Desperate for business bank account

[oraclesmith]

Does anyone know if BACS transfers do name check as well? I mean if I write out invoice with my Ltd name, but with another companys account nr. Will the transfer go through still?

Why would you want to do that ? I dare say it would work, simply because company bank account names can vary wildly from the company's name. They'd probably pay your granny if you asked them, but you'd still have to show it in your accounts.

[marcoloco]

Why would you want to do that ? I dare say it would work, simply because company bank account names can vary wildly from the company's name. They'd probably pay your granny if you asked them, but you'd still have to show it in your accounts.

why would I want to do that? Because I don't have money even to buy a travelcard and yet agency wants to pay me 6000 by now, but I can't write out an invoice without bank account. Natwest, Abbey and Lloyds have rejected me because of my bad personal credit history. I now got appointment with a HSBC business account manager, hopefully it will work out when I explain the situation and show them my contract. After all, I don't want any overdraft or loan.

[Ardesco]

One reason you don't want to do that is because the IR will be allowed to root about in all your personal accounts (or whoever owns the account the money is paid into) if they investigate you.

Secondly your accountant is bound to have a fit and you will probably be breaking your banks T&C's

[oraclesmith]

Yep, certainly will. You might be able to swing it through a Directors Loan Account within your company account but only up to £5k. The HMRC will probably still be able to have a look at your bank account though - although they're unlikely to find much in there

Seriously, one way to break the deadlock is to invoice the agency for the fee in any case and make them pay you a cheque instead of by BACS. That way at least you have a valid cheque for quite a bit of money to take to the bank and pay into your new business bank account. Make it clear to the bank that you don't want an overdraft facility. You can always invoice without having bank details, you just need to give them another way of paying you - some small businesses for example only take cash or cheques. If they won't allow you to have a cheque for a large amount, then invoice for several small amounts instead. Work it out with the agency.

[Not So Wise]

Darren/Marco, question, did you appeal any of the initial rejections? The first line "account opening" personnel are generally useless drones that can only action what their system tells them to do, where appeals departments are people who can make decisions for themselves

Known a few people with your problem (no credit history) who got refused on first try, appealed and sent in 3 months worth of personal bank statements (is what they normally ask for) and were then given the account. Time consuming but it does get you were you want.

If that takes to long (marcoloco is sounding desperate) then I suggest a umbrella/managed company service like Churchill Knight, they can set you a company and bank account which they will manage for you in a day or so,it's pricey but if in a bind useful then go back to the agency and get them to just reissue the contracts (they should be willing) and pay the other company instead.

[Contractor UK]

Cater Allen

Hi everyone

Just thought we would mention we do offer free banking (so long as you remain in credit) with Cater Allen for anyone who hasn't seen this on CUK: http://www.contractoruk.com/money/fr...k_account.html

No minimum balance required
Funds may be held in sterling, euro or US dollar
30 free transactions per month
Monthly statements
Full cheque book and banking facilities - bill payments, standing orders and direct debits

Depends on their backlog and any further info they require, but usually an account is opened within 10-14 days. They also do the usual credit checks however.

Hope that's helpful.
CUK

[MarillionFan]

Cater Allen were very good until bought out by Abbey. They used to offer good interest on all balances but no longer do so.

[darrenb]

marcoloco:

Halifax finally let me have a Treasurer's account for the ltd when they realized I had a lucrative contract. After pretending to lose my documents.

I've been round to a few, and they all seem to want to extract the maximum sadistic satisfaction in silly buggers games.

D.