Business banking

[Ajnicho]

Hi... Just a bit of help please
My wife opened up a business back in 2003. I'm saying now she is not business minded but she is very creative in the field she is in.

She signed up for a card terminal and when she spoke to NatWest to discuss her banking needs they told her she needed a business bank account and they would give her 1 year free banking .

Last month I left my job and came on board with our business full time. I've looked to streamline her business to increase profit and spoke to a company to provide a new payment terminal. During this conversation they told me that as a sole trader I didn't need a business bank account as advised .

I do believe my wife was mis-sold her business account and as a result, the charges she's incurres over the years

Is there anything I can do?

 

[arnydnxluk]

I would highly doubt your wife has been mis-sold because most personal bank accounts prohibit business activity in their T&C's. Lots of sole traders ignore this and get away with it but NatWest were likely right in what they advised/required.

Edit:

https://personal.natwest.com/personal/current-accounts/terms-and-conditions.html

1.2 Using your personal current account
Your account must not be used for business purposes.

 

[Mr D]

You could get the account moved to a cheaper bank for a business account. Have a look around, most will be keen to transfer a business and may offer initial free period or reduced rates.

Its a good idea to have a separate bank account for a business and as the bank terms and conditions of the personal account appear to preclude use for business purposes then business bank account works.

 

[Bainzee]

from experience dealing banks, I dont think she was mis sold as it's always advised to keep business finances separate from personal for reconciliation and accounting purposes and hence the business bank account.

Technically she did not need a business bank account as a sole trader