Delays setting up bank account

[DannyF1966]

Hi,

I've been contracting for a year under an umbrella company and with a change of contract decided to set up on my own. Didn't have much luck with Barclays, currently got an account set-up in progress with Lloyds, but it's been four weeks already and might be another two to three weeks depending on how long their compliance checks take.

In the meantime I've been working on the new contract for six weeks and can't get paid for it yet!

Has anyone else experienced delays in getting bank accounts set up? Is this normal?

Thanks

Dan

[Martin at NixonWilliams]

It is common at the moment unfortunately, most of the banks seem to have a backlog of applications and the turnaround is often more than what they advertise it to be.

We refer a lot of our clients onto Cater Allen, and a lot of the forum users use them aswell. They are generally able to open the account in 5-10 days.

I hope this helps.

Martin

[northernladuk]

It is common at the moment unfortunately, most of the banks seem to have a backlog of applications and the turnaround is often more than what they advertise it to be.

We refer a lot of our clients onto Cater Allen, and a lot of the forum users use them aswell. They are generally able to open the account in 5-10 days.

I hope this helps.

Martin

They will close it as fast as well if they don't want you

[DannyF1966]

Thanks for the replies, they've allocated me an account number even though the account isn't active yet, so I'm taking that as a step in the right direction. I'll be really gutted if they turn me down as I'll be right back at square one and starting to run out of savings...

[Boney M]

Thanks for the replies, they've allocated me an account number even though the account isn't active yet, so I'm taking that as a step in the right direction. I'll be really gutted if they turn me down as I'll be right back at square one and starting to run out of savings...

Why do you expect to be turned down?

[AptoAccounting]

Account in minutes

There are banks out there that will open a business bank account for you in a matter of minutes. They'll give you an account number and sort code there and then. A quick Google should enable you to find such a bank.

The only time that out clients have experienced problems with these banks are when you have moved address recently, which makes the electronic KYC check fail.

Let us know how you're getting on with your account opening.

[Scruff]

My wife opened a business bank account with HSBC day before yesterday, in an hour and walked out with an account number. Fantastic service.

[Maslins]

Agree does seem to be very common. Most banks not particularly interested in new small business clients it seems.

[Jeremiah@RHJAccountants]

Agree does seem to be very common. Most banks not particularly interested in new small business clients it seems.

+1 i think it depends sometimes on the banks or business manager you get as when computer say no for an address fail they do not know what to do!! (so some of my clients say)