Legacy Business Accounts. The worst!

(Stuart) #1

So I have a limited company already with business banking with HSBC.

Why is it such a nightmare to open a business account with banks?

I’ve just formed a new company as I’ve purchased a new business and trying to open another account is farcical!

The only common sense person I’ve spoken to is at Metro Bank which sadly is 60 miles away but it may come to that as the rest seem complacent.

The attraction of a new business takeover with good turnover, profit and a hefty initial deposit doesn’t seem to be attractive for them to pull their finger out.

HSBC want me to wait nearly two months for an appointment.

Banks are getting worse!

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(Tom) #2

Try Starling, they do business bank accounts.

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(Johnny Ellwood) #3

Monzo are starting to and will probably be able to offer you a business account in the very near future if it helps.

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(Tom) #4

As much as I’m looking forward to this, it don’t think it’ll be ready for a while. My guess would be around Q3 2019 at the earliest

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(Stuart) #5

Thing is they can’t be trusted though.

The amount of reviews I’ve read of them just freezing an account.

The new banks just aren’t geared up for it

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(Tom) #6

Personally I’d take the reviews of freezing accounts with a pinch of salt, you could say the same about Monzo if you believed a lot of the TrustPilot reviews. Banks don’t freeze accounts just for fun, they’ve got legal obligations to meet regarding suspected money laundering, etc.

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(Tommy Long) #7

Opening a business account is incredibly difficult because… the law makes it really difficult.

I’ve heard lots of problems with all the new banks (Tide, Starling, etc.) freezing accounts but this is likely because of… the law.

We use Metro Bank but it was still a major pain in the arse to get setup with, they made us fill in the same BS forms HSBC do, they just made us do it in the branch and then typed it into the computer screen. 3 hours later we thought we were done but they told us we’d have to come back in a couple of days to complete opening our account.

Will hop to Monzo once they provide their offering. Metro Bank are okay but very old fashioned and they’ve wound me up by getting rid of Google Pay in the last few weeks.

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(Charlie) #8

+1 Tom here:

Trust Pilot reviews for all the new “challenger banks” such as; Monzo, Starling, Revolut are all bad and are along the lines of “froze my account no reason” (broken english intended).

One of the reviews, Monzo have replied and said something along the lines of “We cannot discuss this any further due to FCA regulations”.

If these banks said “we have frozen your account because we suspect you of money laundering” or “a court have ordered us to freeze your account” then any criminals would probably bail and not face any legal action

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(Marcel Ruhf) #9

Exactly, just look at HSBC’s or Barclays’ TrustPilot Ratings.

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(Stuart) #10

Looks like I need to swerve metro then.

To be fair HSBC have been fine for my other business nothing to really report.

I won’t be using whoever I bank with for card services as I’ve already got that sorted.

Tide don’t offer what I need. App based banking when you have 6 staff to pay isn’t practical. If it goes wrong your well in trouble.

To be fair monzo have been great but I still won’t transfer a great amount of money in through fear of account freeze.

I’m actually the AML officer for my own company so I get the AML laws.

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(Dan Mullen) #12

Starling’s Business account is extremely quick and easy to set up and you get pretty much the same benefits as their Personal account. I’d urge you to give it a try :+1:t2:

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(l8n.me) #13

Haven’t you had your account frozen yet @danmullen?! It’s happened for my 3 business accounts weekly since i got them. My personal account is even worse. That gets frozen daily. All the freezing. They can’t be trusted with all the freezing. More freezers than Currys… :thinking::roll_eyes::joy:

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(Tom ) #14

If this is a joke, I don’t get it.

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(l8n.me) #15

Not a joke no. My jokes tend to have obvious and badly crafted punchlines, although the Currys line kinda is a badly crafted punchline, but no.

Rather that just, as with Monzo, if you’re above board and don’t do things that could be seen as risky behaviour from an AML perspective, you’re not going to get your account frozen. I have yet to see anyone who has fully abided by either Monzo or Starling’s rules who has had their account frozen. Maybe one day that person will come on and tell us about their experience. The flipside is that people who comment on all these account freezes rarely talk to longterm (as far as users of these banks can be classed as longterm) users to find out their experiences, rather just see some random words which may or may not have any truth, and take it as fact.

Nice to speak to you though @tomsr! Keep up the good Coral Crew work! Fighting the good fight as always I see!

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(Stuart) #16

I need branches and a bit more support than just app based banking for the business mate.

Can’t take the risk when I need to move around large sums and pay staff.

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(Gordon Dack) #17

Have you tried Yorkshire Bank?

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(Stuart) #18

Not yet but only because I’m waiting on Santander to come back to me.

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(Tom ) #19

Ah I’m with you now. It wasn’t a joke, but it did fall into the realms of satire. It was the Curry’s thing that threw me.

Was indeed great to catch up! Must do it again sometime. Not too soon though.

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(Splodf) #20

NatWest had a half decent business offering last time I needed it.

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(James Berry) #21

The reason I am with metro now is you can walk in and open a metro business account. You need to bring your incorporation certificate and id etc but they even make the card for you while you are there.

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