bank account set up

[ballista]

From initial contact over a month ago with all the main banks , our company has still not got a business bank account set up. Just wondering have other members experienced delays with banks and any tips for fast tracking ? We have initiated contact with most of the main players , numerous phone calls , walking in to branches plus even an online application (no contact back at all from that one!). Becoming extremely frustrating and considerably hindering our plans..

 

[Merchant UK]

Normally it takes between 7 and 10 days to set everything up, not sure what bank you used but barclays have been great for my 2 business accounts, and set up within 2 weeks tops.

Perhaps you've not sent all the ID, usally you need to go to the bank with your id and proof of address etc... have you done all that?? :|

 

[ballista]

Wish ID was the issue... cannot even secure a meeting with business managers , they have all been either booked up or have not replied. Does not give me a lot of confidence for whichever bank we finally end up dealing with. Barclays was the first we contacted from recommendations.

 

[Merchant UK]

Wish ID was the issue... cannot even secure a meeting with business managers , they have all been either booked up or have not replied. Does not give me a lot of confidence for whichever bank we finally end up dealing with. Barclays was the first we contacted from recommendations.

You need to make an appointment with the business manager, they can normally do all from that meeting, remember to take your id and stuff.

All you need to do is go to any barclays bramch and make an appointment :|

 

[HungryHorse]

I take it you've tried HSBC then? Should be a case of filling the online application out, them ringing you to confirm some details, then the account being setup. All within a couple of weeks.

For my secondary HSBC business account I had to go into the branch with my partner for a meeting with the business guy there, no hassle, he had the account set up within an hour and we could walk away with the account numbers. I guess this depends on what your branch is like.

I do, of course, fully recommend HSBC - their online banking is brilliant too.

Moving on, have you tried going to a different branch and booking an appointment there for whichever banks aren't managing to book you in?

Try online applications with other banks if your first one was ignored. Online applications make things very quick and easy unless you have any special requirements or are looking to borrow money.

Also just to note - lots of applications at once can mean lots of credit scoring at once, these searches on your credit file all at once don't look good to banks (according to the people over at Money Saving Expert).

Edit: Oh and as Merchant UK said, if you have an appointment with the business manager and a branch to set up your account, don't forget to bring your ID etc. They should tell you what you need to bring anyway. Turning up without ID means you will have to book another appointment possibly a week or two later, or maybe even longer!

 

[MyAccountantOnline]

Unfortunately this is not that unusual from the feedback we get from clients opening new limited company bank accounts.

I don't think their is any easy answer apart from keep hassling them.

 

[HungryHorse]

what is the procedure, i should follow for creating the bank account or bank account setup?

1. Phone up your local branch for your chosen bank
2. Ask to book an appointment with the business manager
3. Go through details and open the account

Unfortunately this is not that unusual from the feedback we get from clients opening new limited company bank accounts.

I don't think their is any easy answer apart from keep hassling them.

Really? Some branches must be really busy or just have very poor customer service then. I've had no problem being young at opening accounts at HSBC (and Santander in the past).

The easiest solution? Do it online. Most will get back to you, it's weird for them not to.

Another tip for the OP: A lot of people are against this (putting your eggs in one basket etc) but you will have much better success approaching the bank who you do your personal finance with. You're already a customer of theirs, they already trust you, they already have a relationship with you, they already have your details etc. This won't work so well if you have a relationship with your bank though!

 

[ballista]

Hmmm interesting replies... it seems other members have generally had more positive and speedier responses from the banks than us. Mind you have just received a booklet from Barclays in the post but no mention of my online application :|. Perhaps there are less business managers to go round in my area ? We have considered most of the banks , concentrating on ones with branches not too far from our planned shop location. Will review again this weekend and try and make some headway.

 

[HungryHorse]

I wouldn't worry too much about the branch.

These days, you can do your banking in any branch, so what's the issue?

If you need to go in branch a lot then you will want a branch close, but you don't need to open an account at your local branch... so if the business manager there is crap, try a branch slightly further away?

Like I said before though, it's my personal opinion that an online application is your best bet unless you have specific needs. Just try somebody else instead of Barclays if you're open to others Such as HSBC

 

[ballista]

thanks... we are planning a store front operation thus may need a 'close-ish' branch for depositing any cash takings. Just hope can make some progress soon otherwise may have to try banks that are not really among our first choices

 

[chocolate fountain man]

Hi , I thought I would have a problem opening a business account not so very long ago, popped into Santander to make a few enquiries and had a brief chat with the Commercial accounts manager, had an account opened within hours . Give them a try, highly recommended by me

 

[HungryHorse]

I also highly recommend Santander if you want to be a part of a sinking ship.

Everybody is all over their free banking but other business banking is practically free if you're a small business (or even completely free depending on what you're doing). Regardless, it's not worth the freebie to be with Santander. Forgetting the fact that they're just a crap bank, you don't want to go near their online banking... in fact their entire banking system seems to be in the past in comparison to other banks.

 

[chocolate fountain man]

I also highly recommend Santander if you want to be a part of a sinking ship.

Everybody is all over their free banking but other business banking is practically free if you're a small business (or even completely free depending on what you're doing). Regardless, it's not worth the freebie to be with Santander. Forgetting the fact that they're just a crap bank, you don't want to go near their online banking... in fact their entire banking system seems to be in the past in comparison to other banks.

Well you're welcome to your opinion, however, I found them helpful, I've banked the way I should and had no charges or anything so see no problem with them personally.

They were happy to lend an ear and a helping hand when the rest of the "Major Banks" wouldn't even give me an appointment !

Sinking ship ? How much have the Government had to bail them out for? Didn't hear a thing on the News about that ,only some of the other High Street Banks.

 

[ReallyWildOne]

We had similar problems with HSBC ... took over a month! It does, unfortunately, depend on the person you are dealing with.

 

[internetspaceships]

I'd get up and go to a branch. I think most of the banks have slipped in response times and customer service.

Take your certificate of incorporation with you along with your ID (as already mentioned by a previous poster,) park yourself in the branch and get someone to see you.

I'm with Barclays, and they are no worse than any of the others out there but they do offer the full range of internet and branch business banking services unlike people like Santander.