try Metro.
I use both.
StevieBee said:
I think there's a perception that Starling, Tide and the like are for the hairdressers and cup-cake-bakers of the business world but I'm seeing more and more big business use them.
They are good if you have straightforward banking needs, which covers most small businesses but beyond that and you need to move on.Can starling do dual payment authorisations, or payment segregations yet?
Puzzles said:
StevieBee said:
I think there's a perception that Starling, Tide and the like are for the hairdressers and cup-cake-bakers of the business world but I'm seeing more and more big business use them.
They are good if you have straightforward banking needs, which covers most small businesses but beyond that and you need to move on.Can starling do dual payment authorisations, or payment segregations yet?
loafer123 said:
I’d start by writing a letter of complaint explaining your issues to Alison Rose, the CEO.
You want Alison Rose to fix the fact that the OP thinks RBS's systems are archaic ? 
OP also mention the fact that he has a 'Bounce Back Loan' which, presumably, he wants the new bank to take over. Maybe the other banks he's tried don't do that ?
We have no idea what it is about RBS that the OP doesn't like nor why he thinks a new bank will resolve those issues. Nor what business the OP is in (eg if it is financial services most banks are avoiding those due to 'associated liability' or whatever).
The OP's personal credit rating will be irrelevant.
OddCat said:
loafer123 said:
I’d start by writing a letter of complaint explaining your issues to Alison Rose, the CEO.
You want Alison Rose to fix the fact that the OP thinks RBS's systems are archaic ? OP also mention the fact that he has a 'Bounce Back Loan' which, presumably, he wants the new bank to take over. Maybe the other banks he's tried don't do that ?
We have no idea what it is about RBS that the OP doesn't like nor why he thinks a new bank will resolve those issues. Nor what business the OP is in (eg if it is financial services most banks are avoiding those due to 'associated liability' or whatever).
The OP's personal credit rating will be irrelevant.
OPs frustration was at his issues (whatever they are) being ignored by his relationship team.
If you want to get listened to, deal with the exec team…a couple of phone calls from them will soon get answers.
I know how this particular system works, whereas you just know how to lick your own arse with your paw in the air.
loafer123 said:
What an odd cat you are indeed.
OPs frustration was at his issues (whatever they are) being ignored by his relationship team.
No. The fundamental issue is, and I quote the OP, "The reason we want a new account is that we are currently with RBS and they are just archaic"OPs frustration was at his issues (whatever they are) being ignored by his relationship team.
Yes, he mentions complaining 3 times and receiving £100 compo each time but that is irrelevant. It is unlikely that it is just the banks complaint department that the OP thinks is archaic.
If RBS are 'archaic' for him then they must be the same for everyone - yet I don't see lots of people on here saying the same. We don't know in what respect the OP feels they are archaic nor why he thinks a 'tech bank' would be better. Without more information we cannot tell. Despite your 'expertise' in this field.
One thing is true. In respect of the OP's attempts to switch banks, banks are not in the habit of turning away very profitable clients. Because such behaviour would be mental. If the CEO of Rolls Royce were to approach the CEO of RBS to change banking over to them you can be pretty sure he's unlikely to say 'no thanks'.
EDIT: there is also the issue of the Bounce Back Loan which you have ignored.
Edited by OddCat on Sunday 13th February 11:22
There are a number of issues that we have with RBS esp when comparing them to other banks like I mentioned Bank of Scotland, RBS seem to be miles behind and their banking app is quite basic and glitchy as is when I access my account via their website.
I wouldn't want to change banks for the BBL if that is an option, DD going through fine no issues in paying it back/setting up a DD with a new bank.
Like I said we haven't had anybody address any of our complaints, one of the complaints being that nobody is addressing our complaints - wow I sound like a complete idiot
I want to be able to pay staff wages, suppliers and other general bills and payments without having to set up biometrics numerous times, apparently they register but when I come to make the payment again I have to do the same thing all over again. I much prefer other verification processes such as a code being sent to my registered number. Setting up biometrics is fine if it works, the fact that I have to keep doing it is driving me insane.
Another issue is that we have 2 businesses, with business A, business banking and personal banking both have the same login and bring up my personal accounts as well as business A's bank account + BBL account, yet the other business, business B has a complete separate login for both the account and BBL account. We want a separate login for business A, but RBS can't even explain to us why business A's accounts are clumped together with my personal accounts.
The list goes on... If anybody is all that interested I could go on and bore the hell out of you, atleast I'll get the satisfaction of knowing somebody has read/acknowledged my issues
Edit: We are the the food industry. Catering and packaging premade meals.
I wouldn't want to change banks for the BBL if that is an option, DD going through fine no issues in paying it back/setting up a DD with a new bank.
Like I said we haven't had anybody address any of our complaints, one of the complaints being that nobody is addressing our complaints - wow I sound like a complete idiot
I want to be able to pay staff wages, suppliers and other general bills and payments without having to set up biometrics numerous times, apparently they register but when I come to make the payment again I have to do the same thing all over again. I much prefer other verification processes such as a code being sent to my registered number. Setting up biometrics is fine if it works, the fact that I have to keep doing it is driving me insane.
Another issue is that we have 2 businesses, with business A, business banking and personal banking both have the same login and bring up my personal accounts as well as business A's bank account + BBL account, yet the other business, business B has a complete separate login for both the account and BBL account. We want a separate login for business A, but RBS can't even explain to us why business A's accounts are clumped together with my personal accounts.
The list goes on... If anybody is all that interested I could go on and bore the hell out of you, atleast I'll get the satisfaction of knowing somebody has read/acknowledged my issues
Edit: We are the the food industry. Catering and packaging premade meals.
Edited by laserk on Monday 14th February 02:25
Edited by laserk on Monday 14th February 02:29
Imasurv said:
We’ve also had difficulties opening a new business bank acc recently, including being rejected by Starling. This was for a new company we have set up to build next to our main trading Co, our existing bank would not entertain the new company either. Very frustrating.
I've come to the conclusion that they're overloaded with work because of the impact of Covid, well atleast that's what I'm telling myself. Wish you luck in trying to open a new account.laserk said:
I've come to the conclusion that they're overloaded with work because of the impact of Covid, well atleast that's what I'm telling myself. Wish you luck in trying to open a new account.
To an extent, yes, but add into the mix they'll have:o- an industry risk profile (possibly limited growth opportunities due to disposable incomes falling in the short term) which may be weighted against your SIC code (not your individual business; they won't look and I have no knowledge of it other than the sector you operate in) &
o- a view on BBLs which will likely be considered an indicator of stress (and my understanding is that they can't be transferred so you/they'd end up with split banking)
Put all three into the mix and you probably have your answer - "computer says no".
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