Best Bank?

[Kev Stephenson]

The way I see it there is no law saying you have to have a buisness account and therefore they cant fine you or anything if they find out your using your personal acc, they'll just tell you you cant. If I were you I would just crack on with the personal acc untill they kick up a fuss, then deal with it then.

 

There may not be a law as such but if you are knowingly breaching there terms and conditions you could be seen as using the personal account fraudulantly to avoid fees which they are entitled to charge you and hence they could charge you and back date these fees

[skyhuck]

There may not be a law as such but if you are knowingly breaching there terms and conditions you could be seen as using the personal account fraudulantly to avoid fees which they are entitled to charge you and hence they could charge you and back date these fees

 

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

[firewood]

I have heard that big businesses like supermarket chains etc change banks regularly, in order to keep them on their toes.

 

They have multiple accounts with all the usual suspectsopen all the time to chase rates and spread risk.

 

http://www.kinnoirwoodfuel.co.uk

[firewood]

There may not be a law as such but if you are knowingly breaching there terms and conditions you could be seen as using the personal account fraudulantly to avoid fees which they are entitled to charge you and hence they could charge you and back date these fees

 

Unless your running 1000 plus transactions thru the account every month they are unlikely to notice.

 

http://www.kinnoirwoodfuel.co.uk

[Mark James]

They have multiple accounts with all the usual suspectsopen all the time to chase rates and spread risk.

 

http://www.kinnoirwoodfuel.co.uk

 

Much like me and I do the same with insurance, don't like to keep all the eggs in the 1 basket.

[Kev Stephenson]

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

 

No, I'm playing devils advocate. The original statement was there is no law so you can do as you please. I am just stating you can't and could get caught out. I was told by HSBC I needed a business account as the cheques were being paid to a business, all be it a sole trader. It doesn't cost me anything so I see no problem with it.

[Matthew Storrs]

No, I'm playing devils advocate. The original statement was there is no law so you can do as you please. I am just stating you can't and could get caught out. I was told by HSBC I needed a business account as the cheques were being paid to a business, all be it a sole trader. It doesn't cost me anything so I see no problem with it.

 

Do they not charge you everytime you drop a cheque in, I realise they have a free banking period but this only lasts two years, Hsbc would be chargeing me around £25 per month with all their charges if I wasn't on the free banking period. £300 a year:thumbdown:

[Kev Stephenson]

Small business account, had it 5 years now and never paid a penny. I can pay 20 cheques a month in or out without charge

[volvo]

One of the reasons banks are cutting overdrafts is that they have to have that money in there accounts (looks good for the goverment)therefore cant use it.If they give you a loan instead of an overdraft as most are doing now they are getting that money back over a period.

Edited December 21, 2011 by volvo

[skyhuck]

One of the reasons banks are cutting overdrafts is that they have to have that money in there accounts (looks good for the goverment)therefore cant use it.If they give you a loan instead of an overdraft as most are doing now they are getting that money back over a period.

 

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