CashPlus ok(with employers) for Financial Services contractors? CashPlus ok(with employers) for Financial Services contractors?
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  1. #1

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    Question CashPlus ok(with employers) for Financial Services contractors?

    Wonder if you guys could comment on whether the stigma attached to CashPlus (mostly used by people fallen on hard times or cash intentive/ high transaction count businesses) is too much for Financial Services firms to deal with? Perhaps they will refuse to pay since its not a real bank account?

    I am about to start a middleoffice contract with an Investment Bank but am concerned they might refuse to pay into a CashPlus account. If this happens, that's £70 down the drain for me(CashPlus setup fee). I am not particularly keen to ask the employer because their offer is still pending reference checks and a query like this might work against me.

    I have recently had issues opening a personal bank account. Nobody is giving me a reason but I've checked Noddle, Clearscore, Experian and they all show my Credit score is healthy and high. My CIFAS record seems clean too. I have bought and sold bitcoin in the past which might have shoved me into some stealth database I can't access

    I have just registered a Limited company to contract through, but reckon I might have issues opening up with a High Street bank; So I think a quickie account at CashPlus wold be my best option. But no point if it only means chucking money down the toilet

  2. #2

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    Default Cashplus

    Not heard of any issues with the Cashplus account in relation to clients, bearing in mind it's the agencies that will pay many contractors in any case, the FinServ client are not likely to know or care.

    Only issues have heard with CP are the processing times, although the amounts received are pretty quick, outgoing payments are 3-4 days as they're not on the faster payments network as yet, although I understand that's in progress.

  3. #3

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    Quote Originally Posted by kumarz View Post
    Wonder if you guys could comment on whether the stigma attached to CashPlus (mostly used by people fallen on hard times or cash intentive/ high transaction count businesses) is too much for Financial Services firms to deal with? Perhaps they will refuse to pay since its not a real bank account?

    I am about to start a middleoffice contract with an Investment Bank but am concerned they might refuse to pay into a CashPlus account. If this happens, that's £70 down the drain for me(CashPlus setup fee). I am not particularly keen to ask the employer because their offer is still pending reference checks and a query like this might work against me.

    I have recently had issues opening a personal bank account. Nobody is giving me a reason but I've checked Noddle, Clearscore, Experian and they all show my Credit score is healthy and high. My CIFAS record seems clean too. I have bought and sold bitcoin in the past which might have shoved me into some stealth database I can't access

    I have just registered a Limited company to contract through, but reckon I might have issues opening up with a High Street bank; So I think a quickie account at CashPlus wold be my best option. But no point if it only means chucking money down the toilet
    I would be more concerned with getting past the banks credit and reference checking more than getting paid at this stage.

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    If you have opened a limited company, why are you looking at a high street bank rather than business banking?

    Try someone like Cater Allen, the business banking branch of Santander.

    Be more concerned that you can start your contract than anything else at the current time.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

  5. #5

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    Default yes, but ...

    Quote Originally Posted by MrMarkyMark View Post
    I would be more concerned with getting past the banks credit and reference checking more than getting paid at this stage.
    Quote Originally Posted by LondonManc View Post
    Be more concerned that you can start your contract than anything else at the current time.
    I know, this is a bit of an unusual case: I have started at other jobs recently(just not contracting) with IBs and not had issues: its more of a banking relationship thing and I think maybe referencing agencies don't have access to this stealth database I am on(like I said, its deffo not CIFAS). So I am less concerned about the reference checks:for now hehe.

    Thankfully the agency say I don't need an account to start, they just can't pay me till I supply one.

    Quote Originally Posted by LondonManc View Post
    If you have opened a limited company, why are you looking at a high street bank rather than business banking?

    Try someone like Cater Allen, the business banking branch of Santander.
    the "High Street bank"s currently have the best business banking solutions for small companies, no? Like Barclays and Lloyds with their 'free for a year' and 'cashback' offers? Or are you referring more to why I am correlating between a business account and a personal account: given the business owner and address will be the same, don't you think the same flags will show up? Basically what's been happening is that the initial credt checks etc. have bene going thru for my personal accounts: but then a few days later the banks have been closing them down with no reason: I am concerned this will happen after I start the contract(then cue questions from employer like why have your bankers shut you down).

    Thing is, I got turned down for a personal bank account at Santander too, so I'm thinking Cater Allen will do the same for the business, given its registered at the same address etc. Disagree ? (I used Cater Allen in the past when I used to contract ages ago and liked their service).

    Quote Originally Posted by Darren at DynamoAccounts View Post
    Not heard of any issues with the Cashplus account in relation to clients, bearing in mind it's the agencies that will pay many contractors in any case, the FinServ client are not likely to know or care.

    Only issues have heard with CP are the processing times, although the amounts received are pretty quick, outgoing payments are 3-4 days as they're not on the faster payments network as yet, although I understand that's in progress.
    Glad to hear that, fingers crossed Processing times aren't an issue for me.

    No, the agency will not be paying me, the IB will be paying to my Ltd. Company direct: just clarified this with them.

    I am going to try opening an account with Barclays(free) for now, then opt for the quickie CashPlus account if things go south with Barc.(Barclays have turned me down for a personal a/c too btw)
    Last edited by kumarz; 22nd February 2017 at 13:58. Reason: updated response

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    Quote Originally Posted by kumarz View Post
    Thing is, I got turned down for a personal bank account at Santander too, so I'm thinking Cater Allen will do the same for the business, given its registered at the same address etc. Disagree ? (I used Cater Allen in the past when I used to contract ages ago and liked their service).
    It's definitely worth a shot. I believe Metro Bank have the quickest turnaround (three days) so probably worth a pop as well.

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    Could it be your address rather than you as a person?

    Maybe set up a separate registered office (some use their accountants for example when you're not allowed to run a business from a rented property).
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

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    Default thx again for all the responses !

    Quote Originally Posted by Invisiblehand View Post
    It's definitely worth a shot. I believe Metro Bank have the quickest turnaround (three days) so probably worth a pop as well.
    Ta, think I'll just keep that Barclays application going for now as applying for too many accounts in a short period of time might not do the company any favours. Will post back to report on progress etc.

  9. #9

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    Default possibly but ...

    Quote Originally Posted by LondonManc View Post
    Could it be your address rather than you as a person?.
    Its a family home and we've owned(not rented) it for ages now(>10yrs): and other family members(bro, sis in law) are super super careful: I've not actually told them about these issues as they'd probably kill me Always a small probability of course.

    Quote Originally Posted by LondonManc View Post
    Maybe set up a separate registered office (some use their accountants for example when you're not allowed to run a business from a rented property).
    I've considered that, but the danger is that once my first bank application gets turned down/closed, that will live with the company for a while, even if I change address

  10. #10

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    @Kumarz there is an agency called National Hunter which banks and financial institutions also use to log things.

    You should do a data subject access request with them to see if they hold any incorrect information on you linky

    It can be something as simple as sending or receiving money from abroad via the banking system that got your account closed OR they could have someone else connected to your account who isn't you.
    "You’re just a bad memory who doesn’t know when to go away" JR

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