Desperate for business bank account

[triboix]

Hi D,

I tried Abbey first, because of their free banking for life, but they lost my application, took ages to "get me in the system", do not answer phone calls, etc. Avoid it.

I was a bit desperate like you. I just entered an HSBC branch, and my business account was opened within an hour (it was locked however). I still had to provide 3 months personnal bank statements from my Halifax personnal account, so they could check I am not a crook and they unlocked it. I had to provide proof of id and of address as well, as usual.

I have 18 months free business banking, with the option of free banking forever if I use mainly internet banking. I recommend HSBC, they are very professionnal and efficient!

[Leeda]

Hi D,

I have 18 months free business banking, with the option of free banking forever if I use mainly internet banking. I recommend HSBC, they are very professionnal and efficient!

Another heads up for HSBC!
I am from Oz and walked into HSBC and opened my business bank account that day. They did a simple credit check, took a copy of my passport and visa and a bank statement. Easy as PIE.

[dmini]

Oh dear ... I can't be bothered to once again go through the reasons why its a bad idea but this is a really really stupid thing to do.

I bow to your greater knowledge. It was something I noticed on one of my contracts. Thankfully my account was started - just in time

[BoredBloke]

For what it is worth, I'm planning on closing my HSBC account due to the poor levels of service they offer. You are supposed to have a business manager assigned to your account, but you can't get to speak to them because the call centres won't put you through. Even when the pass on messages for your business manager to call you, quite often they don't.

This week I wanted to set up a small overdraft to cover a cockup I had made on my timesheets which delayed their payment by a week. They wanted to go through a complete credit check (both my wife and myself), even though I have banked with HSBC both with my business and personal accounts since 1997 and then charge me for the pleasure. Previously it was a simple call to the business person at the bank and it was authorised over the phone, presumably on the basis of how the account has performed over the past. But now 'procedures have changed'

I have had numerous calls for me to 'pop in' to discuss how the bank can offer to help my business in the future - basically this is just a means to get you in and for them to try and sell you a load of extra services. I know, because I did it a few years ago. Because my bank is being refurbished, this cannot be done on a weekend and would have to be done at my expense. Even had the branch been open on Saturday, it is staffed by people from other branches, so your business manager may not even be available. They have no concept of people working a long distance from the branch. The culture at 'the worlds local branch' is that you can simply pop into your branch whenever. That isn't possible when you are working x hundred miles from home.

Trying to do anything which is out of the norm is impossible due to the poor quality of the lines to India and the inability of their staff based out there to speak English.

HSBC - I wouldn't touch them.

[expat]

Trying to do anything which is out of the norm is impossible due to the poor quality of the lines to India and the inability of their staff based out there to speak English.

Get a Swiss bank account. The phone number printed on your statement rings in your branch, and they speak English.

[Thom77]

I opened an A&L account last month, they did say it could take a few weeks but in actual fact it was very quick. Perhaps it was because I explained to the woman in the branch that I was in a bit of a hurry, but I took the application forms in on 29th July (if I remember correctly), I have a letter dated august 3rd acknowledging receipt of the application, and another letter dated august 4th with my new account details and a new account pack. The cards and pin numbers came through every few days afterwards.

So far it all seems to work quite well, although the internet banking doesnt seem to update as quickly as the telephone banking - I received some money into the account on august 31st, but internet banking didnt show it until at least a day after even though phone banking said it was there.

[TheMonkey]

I have an HSBC business account with free banking for life (HSBC Direct). It just works (tm). Got a £1k charge card which covers all my needs adequately and no overdraft facility (because I don't need it).

Again, I went with HSBC because Abbey fecked up and didn't give me a reason why.

My personal account is with HSBC as well so I get paid approximately 5 seconds after I make the transfer from the business account.

[darrenb]

update

Hi. I'm still trying to get paid. I'm getting quite worried now. I have thousands of pounds owing to me but no way of getting at it.

I did a test online credit check. I don't have CCJs but I'm newly back in the country so I get rated worse than if I did have CCJs. Kind of a guilty-before-innocent principle enforced by the credit rating judiciary.

So I started to look at "guaranteed bank accounts" like this:

https://secretariatservices.net/services/bank/bus-1.asp

Does anybody know if this works? Is there a catch that is not apparent (besides the fact that they charge you lots of money)?

Somebody also mentioned the Swiss. Do they do company accounts? If so, which bank? Or should I pay an intermediary to set it up?

D.

[oraclesmith]

My accountant does this sort of thing as well. I don't know much they charge, but it may be more than the one you found. http://www.carltonbakerclarke.co.uk/...g-services.htm

Basically, a lot of accountancy/secretarial firms will help figure out which bank account will suit your style of working, business needs etc and arrange it for a fee. It should be possible for you to get some sort of business bank account, even if it a telephone-only account. The downside may be that you end up with a business account which costs you more or is more restrictive than if you had good credentials or it may take you a little while to acquire one as they may need to see lots of documentation etc and maybe get a guarantor. If the agency has corresponded with you about money they need to pay you (and how much), that should convince them that you're going to run your account in credit. In my opinion.

I don't know the one you found can guarantee to get you an account - for example if you were a convicted fraudster with several liquidated companies in your background I wouldn't give you a smile, let alone a bank account !

[marcoloco]

darren have you had any luck with bank account? I'm in similar situation - before I secured my first contract, I were unemployed for some time and now my credit rating sucks big time and Natwest (where I have personal account) and HSBC have rejected me, even I can show them 400 p/d contract and I don't want any overdraft/loans :S

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?