P
pt550
- Original Poster
- #1
Hi
I have recently opened a business account with Lloyds bank. Im starting a business which mainly will involve providing hosting, building and selling websites etc and sometimes payment received from clients (both national and international) may come via paypal, escrow etc.
I have been reading some accounts online that Lloyds bank have frozen the accounts of many business banking customers as a result of receiving large amounts via transactions from paypal/escrow into their Lloyds business accounts due to Lloyds being cautious (I completely understand this and the money laundering precautions etc) about the transactions and then asking for proof/evidence. This is fine but i've read that this has caused many problems for business customers at Lloyds who are then told to leave and are told that their accounts will be closed etc.
This is worrying me as I may receive payments in the sums of several thousand pounds to £20,000 to £30,000 in single transactions and I feel that it may cause me massive headaches if each time the bank decides to scrutinize each payment and then having the feeling that they could freeze my account and that this could then involve me spending a large amount of my time having to speak to them to assure them of the transactions etc.
My question is what can I do about this?
Should I open another business account elsewhere and move aware from Lloyds?
What sort of evidence would they ask for each time a large transaction is about to enter my account? screenshots of transactions etc. Should I just leave Lloyds and move elsewhere now?
I have recently opened a business account with Lloyds bank. Im starting a business which mainly will involve providing hosting, building and selling websites etc and sometimes payment received from clients (both national and international) may come via paypal, escrow etc.
I have been reading some accounts online that Lloyds bank have frozen the accounts of many business banking customers as a result of receiving large amounts via transactions from paypal/escrow into their Lloyds business accounts due to Lloyds being cautious (I completely understand this and the money laundering precautions etc) about the transactions and then asking for proof/evidence. This is fine but i've read that this has caused many problems for business customers at Lloyds who are then told to leave and are told that their accounts will be closed etc.
This is worrying me as I may receive payments in the sums of several thousand pounds to £20,000 to £30,000 in single transactions and I feel that it may cause me massive headaches if each time the bank decides to scrutinize each payment and then having the feeling that they could freeze my account and that this could then involve me spending a large amount of my time having to speak to them to assure them of the transactions etc.
My question is what can I do about this?
Should I open another business account elsewhere and move aware from Lloyds?
What sort of evidence would they ask for each time a large transaction is about to enter my account? screenshots of transactions etc. Should I just leave Lloyds and move elsewhere now?
