[LWC]

im thinking about getting a buisness account

i think it will look pro when they say who do i make the cheques payable to

but the main reason im thinking about it is. i dont do collecting so leave envelopes, and i dont know why people are so thick, it clearly states at the bottom "make cheques payable to m saxon"

but yet every week im getting cheques to LWC Window Cleaner

does my head in. anyway. what thes pros and cons please?

[russ_clark]

Bank Charges Mate.
I have been with Barclays for 5 +years
Charges for paying cheques in something like 30p each
plus this plus that comes to more than a days money every 1/4.
I have just switched to alliance and leceister commercial account
its free!!!!!banking.
You can pay in at any Post Office
No brainer really - me thinks
If you open an account put both names -personal /company
to be accepted on the account-job done
That will be a £1 please

[visiontechnician]

I use a personal account at the moment but would like a business one for the same reasons as the saxon!

The only prob is with some business accounts you have to deposit more than £1000 per month.

I earn more than that but usually just fall under that with "payments received"

I'm always owed money so how would that work?

[Joe H]

Take a look at Alliance & Leicester as per Russ_Clark recommendation.

and also Cooperative Bank, they do a good deal as well.

I am with Coop Bank and as I am with Federation of Small Businesses I get banking even cheaper - most things free just pay for my standing orders/direct debits which are few and cheap.

[Spursboy1972]

You will find that most banks do "free banking" for a set period. Lloyds is 18 months and then it goes to 50% but if you tell themn you are leaving they do a deal. They need and want your money (greedy gits).
I am with Nat West and although my free banking has come to an end there are numerous ways of keeping your costs down.

1) Pay your cash into a personal account and do an electronic transfer into your business account (no charge)

2) Encourage your customers to pay online (again no charge)

3) do as much as you can by electronic banking, all my DD's and S/O's are free as they are set up electronically.

4) Use a charge card or cash for fuel that way if charge card you only pay when you pay your bill unless, you pay by D/D where again there is no charge.

I am sure there are other loopholes but you need to ensure you are on the right tariff first. A local business Manager will help with this.

Of course you could go with A & L or Co-Op but I have found that items tend to y=take a lot longer to clear and most banking is done by Post so you need to allow 7 days for items to clear.

Just a few things to be mindful of.

[dave0123]

Isnt Alliance & Leicester only free for the first 2 years? or for ever?

i no one is free for life.



Dave

[russ_clark]

A&L is free for life
or when they want to stop doing it -I suppose
I am in the process of changing to them .
Have been told 4 working days for cheques to clear
which I think is pretty standard.
Banking can be done at any Post Office
Russ

[Helen]

Bank charges are reclaimable from your end of year figures. Nothing is totally free, Make sure you check all small print for so called "free" banking, mosy have limits set for how many cheques you pay in per month how much cash you pay in per month and how many dd's etc going out. YOu hit the limit for this and then  the charges kick in!

[Captain Scarlet]

everybody pays there cheques to my company name and I dont have a buisness account because of the charges, I'm with Barclays, Luke

[Spursboy1972]

There are charges with A & L. For example one I do know of is that they will charge you for withdrawing cash!
However you cannnot go into an A & L branch and withdraw cash form your business account. They don't work that way.
As for cheques being 4 days that is right. However if you pay in on a Monday you wont be able to get to it until the following monday at least. The 4 days take up the rest of that week.

With your high Street bank it is 4 days including the day you bank the cheques. So again if you pay in on a Mon it is clear for Friday am.

[LWC]

everybody pays there cheques to my company name and I dont have a buisness account because of the charges, I'm with Barclays, Luke

company name but its not a buisness?

[Captain Scarlet]

yeah, my dad sorted it out for us. He m,ade sure it wasnt a buisness account but people pay to our buisness name, Luke

[Village Gleam]

Abbey Abbey  Abbey Abbey.

Okay?

[windowwashers]

everybody pays there cheques to my company name and I dont have a buisness account because of the charges, I'm with Barclays, Luke

I am guessing your business is called Luke Johnson or L Johnson. if your company name is different how can you pay a cheque in to a personal account?

My Cheques are all made out to: Window Washers

[East coast window cleaning Services]

Barclays Business for me have been with them 3 years no probs at all. Charges are a little on the high side but you get waht you pay for.