Author Topic: Bank refused to open business account  (Read 1547 times)

Offline gbowden

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Bank refused to open business account
« on: October 31, 2019, 03:55:32 PM »
Hi All,

First post and new to the taxi industry.

So i'll keep it short. Got my Licence eventually after 5 months waiting, so went to ope a bank account in my local Ulster bank and they refused my application, stating the below.

We considered the information you provided to us, in addition to our standard checks and assessments.
We also reviewed the bank’s knowledge about the sector in which your business operates. If the Bank
has concerns over a sector’s future, or considers it could expose us to financial or reputational risk, we
may choose not to offer Banking facilities. Unfortunately, this is the case here and it is currently Bank
Policy not to extend support to businesses operating in your sector.

Anyone else have this problem???

TIA
G

Offline stonethecrows

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Re: Bank refused to open business account
« Reply #1 on: October 31, 2019, 03:58:05 PM »
Fcuk were all doomed, the banks are on to us

Offline Shallowhal

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Re: Bank refused to open business account
« Reply #2 on: October 31, 2019, 04:02:27 PM »
or considers it could expose us to financial or reputational risk,

Hilarious....although they weren't bailed out by us...but still!!

Offline taxi1990

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Re: Bank refused to open business account
« Reply #3 on: October 31, 2019, 04:19:58 PM »
how much is it to open a business bank account?

Offline gbowden

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Re: Bank refused to open business account
« Reply #4 on: October 31, 2019, 04:24:05 PM »
Its free to open, just different charges for different services.

Trying to do everything the right way and get hit with this, who do you guys bank with?

Offline dalymount

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Re: Bank refused to open business account
« Reply #5 on: October 31, 2019, 04:29:11 PM »
Well for all you guys planning on staying in the game, I'd be worried. The banks obviously don't see the future being Rosy for the taxi industry. If , and when the expected bad times come, it will be compulsory to be aligned to a dispatcher and you will have to pay your weekly frieght even though there will be no work. You will only have yourselves to blame because you have handed control of the industry to dispatchers

Offline mercenary for hire

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Re: Bank refused to open business account
« Reply #6 on: October 31, 2019, 04:39:57 PM »
What sort of advantages do you get?Ulster bank are regularly on the news for messing up.Try AIB or BOI.I use my personal accounts.If you get audited everything will be checked anyway.

Offline gbowden

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Re: Bank refused to open business account
« Reply #7 on: October 31, 2019, 04:41:10 PM »
technically if you are a sole trader or a business, you cannot use a personal account its illegal I was told, something to do with money laundering.

That you must set up a business account.

Offline Bob Shillin

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Re: Bank refused to open business account
« Reply #8 on: October 31, 2019, 04:45:44 PM »
technically if you are a sole trader or a business, you cannot use a personal account its illegal I was told, something to do with money laundering.

That you must set up a business account.
With Ulster Bank 40 years, taxiing 16.5 years, have always used my personal ac for work as per MFH, let the accountant earn his money. I do know another driver who was told in no uncertain terms to open a separate business account with Ulster Bank having banked with them for a long time.
"Ring the bells that still can ring, forget your perfect offering, there is a crack in everything, that's how the light gets in". LC

Offline mercenary for hire

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Re: Bank refused to open business account
« Reply #9 on: October 31, 2019, 04:47:03 PM »
I've drawn down mortgages and other loans on my personal account.Nobody said anything from the banks anyway.I worry about revenue if they come knocking.

Offline gbowden

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Re: Bank refused to open business account
« Reply #10 on: October 31, 2019, 04:54:23 PM »
I'm none the wiser, I'll try BOI or AIB, I'll let you know how i get on.

Offline watty

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Re: Bank refused to open business account
« Reply #11 on: October 31, 2019, 05:58:10 PM »
Why pay two sets of bank charges?  Run everything through you personal account & keep good records.

You can claim expenses for medical stuff, part of your mobile phone & internet etc, & that'll probably come out of your personal account anyways.

Offline silverbullet

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Re: Bank refused to open business account
« Reply #12 on: October 31, 2019, 07:53:39 PM »
Hi All,

First post and new to the taxi industry.

So i'll keep it short. Got my Licence eventually after 5 months waiting, so went to ope a bank account in my local Ulster bank and they refused my application, stating the below.

We considered the information you provided to us, in addition to our standard checks and assessments.
We also reviewed the bank’s knowledge about the sector in which your business operates. If the Bank
has concerns over a sector’s future, or considers it could expose us to financial or reputational risk, we
may choose not to offer Banking facilities. Unfortunately, this is the case here and it is currently Bank
Policy not to extend support to businesses operating in your sector.

Anyone else have this problem???

TIA
G
Ulster says NO...there's Novel!! 8)

Offline Shallowhal

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Re: Bank refused to open business account
« Reply #13 on: October 31, 2019, 09:39:31 PM »
There was a few cases a while back where AIB and BOI refused to open bank accounts for new customers...they had to pay compo to those customers,

I bank with PTSB,once i maintain a daily balance of 2.5k....no bank charges.

Offline silverbullet

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Re: Bank refused to open business account
« Reply #14 on: October 31, 2019, 10:51:00 PM »
There was a few cases a while back where AIB and BOI refused to open bank accounts for new customers...they had to pay compo to those customers,

I bank with PTSB,once i maintain a daily balance of 2.5k....no bank charges.
You bank with PTSD!!  8)

 


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