Business bank accounts

[roofman]

Gosh Nat West wanted me to wait six weeks just to have a telephone interview prior to placing another business account with them. I have about 6 accounts with Nat west! Told them to well "forget it" and took my business to the Yorkshire, chalk and cheese they actually wanted my business and I got the first year free.
No complaints in fact I am considering moving more their way. I mean Nat West were treating me like I was asking for their money

Yes i know its a shocking bank imho...when i opened a share dealing account it was like moving 20 million pounds to a terrorist backed country

 

[Gritineye]

It is possible to run on a free personal current acc for 35 yrs, total charges in that time 2 X £20 overdrawn charge, contested both and got £20 back..Legit business so the worst that can happen is they find out and want you to open a business acc, then you go elsewhere.

 

[premmington]

If you have a card machine, you need a bussiness acount for the clearing system. Bussiness accounts have "merchant numbers".

 

[cecotto479]

If you are a sole trader then you are the business and there is nothing wrong with using a personal account. In the eyes of HMRC, there's no distinction between you and the business.

I've a couple of Santander business accounts. They were the old Alliance and Leicester free ones and Santander HATE their inherited free customers with a passion, but if you play by the rules, it's free. They try it on now and again, but a phone call sorts it.

I suspect I'd get better banking elsewhere, but it's a hassle and more to the point, that's what they want, so they're not getting it.

 

[rtbcomp]

It's not HMRC that's the problem - it's the banks. When I recently opened a Co-Op savings account the terms & conditions specifically stated that I mustn't use it for business.

 

[fizzy]

I have a feeling they are all about the same - SCUM.
We are with Barclays - it is a pretty big account to be honest - and yet since starting my company 5 years ago I have only spoken to my so called manageress 3 times!!! I started from nothing and have built a pretty big business - just one phone call saying well done wouldnt have hurt!!!
We stay with them because their electronic banking and other systems are pretty much bullet proof.
I have seen so many times in the news NatWest - Lloyds - Santander etc are down - chaos ensues - etc etc.
It would be a nightmare if that happened to us and touch wood not once in 5 years.
It all depends what you want from a bank I suppose. Our most important criteria is a bullet proof system and speaking to lots of other business operators I think Barclays are pretty much ahead of the game on that.
The biggest problem with all the banks is that there are no real managers now - just minions - "computer says no"!!!

 

[ajlelectronics]

If you have a card machine, you need a bussiness acount for the clearing system. Bussiness accounts have "merchant numbers".

May not be the case. If you use Worldpay Zinc, they will use any account as far as I know. You also have the benefit of no monthly fee and a mobile terminal for a one off payment. 2.75% on all transactions, debit or credit.

 

[Wendelspanswick]

My bank showed no interest in me apart from the odd letter pushing their latest credit card, then I inherited a sizeable sum which was transferred into my normal account while I decided what to do with it, the amount of fawning emails, letters and phone calls I received from my bank was astonishing, they were falling over themselves to get me to keep my money with them!

 

[fizzy]

I wish my bank fawned on me! Our turnover is pretty big now and they still dont want to know.

 

[rtbcomp]

Panorama, BBC1 tonight (Mon 24/11/2014) 20:30 might be interesting!

 

[roofman]

Panorama, BBC1 tonight (Mon 24/11/2014) 20:30 might be interesting!

nice one

 

[rtbcomp]

Here's the Radio4 "File on 4" version http://downloads.bbc.co.uk/podcasts/radio4/fileon4/fileon4_20140121-2050a.mp3

 

[fizzy]

I happen to know a person involved very well. Please note it was the banks that were the darling of NULab that caused all the trouble.
I hate the bankers but hate politicians even more.
Isn't it funny how all the politicians used the bankers as scapegoats. It was government's meddling that caused the problems in the 1st place!

 

[Kent]

I happen to know a person involved very well. Please note it was the banks that were the darling of NULab that caused all the trouble.
I hate the bankers but hate politicians even more.
Isn't it funny how all the politicians used the bankers as scapegoats. It was government's meddling that caused the problems in the 1st place!

Yep, deregulation (why did we have the regulations for so many years? coz it actually worked!)