Banks - how annoying

[simonr]

I currently run Curved Vision as a sole trader but we're changing to a Ltd over the summer. We use an FSB account at the Co-operative Bank because of their ethical base and the've always been really, really good.

Rant on.....
But would you believe it, to open up a new account as Ltd I've got to go through the bother of filling in the forms again - including sending them copies of the last few months statements which, you've guessed it, they sent to me! Daft.
.....Rant off: as you were.

Just letting off steam.

Simon

 

[Steve2507]

Sorry but I don't see the problem.

You are thinking of yourself as the limited company. When you start a limited company you suddenly have 2 individuals in th erelationship, you and the limited company. you have to think of the limited company as a seperate entity.

Imagine your partenr requested your bank statements and was sent them.That would be a serious data breach. It is the same with a limted company. Your bank cannot give your details as a sole trader to this other "person" (the limited company).

It may seem a problem but that is the law.

 

[debtloopholes]

Them asking you to send copies of statements they previously sent to you sounds a bit ridiculous to be honest. They must have them on computer and if they don't they should!

 

[Steve2507]

Them asking you to send copies of statements they previously sent to you sounds a bit ridiculous to be honest. They must have them on computer and if they don't they should!

They would have them on computer but it would be against data protection rules to use them for an application in someone elses name (remember the limited company is another "person").

 

[Jenni384]

And I expect that making the 'new' customer provide copies of the statement is another step to verifying their identity - the fact that they actually do have the copies of the bank statements.
It does all seem a bit long winded but then, they are banks, and as Steve says, a Ltd Co is a completely separate 'person.'

I'm in the middle of opening my Ltd Co bank account and it's taking forever. 3/4 of the way through the process they wanted to verify our signatures again. You just have to smile, nod, and agree, the ID and Money Laundering rules are pretty strict.