Banks FAQ’s for small businesses
These FAQs cover a large area of specialised, technical areas of Banking. As no two situations are the same, only the basic position is outlined. The answers do not provide a complete or authoritative statement of the law, nor do they constitute legal advice by the author. The information provided is only a snapshot: it does not create a contractual relationship nor does it form part of any other advice, whether paid or free.
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Q. Will my current account be suitable for my business?
A. No, if you are running a business you should always have at least one business account, I always prefer to have two in times like the present. If one bank gets difficult because of a banking change of policy, you need to be able to switch your business to another bank quickly. If you try to set another account up when your own bank is being difficult, it is a struggle to open one with favourable terms.
Q. Can I get free banking for a year?
A. Shop around for the best deal and play them all off against each other, if you are well funded they are generally very helpful, if you are setting a business up on a shoe string, don’t tell them, they will try and tie you to very stringent conditions. You may be able to push them to two years free banking or more, but you may have to have a minimum amount in your account at all times.
Q. What do they charge me for if I am not on free banking?
A. They charge you for mostly every transaction, paying money in and paying money out, arranging overdrafts, extended meetings with managers, writing letters id they can get away with it, they ceased to be your friendly caring business manager some years ago. If you should be lucky enough to get a good one try and stick with him.
A trick worth using to cut down banking charges, if you are in a retail business and not a limited company. Set up an account in your own name in a Sub Post Office and pay all your cheques and cash into the PO account, then transfer one cheque over each week or two weeks, in addition you get interest on the money which you won’t with a bank. This cuts out the charges for cheques and counting money, which the bank will charge when you go off free banking. Ensure you notify your accountant about the Post Office account.
These FAQ’s are for your guidance, more complex or specific issues, you may or will need to consult a specialist.
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