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Thread: Anyone work in a bank?: Been knocked back for a business account and dont know why?

  1. #1
    Regular Member RSV_Ecosse's Avatar
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    Default Anyone work in a bank?: Been knocked back for a business account and dont know why?

    Hi all.

    I've finally got around to setting up my own business. PC repairs, upgrades and diagnostics as well as small scale web design and hosting.

    The work has been coming in fast already, even though I have only been up and running properly for about a month or so.

    Right back at the start, I did all the usual things, sorted out a business plan, registered as a sole trader with the taxman and sorted myself an accountant out. I also wanted to get a business banking account up and running and after taking a look around, found that the Abbey were offering free business banking for life. Its a "no frills" type of account compared to other banks, but it serves my needs perfectly as a small business just starting out.

    Anyway, went into my local branch, took ID etc with me and filled out the relevant paperwork.

    2 weeks later I got a letter from the Abbey stating that my application had been refused due to "The nature of the business falls outside the criteria for which the Abbey can offer accounts".

    Called them up and it turns out that in March this year, they changed their rules/criteria. It's now no longer their policy to offer businesses accounts if part of the nature of the business is to sell computers.

    No one I spoke to at the branch could explain exactly what that meant, they were as puzzled as I was. They advised me to appeal against the decision, which I have done. I do not intend to "sell computers", certainly not full systems. The bulk of my business is repairing customers PC's and sorting out problems they may have, as well as advising and performing upgrades to their current systems.

    I sent them a letter explaining this and now apparently, its in a "back log" of appeals to be looked at.

    I'm waiting to hear back from them as to what decision they have made, but its dragging on, despite multiple phone calls to them. Its one of those "We dont deal directly with the business banking accounts at the branch, a central office does all that" type of situations.

    To be fair, the advisor at my branch has been very helpful, but she can only do so much until their central office get back to them.

    Anyway, I was just wondering if anyone here works in the banking industry and has heard of this problem coming up with applications for business banking accounts.

    Why on earth would "selling PC's" be something that would prevent you from opening a business banking account, not just with the Abbey, but with any bank?.

    To put things in perspective, my mate applied to the Abbey at exactly the same time as I did for a business he was getting off the ground which involves investigations into copyright theft and parallel trading as well as the more common investigative work such as matrimonial, people tracing and surveillance. All very "cloak and dagger" stuff.

    He was offered an account with the Abbey in a few days, yet little old me just dodging away fixing PC's has been knocked back???!!!.

    So anyone who has any info, perhaps someone who works in the banking industry, I would appreciate any comments as to what could possibly be the reasoning for this.

    Lastly, my credit rating is excellent, I am a homeowner and I am currently full time employed as a Firefighter. I have had it confirmed that its nothing to do with my credit rating, rather its this "selling PC's" concern that the Abbey seem to have.

    I'm just baffled as are the Abbey staff at my branch as I mentioned earlier.

  2. #2
    [Ex]Admin Duncan's Avatar
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    Bizarre! to say the least!

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    Regular Member VectraV6CDTi's Avatar
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    I'd try another bank. If you get refused again, then I'd worry.

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    i used to get refused bank loans all the time ! did a credit reference check and found out that they thort i was my uncle !! he has the same initials as me but they failed to notice that he's over twenty years older than me ! numptys !!

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    Regular Member yorkshireborn's Avatar
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    Default

    i cant even get a normal bank account no matter who i goto all refuse me.

    i have to use our lasses account for my wages to go in.

    all because i had a car reposessed when i was 18 that was 20 years ago.

  6. #6
    Regular Member RSV_Ecosse's Avatar
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    Thats the strange thing....

    I'm not asking for any startup costs, loans or overdrafts whcih was made clear by myself at the time of application as well as in the letter I drafted and sent to them as an appeal against the decision. My credit rating is beyond reproach, I've never defaulted or been late with any payment of any kind.

    All I require is somewhere to deposit cash under the business name.

    Some folk have suggested to me that its because its a PC repair outfit I am attempting to get up and running. A lot of these places have gone "under" because of market saturation and competition.

    That may well be the case, but so far, I am having to turn jobs away because I'm too busy and I'm sitting with a contract to design, publish and host 7 websites for an individual at the going rate.

    I cant understand a bank turning down an account application when I have this all waiting in the wings to deposit into their bank?.

    At present, the funds from everything I have done so far are sat in a personal account.

    It's just mad. Plain weird and nonsense.

    I will give them another 2 weeks to give me an answer and then I'm off to another bank.

  7. #7
    Regular Member stusdc's Avatar
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    Don't hang about mate, go to another bank. And when your depositing big cheques and large sums of money in the future, they'll want your business! Thats when you tell them to go forth and multiply!!!!

    Remember this, bad service, you can buy anywhere. If this is the treatment you recieve before you are a customer...........

    Try Lloyds TSB. very very good service for business banking.

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    I work in a well known Scottish Bank and have done for 20 years. Nowadays Banks and Building Societies are very particular in what businesses they offer services too. For example, high cash turnover businesses e.g Bars, Clubs and takeaways are particularly vulnerable to money laundering therefore, there will be a lot more work involved in trying to authenicate it is a "pukka" business.

    However, in your case, you are a sole trader who will fix PCs etc, therefore it is not classed as a high risk.

    All that the Bank/Building Society should be interested in is:

    Your identity eg Pass port/Driving Licence
    Your permanent address eg Utility Bill, Bank Statement

    If it was me, I wouldn't bother waiting for a reply. Most Banks will offer new start businesses a year's free banking.

    Free banking isn't the be all and end all, you need to make sure that the Bank understands your business and that you can establish a relationship.

    Hope this helps.

  9. #9
    Regular Member R-man's Avatar
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    Do you even need to declare yourself as a business? If i remember correctly I thought you could earn up to a certain amount without declaring? 55K sticks in my head. I could be completely wrong, as I have been with a lot of things today but thought I would open up the question!

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    [Ex]Admin Duncan's Avatar
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    You'll be thinking of VAT (with regards to the earning a certain amount). If you're trading, you do need to declare yourself to the Inland Revenue.

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