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Author Topic: Bank Account restricted  (Read 1977 times)

ladyofthemansion

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Re: Bank Account restricted
« Reply #15 on: 09 December 2019, 11:50:57 am »
My bank nagged at me to open a business account then when I applied they declined me. :FF

I now split my earnings in to a few different banks.
I'm glad I got all the Cynthia Payne books before the prices rocked to sky high.

Caledonia

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Re: Bank Account restricted
« Reply #16 on: 09 December 2019, 12:10:13 pm »
Yep getting a business account for any adult related business without lieing about what the business is is a pain. But banks dont seem to want to give out accounts to those type of businesses. I tried at the start of the year to get a business account for company I'm involved with and just because it was an adult company I could not get one.

ana30

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Re: Bank Account restricted
« Reply #17 on: 09 December 2019, 12:53:19 pm »
My bank nagged at me to open a business account then when I applied they declined me. :FF

I now split my earnings in to a few different banks.

That sounds reasonable... however, if banks are not allowing cash deposits into personal accounts anymore (as someone said here), having several accounts in different banks is not solving the problem (unless of course one of those accounts is a business on where cash deposits are allowed). In my case I file taxes religiously as a sole trader and have only one account (personal), I've been depositing my earning the last day of each month for years (religiously). Last time I did this I was thoroughly interrogated by the teller as to were my cash deposit came from. I thought it was weird (they've never asked me anything all these years), so I'm thinking in opeing a business account with another bank. I believe this might be a good option (?).
« Last Edit: 09 December 2019, 12:55:59 pm by Ana30 »
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Mirror

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Re: Bank Account restricted
« Reply #18 on: 09 December 2019, 12:58:04 pm »
That sounds reasonable... however, if banks are not allowing cash deposits into personal accounts anymore (as someone said here), having several accounts in different banks is not solving the problem (unless of course one of those accounts is a business on where cash deposits are allowed). In my case I file taxes as a sole trader (no company) and have one account (personal), I've been depositing my earning the last day day of each month for years religiously. Last time I did this I was thoroughly interrogated as to were my cash deposit came from. I thought it was weird (they've never asked me anything all these years), so I'm thinking in opeing a business account with another bank.

If you only pay in once a month I'm guessing it could be a large amount, which may then be more likely to be questioned?

Cash deposits by account holders are fine, it's cash deposits by third parties which was stopped earlier this year.

Has to be the account holder, have you thought about using ATM pay in - a few banks offer this, and or the post office? Many banks can be paid into at the post office.

ana30

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Re: Bank Account restricted
« Reply #19 on: 09 December 2019, 01:00:24 pm »
If you only pay in once a month I'm guessing it could be a large amount, which may then be more likely to be questioned?

I always deposit the same amount at the end of the month, usually around 2,000 GBP. I don;t think that's a large amount? (but maybe I'm wrong). I declare all my money religiously  to HMRC as a sole trader. i have no company.
Mornings were made for sleeping, wild sex and bacon.

ana30

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Re: Bank Account restricted
« Reply #20 on: 09 December 2019, 01:03:00 pm »
Has to be the account holder, have you thought about using ATM pay in - a few banks offer this, and or the post office? Many banks can be paid into at the post office.

I do deposit the cash myself into my own account, why would I need ATM or go to the post office? (sorry just askin  ;)
Mornings were made for sleeping, wild sex and bacon.

ladyofthemansion

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Re: Bank Account restricted
« Reply #21 on: 09 December 2019, 01:06:52 pm »
I do deposit the cash myself into my own account, why would I need ATM or go to the post office? (sorry just askin  ;)

It’s an option.
I'm glad I got all the Cynthia Payne books before the prices rocked to sky high.

ana30

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Re: Bank Account restricted
« Reply #22 on: 09 December 2019, 01:08:30 pm »
It’s an option.

What do I have to gain by using that option? (versus doing the cash deposits myself into my account at the bank).
Mornings were made for sleeping, wild sex and bacon.

Mirror

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Re: Bank Account restricted
« Reply #23 on: 09 December 2019, 01:10:26 pm »
I do deposit the cash myself into my own account, why would I need ATM or go to the post office? (sorry just askin  ;)

You were wanting to avoid being questioned or advised into a business account? ATM pay in doesn't involve bank staff, there are automatic paying in machines inside branches, as well as the ones outside which if they are working are accessible 24 hours a day.

Post Office aren't interested in your account just taking the cash and doing the transaction, quite a few businesses use the PO. I have to because most bank branches have closed locally some shop based POs have longer hours than actual branches. Basically they are doing their job whereas bank staff are often trained to sell other products.

ana30

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Re: Bank Account restricted
« Reply #24 on: 09 December 2019, 01:12:07 pm »
You were wanting to avoid being questioned or advised into a business account? ATM pay in doesn't involve bank staff, there are automatic paying in machines inside branches, as well as the ones outside which if they are working are accessible 24 hours a day.

Post Office aren't interested in your account just taking the cash and doing the transaction, quite a few businesses use the PO. I have to because most bank branches have closed locally some shop based POs have longer hours than actual branches. Basically they are doing their job whereas bank staff are often trained to sell other products.

All clear. Thanks for the answer Mirror.
Mornings were made for sleeping, wild sex and bacon.

ana30

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Re: Bank Account restricted
« Reply #25 on: 09 December 2019, 01:16:23 pm »
Oh well... if HMRC has no problem with me as a sole trader doing everything through my personal account BUT my bank has... me thinks banks just want to encourage you into a business account, so they can charge more. It all comes down to that most probably.
Mornings were made for sleeping, wild sex and bacon.

Nora batty

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Re: Bank Account restricted
« Reply #26 on: 09 December 2019, 01:50:59 pm »
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« Last Edit: 08 March 2020, 11:48:33 am by Nora batty »

LovelyLadyInHeels

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Re: Bank Account restricted
« Reply #27 on: 11 December 2019, 08:00:27 am »
Hi , was this sorted out?