Banks for high risk business

[jack52]

Our current bank wants us to stop doing business with a certain client - this was discussed in depth but no flexibility here unfortunately. The reasoning is commercial / risk on their part not any legal requirements (e.g. sanctions). I have also confirmed with our legal advisors that there is no legal reason we cannot do business with this client.

Just wondering if you knew which banks are more likely to accept this business?

 

[Mark T Jones]

What is the nature of the risk?

What is your involvement?

 

[jack52]

the precise reason was not disclosed to us and its not obvious what the reason is (its a UK company).

I think to be honest I can't really be bothered to set up a new bank account anyway and so perhaps the answer is we should stop doing business with that client.

But it feels a bit unfair ... I am shocked that this sort of thing can happen.

 

[fisicx]

Happens all the time. In the same way banks can decide your business is risky and shut you down overnight. It’s in the terms you agreed to when the account was opened.

 

[WaveJumper]

Does said client by any chance bank within the same group as you and as such they have some "insider" knowledge regarding their current financial status

 

[Paul Kelly ICHYB]

I think to be honest I can't really be bothered to set up a new bank account anyway

If the client isn't that important, why worry about it?

It would be nice to have a business where one could be that selective, in the current climate.

 

[jack52]

It turns out the reason is that my (former?) client currently is a limited company with no directors.

 

[Newchodge]

It turns out the reason is that my (former?) client currently is a limited company with no directors.

Sounds like reasonable behaviour from the bank!

 

[DontAsk]

It turns out the reason is that my (former?) client currently is a limited company with no directors.

Perhaps the bank are on your side after all.

 

[ThatDevAaron]

as soon as bro said "company with no directors", the tide changed lmao