Reply to: Business banking

[Bagpuss]

I'm currently with CA but am considering moving away due to the length of time it is taking to qualify for a credit\debit card.

I was initially told it was 6 months from opening. Now it seems it is 6 months from the time the account shows a certain balance limit (5 or 10K, I believe).

Internet banking would also be useful, although their phone banking is pretty good.

I'll take a look at A&L, Abbey & BoS.

CA intenet banking must be coming, they asked me to fill out a mandate form for it the other week

[Bluebird]

Had my Cheque Books etc from HSBC this morning...

200 Cheques and...

40 paying in slips !

No wonder so many businesses are going bust

[BoredBloke]

My business card from them is a mastercard. It has a 3k limit, split 50:50 between the two card holders. The full amount debits on a monthly basis. This card is the only thing I like about my bank.

[Maxamus]

All I got was £500 limit !

Do you know if there is a annual fee for the card - something I didn't look into...

No fee as such but there is insurance which is £27 a year.
Hardly going to break the pot is it!

Put it down as a business expense

[Bluebird]

All i can put your bad experience down to is a bad bunch in the branch you are with.
Like i said, i got everything i needed and active within 3 days. I even got a commercial business VISA card with £5,000 limit !!!

All I got was £500 limit !

Do you know if there is a annual fee for the card - something I didn't look into...

[Maxamus]

"3 days to get my info through and business internet banking active. My account active the day i opened it"

Which begs the question, why have they not sent me any of the internet banking stuff. From your post you stated that you got an email with your activation code on day 2 and your security thing on day 3. I've been a customer for 9 years and I'm still waiting for the email. I was told that I should have had the stuff by Friday of last week. Now I'm being told that they only posted it out.

The problem I have is that I'm only back home at the weekends. The fact that the stuff wasn't there last weekend means that cannot use the internet banking until next weekend - provided the stuff turns up.

All i can put your bad experience down to is a bad bunch in the branch you are with.
Like i said, i got everything i needed and active within 3 days. I even got a commercial business VISA card with £5,000 limit !!!

[Goya]

I'm currently with CA but am considering moving away due to the length of time it is taking to qualify for a credit\debit card.

I was initially told it was 6 months from opening. Now it seems it is 6 months from the time the account shows a certain balance limit (5 or 10K, I believe).

Internet banking would also be useful, although their phone banking is pretty good.

I'll take a look at A&L, Abbey & BoS.

[Cactus]

Abbey - free business banking for life

I am very happy with them

Me too

[BoredBloke]

"3 days to get my info through and business internet banking active. My account active the day i opened it"

Which begs the question, why have they not sent me any of the internet banking stuff. From your post you stated that you got an email with your activation code on day 2 and your security thing on day 3. I've been a customer for 9 years and I'm still waiting for the email. I was told that I should have had the stuff by Friday of last week. Now I'm being told that they only posted it out.

The problem I have is that I'm only back home at the weekends. The fact that the stuff wasn't there last weekend means that cannot use the internet banking until next weekend - provided the stuff turns up.

I have asked for my account person at the bank to call me. That was over 2 hours ago and still they have not called. Get used to that service as it is the norm at HSBC. The only way you can get them to call you back is to threaten to close the account.

When my new business account person took over the account from the last chap she rang me a number of times to ask if I could pop in to chat about the business. However she could only chat about it at times which were suitable for her. That means, she wanted me to go to her place of work so that she could earn comission for selling me some of HSBC's rubbish products. That is, so that she can make money I would have to lose some.

[Maxamus]

I had a letter on the 10th saying I'd have the stuff within 7 WORKING days, it actually arrived on the 12th.

From my initial enquiry on the 22nd of December I'm up-and-running as of today, I make that 12 working days - not bad in my book.

As for future service, I'll have to wait and see, I was very impressed with the level of service so far, but I guess a lot of that is sales - once the day-2-day stuff kicks in we'll see.

i opened the account on the 10th January and got my company commercial credit card, self-service card through on the 12th January.
I got my business internet banking activation code by email on the 12th january and got the registration info and that security devise through on the 13th January.

My account was active the day i went to open it and the guy who did it for me was very helpful. I had no problems at all.

Yes they do a director check but this is only to cover themselves. I wount get my check books until the get confirmation that i am the managing director which he said will take 2 weeks from opening the account. BUT that doesnt bother me as i wount be writing any cheques anytime soon (if at all).
I cant take any money out until this happens either which again doesnt bother me. I can wait 2 weeks to take money out as i have money in my current account to live off. I can get paid into the business account so that is all that matters.

3 days to get my info through and business internet banking active. My account active the day i opened it,
NOT BAD SERVICE AT ALL.

I've been banking personally with them for 9 years now and i cant say ive had any problems.

[Bagpuss]

Most of these high street accounts are worse than Cater Allen.

[Bluebird]

Interesy rate is 2.5% for the savings and about 0.25 for the current - but they do say you get a lot of free things - have a look at the website

http://www.hsbc.co.uk/1/2/business/accounts

I went for the business direct one.

[Bluebird]

I had a letter on the 10th saying I'd have the stuff within 7 WORKING days, it actually arrived on the 12th.

From my initial enquiry on the 22nd of December I'm up-and-running as of today, I make that 12 working days - not bad in my book.

As for future service, I'll have to wait and see, I was very impressed with the level of service so far, but I guess a lot of that is sales - once the day-2-day stuff kicks in we'll see.

[BoredBloke]

Just wait till it all goes tits up! On the 5th I was told that I SHOULD have all the stuff to start using the internet banking by the 12th, when I went in to complete the paperwork. Called them today to find out that the info had only been posted to me on the 12th and that I should allow 5 working days - what postal service do they use?

In the 9 years I have been with them their levels of service have dropped through the floor. For instance, if you want to arrange an overdraft for the business they now charge a min of £50 or a percentage (whichever is better for the bank) as a setup fee. They also do a full credit check on the directors of the company. There is no discretion available to their business manager. In the downturn after the whole 2000 thingy I almost lost the lot and the business manager was brilliant - old school type. He provided encouragement and kept in touch regularly and I was able to keep things going with his help. The next guy was OK but seemed to just be there to try to sell me stuff - most of which I didn't need. The 'business contact' I have now is useless.

Some of the things they have done which I had to spot and rectify

1 - Debit my business account by £10k instead of £1k on a cheque I wrote. Luckily it was written to me and so I could move the funds back. I guess this would have been somewhat harder had the funds gone elsewhere.

2 - Lock my telephone banking when I was unable to give the pounds and pence value of a cheque which had gone out of the account - I was away on business and the cheque book was 6000 miles away at the time. They then gave me incorrect information as to unlocking it and promised on a number of occasions that it would be unlocked only to find that this had not been done the next time a problem arrose.

3 - It is impossible to speak to anybody in the branch when you want/need to.

HSBC might as well be a series of cashpoints and a call centre. Their branches are only there as a means to sell their uncompetitive financial products and services.

I'm going to spend the next few weeks getting the details of other banks with a view to moving my business. They are truly crap!

[Maxamus]

Just signed up with HSBC they offer free banking, free internet access, a curretn & deposit a/c and company credit card.

looks good to me.

whats their interest rate?