Business Bank Account - Bad Credit

[SueEllen]

Thats what I am gonna do, I have a few weeks before I send my first invoice so that will give me time to set my father up as the sole director and him to open a business account, and I just be a shareholder.

It's gonna be fun with him controlling the money, and you stating why you need every amount released to you.

Least it should make you manage the books better.

[SimonMac]

It's gonna be fun with him controlling the money, and you stating why you need every amount released to you.

Least it should make you manage the books better.

Once the account is open I'm gonna be made a signatory on the account so I won't have to go cap in hand asking for pocket money lol!

[craig1]

There are extra concerns about being an employee rather than fee-earning director that are worth understanding, best talking to an accountant who genuinely understands the duties of employing people.

[FarmerPalmer]

Although you were not bankrupt, the references to which accounts are available may be useful.

[Jabari]

All,
I was in a similar situation for 9 mths. and thought that Halifax would save me. They had a no status (no credit score) pass book bus. acc. but cancelled this svc in Jan/2010. I was able to find another 'bank'. that offers a similar account. - Bath Building Society. The only credit service check done is to verify identity. They open your account within 2 days. Good luck

[keithc913]

I have just set up a Ltd Company and have had real trouble opening a bank account for my business.I tried NatWest,RBS,HSBC,Santander and the Co Op in the vain hope that I would be accepted but all refused me due to
adverse information on my credit file.

However,I have a Cash Account (basic bank account) with Lloyds TSB which I opened easily with them a couple of years ago - no credit checks etc.. as it's a basic account but does have a Visa debit card with it.I phoned my branch the other day and spoke to a very pleasant lady and explained my predicament with my applications for a business account,and she asked me to go into the branch for a meeting which I have done and a business account was opened for me there and then - no credit check as my basic account was all the proof they needed ! There's no debit card with my account (yet) but all other facilities - paying in book,cheque book,direct debits etc..etc..

This might be the way to go for any of you struggling to open a business bank account and hope it might be of some help.

[Jessica@WhiteFieldTax]

I have just set up a Ltd Company and have had real trouble opening a bank account for my business.I tried NatWest,RBS,HSBC,Santander and the Co Op in the vain hope that I would be accepted but all refused me due to
adverse information on my credit file.

However,I have a Cash Account (basic bank account) with Lloyds TSB which I opened easily with them a couple of years ago - no credit checks etc.. as it's a basic account but does have a Visa debit card with it.I phoned my branch the other day and spoke to a very pleasant lady and explained my predicament with my applications for a business account,and she asked me to go into the branch for a meeting which I have done and a business account was opened for me there and then - no credit check as my basic account was all the proof they needed ! There's no debit card with my account (yet) but all other facilities - paying in book,cheque book,direct debits etc..etc..

This might be the way to go for any of you struggling to open a business bank account and hope it might be of some help.

If anyone is struggling with business banking, I always suggest going track to whoever does their personal account. It's a good plan.

[SimonMac]

If anyone is struggling with business banking, I always suggest going track to whoever does their personal account. It's a good plan.

Thats what I did

[SimonMac]

Thats what I am gonna do, I have a few weeks before I send my first invoice so that will give me time to set my father up as the sole director and him to open a business account, and I just be a shareholder.

It's gonna be fun with him controlling the money, and you stating why you need every amount released to you.

Least it should make you manage the books better.

Two years later and it has made me understand the books, in fact so much as to say I don't use an accountant and we do everything ourselves.

[SueEllen]

Two years later and it has made me understand the books, in fact so much as to say I don't use an accountant and we do everything ourselves.

Not surprised.

Lots of people behave better when the have to explain to someone they respect what exactly they are doing.