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No they don't actually need to have the money, they have to assets to the value of 2% of there liability, the government is trying to up it to 4%.

 

So you are right in that the size of any overdraft does affect the assets they need, but 2% is pretty tiny, IMO :001_huh:

 

Well im just going by what my accountant was saying the other week when we had a meeting.

More money to him as usual.:lol:

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I find this highly unlikely, have you an example of this ever actually happening???

 

I spent 23 years working for one of the main high street banks. The computer systems can high light accounts with large monthly turnover or multiple transactions which would be out of the ordinary for a normal personal account. Customers would then be questioned if they were operating a business throught their personal account and if the bank thought that they were, would be asked to stop or the account would be terminated for breeching the terms and conditions.

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I'm still in my first year of using a business account with Barclays so it's all free. However there are no account charges after the 1st year just transaction charges on cash over the counter and paying in cheques. I'm only paid so far by online transfer though that's the joy on contracting to larger organisations. I don't get involved with domestic work. On the up side cheques will be a thing of the past soon.

 

My business manager in the Chesterfield branch seems nice and when I have poped in I like that there is an express lane for business customers.

 

When I log in to either my personal or business account I can play with both at the same time.

 

Transfers are instant, my debit card works everywhere and I'm given a seperate account for business savings and a seperate pot for keeping the tax man happy.

 

It's ok but I'm a new business and I think they expect me to asking for loans and overdraughts which I have no intention of doing. I'm in the black and manage to put 40% of my turn over into my savings pot so all is steady and boring and I've no need at the moment to venture into the murky world of asking for assistance from the bank. but so far all seems rosy at Barclays.

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Hi, Seasons greetings to all,

 

Some good comment from Skyhuck,

 

Business banks objective is to shaft you when ever possible, they're all bastards so be careful what you sign up for.

 

I run a small (non Arb) biz with Santander, theyre not bad but sometimes need telling things twice.

 

I would avoid Lloyds, I used them a few years ago, but they are expensive & being large dont give a toss about small enterprise.

 

Big mistake to bail them out IMO

 

N

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Hi, Seasons greetings to all,

 

Some good comment from Skyhuck,

 

Business banks objective is to shaft you when ever possible, they're all bastards so be careful what you sign up for.

I run a small (non Arb) biz with Santander, theyre not bad but sometimes need telling things twice.

 

I would avoid Lloyds, I used them a few years ago, but they are expensive & being large dont give a toss about small enterprise.

 

Big mistake to bail them out IMO

 

N

 

:lol:

 

:thumbup:

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i'm with barclays.. put cheques in once cleared take cash out where i can see it... just leave enough in there for direct debits etc.. never had or wanted an overdraft facility... not in last 10yrs anyway... when i started doing more and more site clearance and commercial work [10 yrs ago].. i had a direct debit bounce cos of lack of funds... asked manager for a £2000 overdraft as didnt want this happenin again, and he could see from my months invoices that i was owed over £20.000 at that time with same amount work booked in for followon month/6weeks.....

he told me with my turnover i was eligable for £30.000 overdraft but there policy is i have to go 6 months without a returned dd or cheque.... so they couldnt give the 2000 i'd asked for..... ever since then i use that acc as way of cashing cheques and payin bills...

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Business banks objective is to shaft you when ever possible, they're all bastards so be careful what you sign up for.

 

 

N

 

to get the best out of banks you have to put the time and effort in, each try and get you to come over as a new customer with good deals, in the knowledge most people stick with who ever they start their accounts with, so you have to keep moving, get you 2 years free banking then switch to another bank etc. and i had to call up to get them to make their charges appear on my statements which at first they didnt, as these charges are tax deductible

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Hi I would try Co op bank they are good and rates reasonable. You could also try Smile online banking, they are excellent although they don't have high street banks they make up for it elsewhere. Stay well clear of Santander they are awful they now own Alliance and leicester and Abbey. They managed to lose a large some of money last year. I did finally get it back after 5 months!! bash: :sneaky2:

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