Reply to: Quick Ltd Co bank account setup

[Ardesco]

Yeah, I dont understand why these banks are so paranoid. Dont they want to make money from someone elses money? And since they dont give you any credit, where is the risk? Silly/stupid/dumb/overdone.

Government legislation after 9/11 (Yes it did have an effect on us over here). Banks now have a much greater legal responsibility to check that you are who you say you are and they have to also try and make sure you are not a big evil terrorist.

This all means that they have more hoops to jump through when opening up accounts for people and need a lot more identification than they used to.

[backagain]

Yeah, I dont understand why these banks are so paranoid. Dont they want to make money from someone elses money? And since they dont give you any credit, where is the risk? Silly/stupid/dumb/overdone.

HSBC seems good. I still havent got my sister (secretary) to sign the letter about opening the account. Seems I can transfer money out, although the bank consultant says I can't write any cheques without this signed by my sis. But then can anyone remember the last time they wrote a cheque? I think you only need to write them out for Companies House once a year, and for Corp Tax?

[TheBlacksmith]

One of my mates applied for a business bank account with the Co-op due to their ethical and socially responsible banking policies - it nearly took him 8 weeks to open.

I guess they wanted to make sure he wasn’t an arms dealer or a sweat shop t-shirt maker. None of the above unfortunately, just a business consultant in payments.

[poser]

Cater Allen - and their online banking is simple and clear to use

[gravesendboy]

HSBC seems pretty good and extremely efficient and in some cases they set up a limited co it appears before the co has been incorporated!!
This only applies to HSBC customers but as long as oyu give them a name they will have it ready for you if you are a good personal banking customer

[backagain]

OK, HSBC bank account setup and all the cards/cheque books have arrived. Internet banking is setup. However, I can't see how I setup a transfer out of the account. HSBC was waiting for the company secretary to return a letter stating we had a meeting to agree opening a bank account, but my sister (secretary) has just moved into a new house and has not got round to signing it. Maybe they are waiting on this and wont let me transfer money out until I have this. Anyone have experience of this?

UPDATE: I have found it under the 'Bill payment' menu. Strictly not a 'Bill payment' if transferring to another bank? Sorry for dumbness

[backagain]

I went into a HSBC branch today and I am almost setup. They were very professional and provided good service. They knew what kind of business I am in: providing consulting services. They told me that was what the Business Direct service was aimed at: low risk high earning 1 man bands. I am all set up, but they just need the co sec to sign a doc. They gave me two accounts; a current and saver account, plus a debit card and a sort of credit card that just gives you 6 weeks free interest (the card always collects the full amount). Took loads of docs along to provide proof of address/person. They did a credit check on me, and checked the directors/company/secretary against comp house records.

They told me the quickest way to setup the account is to go into a branch; they said doing it online would take much longer, and I would still need to visit a branch.

I tried to fill in the A&L application form, and was horrified at what docs they want. I mean why? Seems like they are overly concerned about risk, but then why would it be a risk if they dont give you credit or a loan? Silly; well they lost my custom. I stopped filling it in when I read that I needed to send it in. So I guess you cannot go into a branch and set it up there and then.

[facboy]

i had the same experience with HSBC.

i walked in off the street without an appointment, and walked out half an hour later with the account set up. because i had a personal account with them already they didn't even bother with the ID (though i did have to get the company secretary to walk down from work to sign some forms).

[trigger]

30 days vs 30 minutes

I first applied online to Alliance & Leicester, who, after after about 3 weeks not hearing from them, finally contact me to get my CompSec to physically go to a branch and show photo id etc. My CompSec, who graciously gives his spare time on a Saturday morning to get this done, goes into a A&L branch to show them his passport. Two days later (by this time its been about a MONTH since I first applied), A&L call me, telling me they photocopied the wrong page of his passport, and that my CompSec has to go into a branch again, and that they can't proceed the application any further until he does so!

Me...FURIOUS at this point...decide with my feet and walk into my local HSBC branch. After a brief 5 minute meeting with the bank manager, who tells me to return the following day with a few ID documents, sets up my new account in HALF AN HOUR.

[Dr. Nick Riviera]

Cater Allen
Do not, on any account, use Natwest business banking service.

[Rocket]

It took A&L about a month to set mine up and I have a personal account with them. They wanted the usual docs, signatures and proof of identity but I've always had good service from them and their rates are at the top of the table...

[nucastle]

in my experience i found both places i applied to needed sigs from the directors and secretary, as well as proof of identity and address for both.

My natwest account took over a month of dicking around back and forth before i got mine setup - its great now and the service seems very quick (i use telephone banking with the occasional call to a real person) but oh what a blxxdy hassle getting it set up.

I'd make sure with whatever you do, you are armed to the absolute teeth with ID for everyone and all that bumpf

[TheRightStuff]

Cater Allen

[Waldorf]

Alliance & leicester take about a month to open accounts, I am with cater allen and very happy with them

[ctdctd]

All banks are going to want to see your company's certificate of incorporation and probably personal bank statements and proof of address etc if you are not known to them.

Cater Allen didn't need to see the cert - just proof of identity for the signatories. But they did take two weeks to set up the account:-(