Business banking or not?
Finding a bank that will provide a business account
You wouldn't think that it would be difficult to find a bank that would provide you with a business account facility would you? Especially if you had banked with them as a personal customer for 20 years, had no mortgage and no dependants and didn't need a loan or an overdraft?
In the UK, with the current recession, the government is telling banks to be friendly to small business start ups. But this doesn't seem to apply to internet marketing. As an internet marketer, I will be working from home, so I want to keep my personal address as safe as possible but the bank wants me to display it on my web site, so it's credible to customers. They also want me to add my phone number. Banks are supposed to know about security - but it appears it only applies to themselves. I can get around the phone problem OK, I will buy one of those cheap pay as you go phones. That will do the job and I can put that number on my web page with no problem.
The bank says it will provide me with a bank account if I have one of the following:
- a letter from an accountant mentioning my business name
- a letter from a solicitor mentioning my business name
- a letter from an insurance company providing insurance
- an invoice from a company providing me with goods or a service to my business name
As a very small, nascent business, I do not have a solicitor or an accountant. I will be doing well to cover my costs in my first year, never mind paying out large fees on accountancy and legal stuff that I don't need at present. I have tried researching insurance but the insurance companies don't want to know about affiliate marketing. (I suppose they think the company providing the goods or service will be covered.) And I don't need to buy anything concrete (except maybe the phone) and they don't want an online piece of paper - but that's how I will be doing my business!
It's catch 22. I need a business bank account to pay for any goods I will buy, so my business name is on the invoice but I can't get a business bank account until I buy goods with my company name on the invoice but my personal bank account cannot do that!
After all that kerfuffle, I am beginning to think of moving my personal bank account to a bank that WILL provide me with a business bank account.
Any business bankers around?
Image Credit » Image mine (c) MegL