Which bank for a business account?

DesignLady

Hi all,

Launched my fashion label a little while ago. Talk about a steep learning curve but there's finally some money coming into my account which is a great novelty!

It's definately time to set up a business banking account and I'll probably be looking for a small loan in a few months of €10-15,000. Normally I would just go with AIB as I currently bank with them (and it's also the nearest bank) but I want to ask around and ask about other peoples experiences.

Being able to get a loan in about 5/6 months is important. Being a fashion business, it's pure risk no matter how I word my business plan but I'm hoping that my having a second job (which will easily cover the repayments) and the fact that I have people with excellent savings/ house owners etc who are willing to act as guarantors, evidence of previous orders on my books and (at the point I'll be looking for the loan to cover manufacturing) proof of money coming in in the next six months from current orders will all be enough to get it. I'll have some money (fingers crossed) from a small Fingal CEB grant in the account too.

I would assume this would be enough to get a loan of that size but it's been suggested to me that AIB are impossible to get anything from at the moment, even more so than the other banks so I want to make sure I choose the right bank to set up a business account with now.

AIB and BOI are the most tempting with all the freebies when you set up the account but I'd like to hear about any good/ bad experiences about any bank to help me make the choice.

Thanks in advance for any advice

Joseph

I've been with BOI (norm, current acc.) forever, never had another bank. I have to say the customer service and quality has been excellent.

I'm in the process of setting up a business, and will be going with BOI definatly

Darragh29

I couldn't advise you strongly enough NOT to go near AIB. Not alone will they only give you banking facilities that they can make money out of you with 0% risk to them, they will openly insult you to your face and make you wish you never started up a business account with them. I had an AIB Relationship Manager that could make decisions without needing to meet with me, no figures, no projections, no business plan just an arbitrary "no, come back in 6 months time". I changed bank, end of problem.

They are impossible to deal with, unless you are a property developer or some high flying politican. Please take my advice and avoid them as you would the Ebola virus, because dealing with them will drain your energy and rob you of your motivation and they will ultimately be the cause of you failing as they nearly did to me...

I could never understand how I was puting in 16-18 hour days and I couldn't even get my Relationship Manager in AIB to keep an appointment with me, she was without a doubt the rudest cu*t I have ever met in my life and her boss wasn't far behind her... They understand absolutely nothing about entrepreneurship, it's like a word in the Yemenese language to these shower of cu*ts...

dahamsta

From the other side of the fence:

I'm leaving BOI for various reasons, but the primary reasons would be:

• Complete lack of support from outside the branch network, which is increasingly frustrating as more and more authority is taken away from the branch.
• Growing incompetence in the branch, as the bank has laid off many of the older, more competent staff and installed go-getters whose sole interest is in furthering their own bottom lines and careers.

In particular, I had a major problem with one particular complete muppet in the Douglas branch in Cork, major problems with competence in doing something as simple as changing an address for multiple accounts, and just basic carelessness from above the branch.

I don't know if AIB will be any better, but I'm reasonably impressed so far, and my accountant concurred when I said I was moving there.

adam

Block (8

DaMelodrama wrote: »

• Complete lack of support from outside the branch network, which is increasingly frustrating as more and more authority is taken away from the branch.
• Growing incompetence in the branch, as the bank has laid off many of the older, more competent staff and installed go-getters whose sole interest is in furthering their own bottom lines and careers.

Completely agree with you there, the same has happened to my branch too.
The bank manager used to be seen and greets people the new one tbh I don't have a clue who he is.

I haven't had any dealings with them since early last year but will need to soon and with the current climate I know I'm going to be pissed and will consider moving.

dahamsta

As far as I'm aware most of the branches don't have dedicated managers any more, they have assistant managers with less authority. At one point the actual managers were being spread across multiple branches, but I'm not sure if that's the case any more.

Just another example of one of the highest-profit companies in the country "cutting costs".

adam

Clytus

For me..its easy...Ulster Bank.
Banked with BOI..w*ankers...cant stand them. They made me wait a week for an answer on a business loan...in the mean time went to UlsterBank and got the nod that day.

It was sweet justice when BOI came ringing back asking did I want the loan as i got the approval....just to be able to say "No thanks..youve lost my business"

DesignLady

Thanks for your experiences. I'll probably stay away from AIB because I've heard a few bad tales now. Planning to make appointments to see a few others in the area and I'll see how I get on. It seems like it depends very much on who you deal with at the branch.

Darragh29

DesignLady wrote: »

Thanks for your experiences. I'll probably stay away from AIB because I've heard a few bad tales now. Planning to make appointments to see a few others in the area and I'll see how I get on. It seems like it depends very much on who you deal with at the branch.

Hi OP, I meant to say that from talking to folks who also run their own business, the consensus seems to be that Ulster Bank are the best of a bad lot. My biggest criticism of AIB is that they have their own way of sorting out who they give facilities to and who they don't. Before you even get the opportuntity to meet someone in the branch and properly discuss your idea, they have decided on how they will deal with any application you might make.

My biggest criticism is that unless you are in a position to 100% secure a loan, they won't even give you a hearing, when you are an entrepreneur and you get this kind of treatment, it can zap you of your confidence, especially when you are in the early stages of starting up. I was in a position recently where I had lodged 20K and was happy to let them have a lean on it for an overdraft or loan of 30K, there answer was that they would not lend unless it was 100% secure. This type of thinking is completely risk adverse and you are going nowhere if you are banking with a bank that has this approach to your business. Please please take my advice and stay away from AIB, there is nothing more soul distroying than seeing yourself paying over 500 Euro a quarter for banking facilities, including their IIB banking service and also this includes cash handling charges, on top of that, looking at 2.5% of every Visa/Mastercard transaction being debited from your account on a weekly basis, and when you look for a loan or an overdraft, it has to be 100% secured!?!

If I was afforded the opportunity of sitting down with the decision maker in AIB or the person who was handling my application and for whatever reason, it was rejected on the basis of something in my business plan or a lack of security, I wouldn't have too much of an issue with it, but they don't even give you that opportunity, they press a button on a computer and then go on a "gut feeling".

They have no respect for people who start up their own business, please take my advice and run a mile from them, you'd get more respect walking down O' Connell Street with a cardboard sign hanging from your neck with "paedophile" written on it....

Darragh29

DesignLady wrote: »

Thanks for your experiences. I'll probably stay away from AIB because I've heard a few bad tales now. Planning to make appointments to see a few others in the area and I'll see how I get on. It seems like it depends very much on who you deal with at the branch.

My advice to you is to start up an account and lodge a lump sum into it and then say you want to borrow against it based on your deposit being a 50% security and immediately you will see how you will be treated as a business... If you start hearing,

(A) I'm sorry I couldn't keep that appointment after missing your last appointment, but this time it's my goldfish, he died this morning...

Or,

(B) You have to be banking with us for 6 months before we will clear that...

Or if you notice that your business plan is only a formality and the decision has already been made...

You know your with the wrong bank!

dologhli

Another vote for Ulster Bank here. I've had my business account with them for 9 years, always found them responsive to my needs and helpful when I've had any queries. Plus the manager / assistant manager of my local branch (as well as my "relationship manager") calls me every few months to see if there's anything they can do for me. The personal touch is always nice.

DesignLady

I'll definately try Ulster Bank first then and see what the story is. I'm now a lot more worried than when I started this thread but I appriciate the all the doses of realism!

Darragh29

OP, this will probably sound a bit weird, but when your dealing with a bank, the most important thing is to have an open dialogue with the bank and that whoever you are dealing with, that there is mutual respect for each other. I wouldn't get too wound up about a decision declined, because it makes you go away and re-evaluate your application. A negative decision properly communicated can be of a huge help. What I couldn't get my head around was how come a hugely successful bank could fail to see that even though they didn't want to lend at one particular time, that they could keep me happy as a customer by helping me meet whatever criteria that they required me to meet in order for us to be able to do business in the future. I had the humility and good sense to see this, I saw it as a learning curve for me. After a while I realised that even though I met their requirements as per a previous discussion, the next time I contacted them, the goal posts had changed position again and there were now a new set of requirements.

The trouble was that AIB don't look at business customers like this, they genuinely don't have the mentality or the right type of people within their business to give small businesses proper support and customer service. They're too busy with property developers and glad handing righ rollers. I've no problem with them doing this, but they really shouldn't be advertising for new business start-ups, they're just not up to it...

Bob the Builder

For a new business - Perma TSB.
AIB customer service is brilliant in our place, but they rape every penny they can out of you. Other branches in the county are dodgy though.

mik_da_man

I went with AIB when I started out on my own.
A lot was due to the fact that I was a personal customer, but I have found their business customer service excellent.
I have a account in Dublin and the manager there was grand, when I moved to cork I opened my account there and got a relationship manager, which was nice.
They have arranged appointments at a time that suited me and have been very good.
But I have not being asking for loans off them...

Tigger

AIB are ok but they are all i know

don't really think i'd change but i never asked for a loan

Hennybug

Yet another vote for UB. I was with BOI when i started the business but the Manager left, i was assigned a new relationship manager and thing just went downhill from there on. In the end when i wanted a loan i was told i could have it but it would be subject to a review on 31/12, this was November :eek: I rang Ulster Bank, got an appointment with the Manager for the next day and nothing was a problem. They've been fantastic, nothing is a problem, they gave me and extra €10k on the loan and €10k extra on the overdraft. Even now when things things are tougher and i'm struggling the Manager rang me the other day to say yes things are tough for everyone but don't panic we're not going to do anything to your loan/overdraft so just keep working away.

Darragh29

Hennybug wrote: »

Yet another vote for UB. I was with BOI when i started the business but the Manager left, i was assigned a new relationship manager and thing just went downhill from there on. In the end when i wanted a loan i was told i could have it but it would be subject to a review on 31/12, this was November :eek: I rang Ulster Bank, got an appointment with the Manager for the next day and nothing was a problem. They've been fantastic, nothing is a problem, they gave me and extra €10k on the loan and €10k extra on the overdraft. Even now when things things are tougher and i'm struggling the Manager rang me the other day to say yes things are tough for everyone but don't panic we're not going to do anything to your loan/overdraft so just keep working away.

What branch of UB is this???

Darragh29

Tigger wrote: »

AIB are ok but they are all i know

don't really think i'd change but i never asked for a loan

That's the acid test. Any bank will be nice to you when your paying them money to lodge, look at and withdraw your own money. You'll likely see true face of AIB when the time comes to apply for a loan. My theory on this is that they are so hilted up with developers and have to "run with" the well known cash flow problems with their buddies in that industry, that they don't actually have money to lend to small businesses at the moment, it's effectively been diverted into a "developers crisis fund", in an effort to ride out the storm, while the smart money like Ulster Bank are recognising that the development game is up and the future is in small indiginous businesses.

DesignLady

Been in contact with Ulster Bank and spoke with one of their business team from the city centre. They don't want to meet me until my business plan is finished and since my enterprise board mentor is meeting me to look over my final version next week, they're going to call me after that to arrange a meeting.

Not sure of first impressions. Instant interrogation on where I was getting my funds for my business before anything else and what sort of protection I had if my goods weren't accepted by stores etc...

I had all the answers as I've been on a business plan buzz this week but then I questioned him back on the security of his bank (having the radio on as I work all day has provided me with far too much information on the current banking crisis so I was more than able to hold my own.)

I'll see how the meeting with the local branch goes. Not a great first impression...

Darragh29

DesignLady wrote: »

Been in contact with Ulster Bank and spoke with one of their business team from the city centre. They don't want to meet me until my business plan is finished and since my enterprise board mentor is meeting me to look over my final version next week, they're going to call me after that to arrange a meeting.

I'll see how the meeting with the local branch goes. Not a great first impression...

This is something I got hung up on at the start OP, when I was with AIB. Before I applied for a loan, I wanted to meet with my Relationship Manager and give that person a very brief overview of what my business was about, basically I just wanted to introduce myself and my business before I applied for a loan, and I mean well before I applied for anything other than iBB (internet busines banking) and a Visa/Laser card terminal.

What I wanted to be sure of was that I was dealing with the right type of person, I wanted to make sure myself and this person could communicate and that there were no problems on that level that would become an obstacle down the road when I did want a loan.

The appointment for this meeting was made and then subsequently cancelled, another meeting was made and cancelled, again by my AIB Relationship Manager. Then after trying to arrange a 3rd meeting, I was asked what exactly was I asking for a meeting for, where it was explained to me that there was no need for a meeting unless I needed a loan or an overdraft.

My best advice to you is to insist on two meetings, one with very little paperwork, just an overview of you and your business idea.

If you are happy with how this went for you and your business, then organise another meeting to go through your whole business plan.

If you can't speak to someone to have an initial conversation about your business and why you should bank with them and not their competitors, I'd forget it, "next", I'd be saying...

spadder

I deal with Ulster bank and find them good, I have had a few run-ins with them over charges, overdrafts etc, but they usually back down.

Watch every charge on your A/c.

Darragh29

spadder wrote: »

I deal with Ulster bank and find them good, I have had a few run-ins with them over charges, overdrafts etc, but they usually back down.

Watch every charge on your A/c.

I thought those days were gone!?!

Darragh29

DesignLady wrote: »

Not sure of first impressions. Instant interrogation on where I was getting my funds for my business before anything else and what sort of protection I had if my goods weren't accepted by stores etc...

If the banks were as interested in helping entrepreneurs as they are in asking questions as stupid as this, we'd all be a lot better off. I had this as well, if you can lodge 20K, where is it coming from, you must have robbed it? FO!

Axwell

At the end of the day peoples opinions on what bank are based on their own dealings firstly with their bank but more importantly with their own branch. I have all my dealings with AIB and i wouldnt change from them at all, i had to get a business loan of 20k last year and did so without any real hassle. A meeting to go through my business plan and what the money was for along with a repayment plan put in place and it was sorted.

If you are already with AIB then i would suggest contacting them first off as you have dealings with them already and some ofrm of credit rating if even on a personal account. Walking into another bank in the current climate asking for a business loan is going to result in a lot more questions and hassle.
Also every branch is different so just cos someone told you they had a bad experience with AIB doesnt mean they are bad, it means their manager didnt give them what they wanted or their owen branch was bad to deal with.

I would more consider what they are offering you as a customer, free banking and charges, what online options they offer, special rates etc and work from that and go wih who you feel offers the best pckage but if you are already with AIB i would go with them and not disregard them on word of mouth from someone else.

stepbar

In terms of Business Banking the top three are as follows:-

1. Ulster Bank
2. BofI
3. AIB

In terms of business start up packages they compare as follows:-
UB - http://www.ulsterbank.ie/ri_business.asp
BofI - http://www.bankofireland.ie/html/gws/business/start_your_own_business/starting_your_business/index.html
AIB - http://www.aib.ie/servlet/Satellite?c=BPContent_C&channel=C001&cid=1197898904472&pagename=ROIBusinessPortal%2FBPContent_C%2Fbp_service
PTSB are not a business bank although they do open business a/c's if you want one. Anglo and BOSI are not geared towards SME's.

stepbar

DesignLady wrote: »

Been in contact with Ulster Bank and spoke with one of their business team from the city centre. They don't want to meet me until my business plan is finished and since my enterprise board mentor is meeting me to look over my final version next week, they're going to call me after that to arrange a meeting.

Not sure of first impressions. Instant interrogation on where I was getting my funds for my business before anything else and what sort of protection I had if my goods weren't accepted by stores etc...

I had all the answers as I've been on a business plan buzz this week but then I questioned him back on the security of his bank (having the radio on as I work all day has provided me with far too much information on the current banking crisis so I was more than able to hold my own.)

I'll see how the meeting with the local branch goes. Not a great first impression...

These are very relivent questions. Remember a lot of what goes into your business plan is not concrete and is subject to change. Any fiqures you produce are just projections etc etc. So you would want to be fairly sure of your plan and yourself if you hope to convince any bank to part with money to fund the business. When I was working in Business Banking I would see a lot of (for the want of a better word) "dung" business plans. When you see a number of them each day, you can get quite annoyed if they are not up to standard.

Hennybug

Darragh29 wrote: »

What branch of UB is this???

The one at the Fairgreen

Trojan

Interesting how experiences vary so much.

UB seem to have a lot of positive votes so I'll just weigh in and mention that I was not at all happy with them.

In the past 11 months I've closed a UB business account, a UB personal account which was open since 1996, and will be closing down my UB Visa asap. I do not recommend doing business with them.

On a positive note, the BOI on Stephen's Green is very good, very pleased with them so far.

Axwell

stepbar wrote: »

In terms of Business Banking the top three are as follows:-

1. Ulster Bank
2. BofI
3. AIB

Is there somewhere which states this or are you just pulling it out of the air??

stepbar

Axwell wrote: »

Is there somewhere which states this or are you just pulling it out of the air??

See below

http://www.kpmg.ie/industries/fs/overview/awards08.html

The rest is opinion.

Axwell

stepbar wrote: »

See below

http://www.kpmg.ie/industries/fs/overview/awards08.html

The rest is opinion.

I dont see how this shows that the order you stated is the order of the top 3, seems just another opinion. Yes Ulster Bank won the award but how was it voted for and by who.

I think with banking of any kind it comes down to the branch and how you are dealt with personally. I find AIB great however as with any bank i find it depends on the branch and the person you are dealing with. Apart from the service in the branch it comes down to what they offer you as a business when you sign up like i said before. Compare whats on offer when you join them and choose based on that if you feel you arent happy sticking with your own bank you use for personal banking.

stepbar

Axwell wrote: »

I dont see how this shows that the order you stated is the order of the top 3, seems just another opinion. Yes Ulster Bank won the award but how was it voted for and by who.

Everything is stated in the link. I doubt KPMG are doing it for the larf.

The OP has a start up business. For small business BOI is percieved to be the best at the moment and AIB (judging on their offering) aren't to pushed when it comes to small business. Finally for those who are in the industry, the three mentioned are generally taken to be the top 3 overall in terms of business banking.

DesignLady

stepbar wrote: »

These are very relivent questions. Remember a lot of what goes into your business plan is not concrete and is subject to change. Any fiqures you produce are just projections etc etc. So you would want to be fairly sure of your plan and yourself if you hope to convince any bank to part with money to fund the business. When I was working in Business Banking I would see a lot of (for the want of a better word) "dung" business plans. When you see a number of them each day, you can get quite annoyed if they are not up to standard.

That's exactly why I'm waiting for my enterprise board mentor to look over the final version of the plan and make sure it's up to scratch but I'm confident in it. The final check is more about insuring the language used and layouts are correct and I haven't left out or put in too much detail.

On the converstaion with the bank, I agree that these are relevant questions but I don't think that it's appropriate for a first phone call, particularly when I hadn't decided to definately go with them. This was nothing to do with looking for a loan, only opening the account. Nothing about what they could do for me (just mentioned that in the far future if I was to get a loan they had a good rate but that with things as the are at the moment, no one had time to update current information so he couldn't give me any exact rates- only that it was good). I also think that it's much easier to answer these questions in person with facts and figure to show rather than an evening mobile phone call.


Relieved now they insisted on waiting until the plan was finished before even seeing me about opening an account. I Would have opened one with them last week- I have cheques waiting to be lodged- but going to go for a safer banking option now (or as safe as one can be at the moment).

Sonnenblumen

stepbar wrote: »

Everything is stated in the link. I doubt KPMG are doing it for the larf.

The OP has a start up business. For small business BOI is percieved to be the best at the moment and AIB (judging on their offering) aren't to pushed when it comes to small business. Finally for those who are in the industry, the three mentioned are generally taken to be the top 3 overall in terms of business banking.

As a matter of interest what criteria are you using to support the 'perception' that BoI is best for SME business and also what basis do you make the claim AIB are not pushed. Boith these statements are IMO are nothing more than acute speculation and heresay.

Like other posters, my experience of the majors would place AIB firmly at the top, but SLs can vary according to branches.

Sometimes even Bank employees can begin to swallow their own scent when it come sto fluffy claims. Judging by the perilous position BoI is currently in, I would doubt you would find much support for BoI's capabilities when it coimes to assessing business plans. I find it amazing that a bank official can refer to propsective client attempts to put a business plan together as 'dung'.

Time will shortly tell us how enterprise/risk averse ex-bankers are?

Plenty of experience at losing other people's money, so what skill or experience is actually required to be a Banker?

Answers on a Postcard comes to mind!

Solair

I am starting a very small business and had no need for loans or any lending facilities etc but just needed a simple current account for lodging cheques. It has taken AIB over 3 weeks to provide this facility!

I am frustrated beyond belief at this stage. I have a pile of cheques that I can't lodge and have had to pay VAT out of my own pocket!!!!!!!!!

The account was "opened" by someone who clearly didn't have a clue what she was doing. It took 3 visits and umpteen phone calls and I am still unsure as to whether I actually have an account or not!

At this stage, I am going to go elsewhere I just cannot believe how uninterested in taking my business they were. I mean I want to PUT MONEY IN!! not borrow it.

Frankly, I am so annoyed, I'm considering moving my own personal accounts elsewhere too.

sunny2004

A.I.B. are fantastic as long as you dont need them to help you out..

Go with UB....

Axwell

Solair wrote: »

It has taken AIB over 3 weeks to provide this facility!

The normal practice is to make an appointment and then go in and do all this there and then,account setup problem sorted. You then get your ATM cards etc in the post,im assuming this isnt the way you organised to do things but again these issues you have are branch specific not just AIB like i said before. Im with AIB for ages and havent had any problems.

Solair

A member of customer services met me at a counter and took all the necessary paperwork. I found the whole thing totally unprofessional, I would have rather been referred to a business manager or something.

The person who took my application didn't even seem to know how to go about opening the account and seemed to initially try to open it as if it were a personal account. She didn't even seem to comprehend that it was for a limited company. Not exactly confidence inspiring stuff!

I have been left in limbo with cheques piling up.

It will apparently be open tomorrow, but as yet there's still no satisfactory outcome. Various weak excuses about staff being on holidays were offered.

I am seriously thinking of cancelling the entire process and taking my business elsewhere.

DesignLady

sunny2004 wrote: »

A.I.B. are fantastic as long as you dont need them to help you out..

Go with UB....

UB? Never heard anything from them again after the initial unplesant callback, not from the local contact who was supposed to call last week or the (rude) man I spoke to a couple of weeks ago. They obviously have absolutely no interest in taking on small businesses at the moment.

Axwell

This thread is becoming just a my banks better than your bank thread at this stage. If you have a bad branch it doesnt mean the whole bank is bad just because the person behind the counter at yours is useless.

Darragh29

DesignLady wrote: »

UB? Never heard anything from them again after the initial unplesant callback, not from the local contact who was supposed to call last week or the (rude) man I spoke to a couple of weeks ago. They obviously have absolutely no interest in taking on small businesses at the moment.

OP you could open up a post office account and lodge your cheques in there.

DesignLady

Darragh29 wrote: »

OP you could open up a post office account and lodge your cheques in there.

I thought about that but I do need a cheque book and ideally a credit card as I buy all my supplies and fabrics abroad. Really just started the thread to get an idea of other peoples experiences with the banks here (didn't want to start any arguements) My final decision is that I think it'll probably be much of a muchness who I go with. AIB is the nearest bank and I have a credit history with them from my personal account so I'm just gonna go there - if they want my business!

DesignLady

Just thought I'd add a quick update. Got a call from the local branch of UB today (maybe they were reading this and saw my complaint that I'd been waiting two weeks to hear back from them) but I said that I had decided to go with another bank as I wanted to sort this out sooner rather than later and my business plan wasn't ready to show them yet and I was told that had to be available to them at the first meeting. So that was it, all fine.

Five minutes later the phone rings. It was the man from UB I spoke to two weeks ago. He wanted to know why I wasn't going with them and who had told me that I needed a business plan ready. I told him that he had given me that impression by saying a meeting about opening an account wouldn't be set up until my plan was ready and he completely denied saying that! I found his whole tone and demeanour quite agressive. I said I must have misunderstood him (I hadn't) but as I had let this go on too long I decided to go elsewhere. He basically called me a liar and kept going on so I said a firm good bye and hung up.


I imagine I've just had a bad and uncommon experience (and I'm sure that it was not a reflection on UB as a whole) but wow! I've worked in retail for years, and unfortunately still do part-time while my own business is getting started, and I would never dream of speaking to a customer like that. I'm truly shocked.

Surely the correct response would have been that there must have been a miscommunication and if I would still consider opening an account with them, we could arrange an appointment in the next couple of days.

Darragh29

DesignLady wrote: »

Just thought I'd add a quick update. Got a call from the local branch of UB today (maybe they were reading this and saw my complaint that I'd been waiting two weeks to hear back from them) but I said that I had decided to go with another bank as I wanted to sort this out sooner rather than later and my business plan wasn't ready to show them yet and I was told that had to be available to them at the first meeting. So that was it, all fine.

Five minutes later the phone rings. It was the man from UB I spoke to two weeks ago. He wanted to know why I wasn't going with them and who had told me that I needed a business plan ready. I told him that he had given me that impression by saying a meeting about opening an account wouldn't be set up until my plan was ready and he completely denied saying that! I found his whole tone and demeanour quite agressive. I said I must have misunderstood him (I hadn't) but as I had let this go on too long I decided to go elsewhere. He basically called me a liar and kept going on so I said a firm good bye and hung up.


I imagine I've just had a bad and uncommon experience (and I'm sure that it was not a reflection on UB as a whole) but wow! I've worked in retail for years, and unfortunately still do part-time while my own business is getting started, and I would never dream of speaking to a customer like that. I'm truly shocked.

Surely the correct response would have been that there must have been a miscommunication and if I would still consider opening an account with them, we could arrange an appointment in the next couple of days.

The only thing I can't work out here is why you are surprised OP! These people have been making so much money out of property in recent years that they still have to get their heads around the fact that they have to now go back to the drawing board and start being nice to people who are starting up a business. You should name and shame that person and that branch. Also, I doubt that your experience is uncommon at all...

dublindesign

I have bad experiences when opening AIB business start up account. Since 1 October 2009 I still do not have credit cards, they never reply to my emails, never return calls (they promise every time a same day callback!). I will leave them and switch to Ulster or TSB

yop

zombie thread

dublindesign

maybe yes, but a current issue. The banking industry should work better and harder for us customers.

FusionNet

Hi Design Lady,

Firstly can I say congratulations on your new venture. It seems to be a dying art, clothes design but its great to see new people do this in Ireland. I know theres a college that a lot of people go to but Ive known a few to do design and non of them got jobs in what the studied..

Anyways with regarding the banks. Over the last ten years Ive had dealings with all three, AIB, BOI and Ulster which is my current bank.

Fist off their all bad. Right now they are being very tight to deal with and are slow to commit to anything. I dealt with both AIB and BOI in the boom. Personally I found AIB was the better of the two. When I was with BOI I had a credit card and a car loan. I was made redundant and so went into to let them know things had changed. I had set up my credit card to clear every month and my loan was in order. Not one of the people advised me that I could reduce my CC to minimum payment until I got new work nor did they help me with applying for the insurance for my loan. They basically said it wasnt their problem and to sort it out myself even though they had sold it to me. Later after I had sorted alll the different things out I went in to ask them to look at a business plan I had. The business manager was such a bee and basically told me they wouldnt even open an account for me because of what had happened before even though they had fecked up themselves. I was so angry with them.

Now Ulster. Well to begin with even though the staff were lovely the shower in Dublin refused to help me. I eventually annoyed them enough and have been with them since. I find them very frustrating to deal with and they currently wont lend even a fiver. Ive been told by high up that they are "not actively seeking new business". Their parent is not bonded in Ireland and has basically been told tidy up your accounts here and claw back what you can.

Im currently thinking of having an account with Ulster and AIB so I can make the best of free banking and cheque lodging. If your going to be looking for a loan I would say stick with the bank you have a history with as if you move they may not be interested in helping. Can I ask what you may need the loans for? The reason I ask is could it fall under any grant scheme? Are you manufacturing or justdoing design and selling on the designs to bigger companies

Can I also ask you, would you mind if I PM'ed you as Im looking to start a new business in 2010 manufacturing a garment and its a new area to me, maybe I could advise you on and computer, software or security you may need!!!!

Best of luck in 2010

i am thinking of setting up my own enterprise and would like to hear all your experiences. Is it better tax wise to register as a sole trader or form a company? I'm more angling toward the latter, in the case of, god forbid, if i am unable to continue running it. which is better tax wise?

im going to shop around in terms of getting a bank loan. BOI have £10m set aside for the franchise i have in mind to parties who are interested in buying into it. the franchise costs 95k.
I am a personal customer of AIB on the other hand which may be more of an advantage.

This day in age i prob wont get 100 percent, im fully aware of that and i have little or no funds to pump into the venture as well as alot more research to do before i can form a business plan.

Best of luck to people in their ventures.

FusionNet

Tipp Gunner

The type of business set up you choose is very dependant on the amounts of money involved and the risks. Ltd. companies are becoming less attractive as everyone looks for security now or personal guarantees. Ltd companies cost more to do accounting and have much more paper work, but you are more protected to a point. This is something you really need to get advise from a few accountants. REMEMBER accountants will often tell you to go Ltd because it means a lot more income for them so get advise from several. I got caught with that before myself.

Now with regard to the Franchise, Im only going to give you a personal opinion.. Think long and hard about it. I persoanlly know two people who both bought franchises, each one wished after 12 months to get out of it. One did but had to pay off the frachiser at a huge cost the other closed the doors. The pros for a franchise can be as the obvious, the brand, the structure, the training etc but the cons can often only become obvious quite late into the business. Again just get tons of advise and get a good solicitor who can read those terms and conditions. I know one condition I come across is if you decide to opt out of a contract you still pay them profits for five years, ouch!!

Best of luck...