Had a TIDE business account for a while and out the blue they just dropped me as they have a new list of businesses they no longer deal with car sales being one of them ! Took my money for as long as they have all legitimate transactions with a nationwide well known auction house, business is growing good and I’ve had nothing but good reviews and repeat customers for my business , couldn’t fault Tide as it’s an easy to use app but am disgusted how their growing in popularity they have now decided to drop certain businesses mine included and give me 7 days notice to go elsewhere ! Wouldn’t recommend them to anybody again, got no reply other than a list of businesses they dropping including pornography and escorts, so I fail to see why on earth they dropping car sales disgusting customer service ! Rant over
Got information on this?
I wonder what the reasoning is
I have no idea they have a list of businesses they have now decided they won’t work with am so annoyed that they happily used my business and money as well as other people’s too boost their brand and get money then drop me just like that
If an unreliable card is not a problem for you I would recommend checking Starling out. They are launching business accounts and it looks solid; the card outages they’ve been having will only affect the card, everything else like faster payments and direct debits will continue work just fine.
I have some money with tide and their attitude to closing accounts really worries me. On their forum there are multiple people reporting accounts shut without notice or even reason given. If Monzo offered business banking I’d definitely prefer to use it, but seems that is not their priority and the expectations of users are very different. Hopefully Monzo have a better policy on closing consumer accounts.
Re your particular business the only thing I can think of is the risk assessment. This appears to be their list:
They must view the sector as high risk (rather than your particular business). I do think whatever their reasons banks need to be really careful and respectful about closing accounts -there should always be a reason given, and 30 days notice with full access to funds IMO. It’s incredibly disruptive.
Tide has the same unreliable processor. I may want to check starling out too. Thanks.
you weren’t chauffeuring escorts to porn shoots were you
most of the accounts suspended or closed seem to relate to crypto trading from what I heard
Hahaha no I wasn’t , An there’s others they stopped working with including gambling, unlicensed charities, holding companies there’s a few others but car sales is certainly the odd one out in my opinion just doesn’t make sense
No they’re not.
They’re launching personal accounts for sole traders. They’re not accommodating small businesses that are Ltd co.s until some time in the future.
Another “Industy first” announcement that’s not quite as it seems.
interesting, i have a tide account, not used it much but was expecting to do so in the imminent future.
any other recommendations?
Probably a decision based on money laundering risk with cash car sales attracting a greater need for costly enhanced due diligence.
Seems weird OP came on made this thread then never came back again…