bank accounts

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regencyfs

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Jan 30, 2014
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Hi All,
and so it begins....my first question to everyone is:
can anybody suggest a bank who will entertain a bank account for a loan company? thanks to the current issues with certain larger 'payday' loan companies it is becoming increasingly difficult to obtain a bank account. Don't need anything fancy, just basic facilities to allow me to pay the gas bill :rolleyes:
 
Have you thought about opening a paypal account? They don't really ask any questions about your industry. It's not a "true" bank account in the traditional sense of the word, but you can invoice people, receive money from clients and pay bills very quickly and easily. You won't get a bank card or cheque book but you might not need them if you can do everything electronically.

The down side is that you will need to fund the account before you can pay bills. The easiest way to do this is by using a debit card, but of course for that you need a bank account. HOWEVER you could bill some clients directly to your paypal account and they would fund it for you. That would give you funds to pay bills etc.
Just a thought anyway, hope it helps!

Jonathan
 
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regencyfs

Free Member
Jan 30, 2014
15
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53
Hi Philip, thanks for the suggestion,but we have already tried cashplus, and they said no.
It is so frustrating, we have just received our full permission licence from the FCA, who govern the banks, and yet the banks are still being annoyingly thick (highly tempered down description there)
We are agents for a cheque cashing company...their bank say no even though we do business which we then bank on behalf of the cheque cashing company...
And we are agents for a bureau de change and I contacted their bank and asked if I could open an account specifically for the sterling deposits, all with a fully auditable paper trail
computer said 'nooooo'
my head now hurts from smacking it against the wall o_O
 
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Have the banks said why they are saying NO to you to get an account? If they bank manager is saying No and is not been helpful, can you not ask to go higher then a bank manager, take it to the top as its a vital part of your business to have this account?
 
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regencyfs

Free Member
Jan 30, 2014
15
0
53
All the banks have said the same thing...we are not the type of business they want to deal with due to the money laundering risk, this is despite the fact that we are fully compliant with all AML guidelines as set out by the two companies we are agents for, to be honest, anything over 50p I need to know your fave colour, have rights to your left kidney AND your first born child...so you can see, we are pretty tight.
The annoying thing is, is the bigger companies have bank accounts no problem, its just us smaller ones that the banks seem to enjoy bullying....
 
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