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Author Topic: Need a new bank  (Read 1972 times)

RB1

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Re: Need a new bank
« Reply #15 on: 23 March 2024, 03:57:34 pm »
Yes but they cannot except international payments so they do not have an IBAN number which inky fans needs.  Has anyone used suits me just so a bank account

They say on the advertising they are fine with OF payment
I use it as a basis / back up account with no problems

Tina-W

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Re: Need a new bank
« Reply #16 on: 24 March 2024, 05:55:11 am »
Banks are businesses and like other businesses can refuse a customer for any reason they like provided it isn't a protected characteristic, and also provided that they have treated the customer fairly (by giving them adequate notice and so on). They also don't have to explain why any more than we do for turning a punter down.

Since you can explain that the cash deposits are your earnings it does sound like the Only Fans money is the problem here - have you tried any of the others? I don't use OF so I can't be much help here :(

You are right, however if a SW wrote to the bank and claimed it was a form of sexual discrimination and that in light of the Nat West Nigel Farage PR disaster they should reconsider their actions I think they'd reinstate the account.
They may have the letter of the law of their side but in the current climate I don't believe this is a battle they want to fight.

amy

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Re: Need a new bank
« Reply #17 on: 24 March 2024, 12:31:38 pm »
You are right

I am, yes. I try wherever possible to check my facts so I don't post wrong or misleading information, but you do you.

if a SW wrote to the bank and claimed it was a form of sexual discrimination and that in light of the Nat West Nigel Farage PR disaster they should reconsider their actions I think they'd reinstate the account.
They may have the letter of the law of their side but in the current climate I don't believe this is a battle they want to fight.

What would be the point when all it would do is make you look stupid? Being a sex worker isn't anything to do with sex discrimination, and unless you can prove beyond doubt that they would have treated a male sex worker differently it would be a complete waste of time, plus if the papers got hold of it you would be all over the media which I doubt the OP wants.

If a organisation doesn't want my custom, I move on. There are campaigns going on which everybody can support without putting themselves in the public eye, and I doubt many of us would.pick this as a hill to die on.

Tuppence

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Re: Need a new bank
« Reply #18 on: 24 March 2024, 04:27:13 pm »
Thank you for all your comments and advice all are greatly appreciated, but as some of you said I am not going o challenge it, but I do need to know a good bank to go with, online or high street, any suggestions all appreciated

AnnaConda

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Re: Need a new bank
« Reply #19 on: 27 March 2024, 09:17:38 am »
I use Tide for a business account and just had a notice through this morning that states that I can no longer give my business name as the payee details but instead have to give my actual name. This completely defeats the point of me having this account.

The email says
Quote
If you don’t provide your full name, an industry-wide security feature called Confirmation of Payee might flag the payment as a mismatch.

If you’ve given a customer your trading name instead, they might receive an alert before they make the payment. The alert tells them the name you’ve given them doesn’t match what your bank has on record, which might delay you being paid

I’m presuming if this is industry-wide, there’s little point in me moving to another bank.

amy

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Re: Need a new bank
« Reply #20 on: 27 March 2024, 11:14:54 am »
I use Tide for a business account and just had a notice through this morning that states that I can no longer give my business name as the payee details but instead have to give my actual name. This completely defeats the point of me having this account.

IIRC there are quite a few posts about this on the Deposits thread; unfortunately the banking posts are getting a bit scattered now, but with some banks what will happen is the punter will get the 'names not matching' warning and be asked if he still wants to go ahead with the transfer, and if he does then it will still work.

What you might want to check for is the name that will show up on his bank statement after though, becauze with some banks it'll be yours. Can you do a trial run with another account of your own?

AnnaConda

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Re: Need a new bank
« Reply #21 on: 27 March 2024, 11:49:40 am »
Good plan, I’ll see if I can transfer something through without having to confirm my actual name.

charlottex2001

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Re: Need a new bank
« Reply #22 on: 27 March 2024, 12:58:46 pm »
I had a Tide business bank account and was okay for about 3 months. However, randomly after I’d deposited cash (£1200 nothing too crazy) and tried to transfer it to myself. It flagged it and put a pause on my account and I had to wait 48 hours to be contacted to which point they asked me lots of questions about my ‘business’ asked for website address, hmrc confirmation etc. Then turned around and closed my account.

Luckily, I’d read on Trustpilot that this has happened to a lot of accounts and someone had written about transferring the account balance in small amounts to your personal/other account and it bypasses the account pause. This worked for me so luckily I didn’t have to go without the money in the account.

Mirror

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Re: Need a new bank
« Reply #23 on: 27 March 2024, 02:22:21 pm »
I had a Tide business bank account and was okay for about 3 months. However, randomly after I’d deposited cash (£1200 nothing too crazy) and tried to transfer it to myself. It flagged it and put a pause on my account and I had to wait 48 hours to be contacted to which point they asked me lots of questions about my ‘business’ asked for website address, hmrc confirmation etc. Then turned around and closed my account.

Luckily, I’d read on Trustpilot that this has happened to a lot of accounts and someone had written about transferring the account balance in small amounts to your personal/other account and it bypasses the account pause. This worked for me so luckily I didn’t have to go without the money in the account.

I know we all make different amounts of money, and probably bank in different ways £1200 might be your usual pattern, but my gut feeling would be to avoid paying in that much at once unless it was a pattern I had built up over many years.

shan

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Re: Need a new bank
« Reply #24 on: 30 March 2024, 10:10:02 am »
They have told me it is due to the amount of  cash going into the account and money laundering.  But I think it is due to OF and me paying for aw from it which they cannot say as that is discriminatory.  However if they really though it was money laundering they wouldn’t let me till day on using the account as normal they would freeze it.  I have just read that Metro banks closed the orporste account for Only fans the company so thy really dont like them

The thing is indeed paying for AdultWork, Vivastreet, Kommons or any other site qualified by MasterCard and Visa as "dating site". The bank might be OK, but when either card network detects such payments, they flag it to the bank to enquire... as their terms and conditions [with the bank] include "nothing related to adult entertainment".

So this usually leads to closure of the account (with a long period freezing the assets before they release them to you), as no bank would want to lose Mastercard or Visa accreditation.

Is that illegal for those payment networks to act that way? Yes in the UK. But not in other countries. Now good luck going to justice against MasterCard/Visa.

I've already lost 2 business accounts that way (Tide, Anna). Seriously thinking about trying a proper "brick and mortar" bank for a change
« Last Edit: 30 March 2024, 10:13:38 am by shan »

Mirror

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Re: Need a new bank
« Reply #25 on: 30 March 2024, 11:36:47 am »
The thing is indeed paying for AdultWork, Vivastreet, Kommons or any other site qualified by MasterCard and Visa as "dating site". The bank might be OK, but when either card network detects such payments, they flag it to the bank to enquire... as their terms and conditions [with the bank] include "nothing related to adult entertainment".

So this usually leads to closure of the account (with a long period freezing the assets before they release them to you), as no bank would want to lose Mastercard or Visa accreditation.

Is that illegal for those payment networks to act that way? Yes in the UK. But not in other countries. Now good luck going to justice against MasterCard/Visa.

I've already lost 2 business accounts that way (Tide, Anna). Seriously thinking about trying a proper "brick and mortar" bank for a change

Why not get a stand-alone credit card, one that isn't issues by a bank you have an account with or by a credit card company that isn't a bank?

Luvmylips

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Re: Need a new bank
« Reply #26 on: 02 April 2024, 11:51:25 am »
Did they ask for much info about your business


Have you tried MONESE?

I have found them quite good with payments (receiving and making).


The only thing with brick and mortar banks are that they are disappearing from the High Streets so you might struggle to deposit cash on a regular basis. 

NatWest is completely gone from anywhere near me in NW London.  The post office is the only deposit point.

VoluptuousCurves

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Re: Need a new bank
« Reply #27 on: 02 April 2024, 02:30:48 pm »

Have you tried MONESE?

I have found them quite good with payments (receiving and making).


The only thing with brick and mortar banks are that they are disappearing from the High Streets so you might struggle to deposit cash on a regular basis. 

NatWest is completely gone from anywhere near me in NW London.  The post office is the only deposit point.

With Monese can you pay in at Paysafe? I notice UK is not listed in the supported countries list.
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RB1

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Re: Need a new bank
« Reply #28 on: 02 April 2024, 11:11:29 pm »
With Monese can you pay in at Paysafe? I notice UK is not listed in the supported countries list.

I have an account but not used it so far. It does show up on your credit file despite being a pre pay bank

From Monese website

We partner with the Post Office and PayPoint so that you can add cash to your Monese account fast. Just head to any Post Office branch and have cash in your account within one working day, or to any high-street convenience store, corner-store or off-license that displays the PayPoint logo to top up instantly!

Luvmylips

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Re: Need a new bank
« Reply #29 on: 04 April 2024, 01:04:11 pm »
With Monese can you pay in at Paysafe? I notice UK is not listed in the supported countries list.


Paypoint for MONESE.

I ordered a card which costs something like £6 and use it to pay in at the post office for ease in areas where LLoyds have disappeared.  LLoyds are closing another two branches near my working spots so I had to look for alternatives :-(

I cannot speak as to say if MONESE is good for business but for personal deposits it works well for me and you can split your money into a savings pot/separate account too. 

It does show up on your credit file but that doesn't bother me as it increased my credit score since I use the account without an overdraft.
« Last Edit: 06 April 2024, 06:27:33 pm by Luvmylips »