How do I choose a Bank.
Tue, 05/02/2008 - 15:51
Dear all, how do I choose a bank for a business account?
I live in an area were there are 4 banks that I consider local to me, Natwest, Barclays, Halifax, Nationwide (no preference in the order). I don't really know any business people, and the one person I was gearing up to ask isn't available anymore. So I'm turning to the forum; what has been your experiences with these banks, I'm interested in the good, the bad, the ugly and the odd.
If your advice is about an alternative bank not mentioned above, I'm all ears.
Many thanks,
Jamila
LiLhana -effortless style for busy women
P.S Can I also get your thoughts on my tag line?
Wed, 06/02/2008 - 18:14
#1
Shop-Around
Jamila, I would phone all four banks and ask them what FREE banking fascilities they have for a small business start up. Let them know that you are shopping around all the banks in town. Then ask them if they have a direct phone line to the branch that you would be able to use. Then ask if it would cost anything to have a separate deposit account so that you can put a bit of cash aside for things like tax or VAT. Banks will rip you off for every penny they can.....fee for paying in cash, fee for cashing a cheque, fee for paying in a cheque......the list is endless. Make sure you know what is free and what you have to pay for. Save every penny you can - don't give your hard earned money to the bank. Finally don't be slow in changing banks if you find you don't get the service you were promised.
Tag line? effortless is a bit of a mouthfull and could imply that you will not be putting in much effort. Best not to include any negative words in my opinion .....and effort is a bit negative. I do like "for busy women" just not effortless style.
Sun, 10/02/2008 - 00:57
#3
Banking
Hi Lilhana,
If you are a sole trader just get a standard current account and make sure any cheques are paid in your name, I find the best payment method is via Internet banking.
I would stay away from banks that mention free banking for a proper business account though, as I had enough trouble from Abbey and when problems occurred i was pushed pillar to post with no one person to call.
In that case I really did get what I paid for, I spent a lot of time on the phone trying to sort things out and i had to tell the same story to several people and having to write letters and send them off.
I've now moved to Barclays and have a business manager and they're have been problems but I've called her up explain what happened and she has sorted it out, So being charged for cheques etc has been worth it but at the end of the day i try to do as much online and get customers to pay online too for which i don't get charged for!
Paul
ELECTRICAL CONCEPTS
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Wed, 13/02/2008 - 23:23
#4
Re:Choosing a Bank for Business
Hi Lihana,
Question?
How do you choose a Bank for business?
Answer:With great Difficulty!!!
joking aside
I Know this sounds like common sense : what business are you planning on starting? Will you just need a basic business account? or one where they offer 18months free banking with all the bells and whistles (with a free coffee percolator)!!!
Are you planning on getting funding for your enterprise? you will need a business plan? thats what I was told when I went to HSBC and 3-6 months of bank statements.
Just Remember the bank is not your friend or your loved one!!! its a commercial organisation that has to lend money in order to survive....However in the current economic climate (ie due to the Sub Prime Credit Crunch and The Northern Rock Debacle)
you might find getting funding more difficult
Good Luck
Rajesh Malhotra
R.M.Consultants/ClubEntrepreneur
PS Also a Bank will give you an umbrella when it sunny and then take it away when its raining!!!
Rajesh Malhotra
R.M.Consultants/Project Creations
Thu, 06/03/2008 - 23:01
#6
Re:Search for the Bank
Hi Lihana,
have you tried Allied Irish Bank? check out there website!!!
I heard it has been endorsed by the FSB ( i.e. Federation Of Small Businesses)
or the other one is Bank of Scotland!!! www.hbos.com
It might be worth trying both
Good luck you will need it however don't give up keep persisting!!!
Rajesh Malhotra
R.Malhotra Consultants
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#7
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Thanks Kevin for your thoughts, I didn't realise banks had such a fluid idea of the meaning of FREE banking. Can I ask who you currently bank with and how you find the experience? I'm looking to have an e-commerce website included in the company?
In regards to my tag line, I will get my thesaurus out and try and find more positive tag.
Jamila
LiLhana-style for busy women.