Banking

[sparklyscotty]

Ugh. I have steam coming out my ears for the millionth time over another brick wall from my bank. All I want are the same services I get with my personal account - a check book, a switch card, and no fees.
Can I open another personal account JUST for business? I keep books and everything would be official. Is this legal? What are the pros and cons.
Also... is it only my bank that won't issue a business switch card OR a business check guarantee card??? It seems ludicrous.
-Angel-

[BMS]

Hi Angel

If you are talking about a business account then I don't see any particular reasons for you bank to be awkward.

Business accounts tend not to have guarantee cards but you should get a business credit card or debit card.

What bank are you with.

[coxadmin]

I use the Abbey National business account - no fees, and interest on whatever is in the account. I've got a cheque book, guarantee card which is also a Delta card.

Never had a problem with and I'm very happy them.

[MartinC1970]

Hi Angel.

All businesses are charged at some time or another. Most offer free banking at start up or when switching between Banks. There is no reason why a cheque book and a debit card (meastro) can not be issued on a business account, unless of course it is a Limited Company.

A personal account can not be used as a business account as it's sole purpose is for receiving a salary and payment of personal expenditure. There are also tax implications and a good Accountant can explain the various options.

Feel free to ask any questions and I will be pleased to answer them.

[autolycus]

Originally Posted by MartinC1970

Hi Angel.

All businesses are charged at some time or another. Most offer free banking at start up or when switching between Banks.

Abbey and (I think) A&L both offer free banking for life on business accounts. HSBC and most other banks tend to offer free banking for 12-18 months when you first go to them.

Originally Posted by MartinC1970

There is no reason why a cheque book and a debit card (meastro) can not be issued on a business account, unless of course it is a Limited Company.

Cheque books and Meastro/Switch/Visa Debit cards are available on Ltd company accounts if you go to the right bank. HSBC certainly issue cheque books on Ltd company accounts, although last time I looked they didn't do debit cards for Ltd companies.

Cheque guarantee cards are rare (non-existent?) on Ltd company accounts.

Dave.

[MartinC1970]

Abbey offer "free banking" subject to transaction limits and Alliance & Leicester offer "free banking" excluding cash transactions. Their internet sites will have a full breakdown of charges. It's always a good idea to try and questimate what money transmission transactions you will be undertaking in business for the first few months and then cost each business bank account provider that is being considered.

What I meant to say is that a cheque book is available on all HSBC business accounts and a debit card (meastro) is available on all HSBC business accounts, except for a Ltd Company when instead we offer an HSBC business card.

Sorry for any confusion.

Martin.

[VeryMark]

We use Abbey for the free banking. They are ok as long as nothing goes wrong - which it can. A business bank which isn't free but has managers with lots of experience you can actually talk to (one of them is a friend) is Whiteaway Laidlaw, part of the GUS group. PM me with your email address if anybody wants their contact info.