The Wholesale Forums

[paddy_avfc]

Hi guys,

I'm currently in the process of setting up an offline business, I thought I had everything sorted on the business bank account front. I setup the account with Lloyds TSB and all that was left to do was arrange to see my manager to arrange a loan and sort out a few questions. After several failed attempts to contact him by phone, leaving messages for him to phone me back, I have give up. I'm thinking that if he isn't returning my calls now what will he be like in the future when I need help.

Anyway so who do you guys use for business banking? I've read previous threads but nothing really specific came up. I was thinking about just setting up another personal account but I need to have company ID to use certain trade warehouses and wholesalers. Its only a going to be a small business start up.

So any experiences and help will be appreciated.

Regards,
Paddy

[Martin]

I've used Barclays for longer than I care to remember. I'm sure others will suck in their cheeks, shake their heads and whistle softly, but I have no problems in contacting my account manager - or anyone else.

And their online banking works with my Apple Mac.

And they have a branch just a mile away where I can talk to a human being in person.

They do have their foibles - on one occasion I tried to draw out £7k with a cheque from our joint account. They wouldn't give me the cash without my wife's signature.

"Must I go home, log into the joint account, transfer the cash to my business account then draw it from that?"

"Yes", said the cashier. So I had to come home, transfer the money, then go back with my business cheque book. And my wife still hadn't signed anything, but they gave me the cash without arguing.

[Karen]

I use HSBC and would not recommend them, I am just too lazy to move at the moment. I heard NatWest are pretty good for being able to contact a human rather than a machine via phone.

When I do get off my backside and move I will probably be going to Alliance & Leicester who seem to have some very good deals.

[Stuart Morrison]

Nat West are a liability. I am currently taking them to court.

A great resource is:
http://www.consumeractiongroup.co.uk/forum/

Also avoid MBNA credit cards, I had 4 telephone calls from them and a text last week about a minimum payment of £13.94 when they could have just processed the direct debit on my account for £1750 and paid the balance off. On conversation went:
MBNA "How would you like to settle the £13.94?"
ME: "With a direct debit"
MBNA "Credit Card? Or Debit Card?"
ME: "Direct Debit"
MBNA "Debit Card?"
ME: "Direct Debit"
MBNA "How would you like to settle the £13.94 SIr, Debit or Credit Card?"
ME: "You are asking me how I would like to pay? I am telling you, with the Direct Debit set up on my account."
MBNA: "Can you read out the long number across the middle of the Debit Card."
ME: "Stop wasting my time. If you call again I charge £50 an hour, please mark that on my account, thank you."

Two hours later I get a call.

MBNA "It's about the outstanding..."
ME "To continue this conversation will cost you £50."
MBNA "Umm, sorry Sir?"
ME "I have informed you that if you waste my time I will charge you £50 every time I speak to one of your customer representitives. To continue this conversation will cost you £50."
MBNA: "Ok, thank you Sir. We are trying to recover the £13.94 minimum payment"
ME: "You are authorising the £50 charge by continuing."
MBNA: "Err.. How do.."
ME: (interupting) "What's your name?"
MBNA: "XXXXXX XXXXXX"
ME: "OK, XXXXXX well as I told your colleagues before just process the direct debit and take the whole balance."
MBNA: "Ummm, Sorry we need to take payment for the £13.94"
ME: "No."
MBNA "Are you refusing to pay?"
ME: "No. (in my best Chris Tarrant) I could give you £13.94 but you don't want that you want £1750."
MBNA: (confused) "Err, right so how did you want to pay the £13.94?"
ME "By direct debit, can you take it out of the £1750 that you'lll get when you process it?"
MBNA: "I need to refer you to a colleague."
ME: "That'll cost another £50."
(a prolonged wait happens)
MBNA 2: "How would you like to pay the £13.94 Sir?"
ME "To continue this conversation will cost you £50."
MBNA 2: "Pardon me Sir?"
ME: "To continue this conversation will cost you £50."
MBNA 2: "Why's that Sir?"
ME: "You're wasting my time and so therefore I am charging you as per my previous notification. I did also explain to your colleague XXXXXX. What's your name"
MBNA 2: "It's not company policy to give out names"
ME: "OK, so either XXXXXX has broken company policy by giving me his name or your lying about company policy, which is it?"
MBNA 2: "How do you want to pay the..."
ME: (interupting again) "So by continuing Mr. X you are agreeing to my charge of £50"
MBNA 2: "Err, no. Are you saying you want to terminate the call."
ME: "No, I'm saying that if you want to continue it'll cost you £50 for wasting my time as I have had the same conversation 4 times already and I don't want to have it again."
MBNA 2: "So you want to terminate the call?"
ME: "No, what I am saying is if you want to continue it'll cost you £50. Otherwise hang up."
MBNA 2: "Ummm."
ME: "So what's it to be? £50 or are you going to hang up?"
MBNA 2: ends call.

I then received a letter yesterday and called them and eventually have made them understand what has happened between them and the bank. So hopefully it is settled. We'll see.

But to drag the post back to what I started with:
Nat West: Poor organisation and bad communication also you cannot set up a third party on a business account who can view all transaction but cannot make any themselves, which means my Accounts can either have fulkl unfettered access or have me sending over the statements every time they want to know something.
Lloyds: A shambles, I closed 6 accounts there and my ex-business partner closed three.
Royal Bank of Scotland: Lied to me on three seperate occasions.
First Direct: Decided to send me Text Messages and Charge me £2.50 for the privilege.
Barclays: My first ever Business Bank relieved me of £50, paid it back in and then took it out again. No explaination no idea why, just a magical mysterious movment of £50. I got it back, but still...
Currently exploring Alliance and Leicester, hoiwever I can only speak to someone in Bangalore, which is not helpful.


So all in all I would say Business Banking; buyer beware...

[Poppy]

I've been with Nationwide for many years and never had a problem. Don't know if they do business accounts though. Previously I was with NatWest (rubbish) and TSB - got sick of being called in to see the manager every time I went in the branch, only for him to attempt to sell me some kind of insurance policy or investment product

[athompson]

I've been with Natwest for 18 years and can't fault them. I have the direct line of my business manager and if he is not there, I leave a message and he generally calls back the same day. I can't bear call centres, so for this alone I will stay with them unless something drastic happens!

I guess every bank will have its good and bad points, some of which will be down to the individuals you have to deal with.

Unless you specifically need one though, don't be talked into getting a business credit card as there is a charge of about £30 per card every year just to have it. If you're a sole trader, you can always use a personal credit card and just keep it for business transactions and then you won't have the card fee!

[Richard]

Having worked for Lloyds for 10 years, Barclays for 3 years, a division of Credit Suisse First Boston for 2 years and a couple of other minor players along the way, I can confirm that....

1. All banks are as bad as each other...


For the record, I bank with Lloyds and have done since I left school 20 years ago. This is purely because of the fact that my first full-time job was at Lloyds and I have never been bothered to change the account (too much hassle). Also, at the back of my mind I have a comfortable feeling that if anything ever went horribly wrong for me financially that Lloyds would stand by me given my long history with them.

I am of course completely wrong about this but it's a nice thought

This is something that I have been looking into a lot recently, as I have just set up 2 offline businesses. The conclusion that I have drawn is that Alliance and Leicester and Abbey are the best two. I have gone for Alliance and Leicester in the end, as they suited me more as you can do all your business at the post office. Both of these offer loads of free stuff (which more accurately means that they dont charge you for random things).

cheers, John

[paddy_avfc]

<div class='quotetop'>QUOTE </div>

All banks are as bad as each other..[/b]

This is the conclusion I've come to! I've had the same kind of responses asking friends offline as well.

I've decided that I am just going to change my business manager, I have gone through all the hassle and paperwork of setting up the account now and I don't want to go through it all again with another bank if there are not any real benefits.

Thanks for all the replies guys.

[suitusir]

Hi,

At moment abbey looks best deal on charges - most things free, I am with HSBC and service is awful, I will be swapping to abbey next week.

Hope it helps,

kevin