Business Bank account.

[Bumble79]

Hi,

I set up my own limited company with me and my husband as directors. Now for opening up a business bank account, I approached a leading bank
with whom me and my husband have our personal bank accounts with. I had given all the details and he did a check on his system and it declined without giving any reason. Then the bank staff said that he would check with the concerned department and get back. He took a week and got back
saying that they have not given a reason but they will not be able to open an account. I am really surprised , because I have been banking with them
since 2006 and have never had any defaults. My husband has also had no defaults of any payments. The Bank manager did mention that it could be
something to do with the residential address and it's better that I Get that sorted out. He also suggested that I do a credit check with vendors like
Experian. If this bank is not going to open up an account for me, it is going to be the same issue with any other bank too.
Has anybody faced a situation like this? Really worried.

Thank you.

[kingcook]

I tried with HSBC, computer said no. Then Santander, computer said yes.

Try a few banks.

[SueEllen]

The business advisor is talking tulip.

Credit checks go on the person not the address so if even if your address had been abused by the previous people it's not linked to you like that.

The only way it can be linked to you, and it's nothing you can do about is if you live in a area which that particular bank defines as dodgy. This means they will not open accounts for anyone living in that area. (Though I've only heard it with some utility and catalogue companies)

Plus there is no law saying a bank who offers you personal accounts must offer you a business account especially if they have lots of people in a particular field going bust/owing them money.

One way to get an account is to use your accountant to recommend a bank they have links with.

[Bumble79]

Thank you!

Bank staff also happened to mention that if they again do a credit check and it fails, then the credibility goes down. IS that true? And he also suggested that I Get my credit checked with vendors who specialize in this. I am a little wary about this.

[TestMangler]

Thank you!

Bank staff also happened to mention that if they again do a credit check and it fails, then the credibility goes down. IS that true? And he also suggested that I Get my credit checked with vendors who specialize in this. I am a little wary about this.

I had a similar (but not the same) issue when being background checked for a new gig recently.

When I investigated myself (using Creditexpert) it turned out that a previous creditor from a car loan had marked every single payment as late with one outstanding for nearly two years, but the main issue was that I had a 'linked address' that had nothing to do with me from a fraudulent application for a mobile phone contract. I'd never checked anything like this before and don't use a lot of credit so didn't reckon problems were likely.

It took about 2-3 weeks to sort out (and a lot of pain in the arse phone calls) but it got fixed in the end and my experian 'credit score' shot up almost overnight.

On the subject of ruining your credibility, repeated credit searches do lower your score. Don't go back and ask for it to be done again without investigating first.

As others have already suggested, check it out and fix it yourself. No one else will look into it for you.

[northernladuk]

Your business and personal bank accounts are completely different entities. There is no reason for you to assume your current bank is the best for your business banking, even if the branch is local, I haven't been in to my business bank ever. Opened by post and never stepped foot in.

You need to research which bank is best for your business, not just go for it because you bank with it personally.

You will have to be clear in your own mind very quickly that your business's money is NOT your money and are in no way related, interchangeable or anything.

Look at each bank on its merits. I would recommend Santander but am sure others have good experiences with others.

[lukemg]

Cater Allen (part of Santander) accountant sorted it alongside company setup. Don't think there is an overdraft facility so little risk to the bank.

[Bumble79]

Thank you all!

[Bumble79]

I had a similar (but not the same) issue when being background checked for a new gig recently.

When I investigated myself (using Creditexpert) it turned out that a previous creditor from a car loan had marked every single payment as late with one outstanding for nearly two years, but the main issue was that I had a 'linked address' that had nothing to do with me from a fraudulent application for a mobile phone contract. I'd never checked anything like this before and don't use a lot of credit so didn't reckon problems were likely.

It took about 2-3 weeks to sort out (and a lot of pain in the arse phone calls) but it got fixed in the end and my experian 'credit score' shot up almost overnight.

On the subject of ruining your credibility, repeated credit searches do lower your score. Don't go back and ask for it to be done again without investigating first.

As others have already suggested, check it out and fix it yourself. No one else will look into it for you.

Hi,

I did look through Credit Expert , they ask for the card details along with the CVV number. Is it really safe to provide with all this details?

Thank you.

[eek]

Hi,

I did look through Credit Expert , they ask for the card details along with the CVV number. Is it really safe to provide with all this details?

Thank you.

Um they are taking a card payment off you so yes.