Anyone else have issues opening a new business account

Smelf1

I have just set up a new company called <snip>, we have already got a number of interested customers and meetings being set up with a view to them using us for advertisement etc.

Our website is already in place so we needed to setup a new business account for <snip>.

But when i went to open a new business account with the banks i have hit a wall. The Permanent TSB have refused to open an account until we are trading for at least two years, as this is a new policy from their head office. Now how can we trade if we cannot get an account. I specified to them that we were not seeking any loans but merely a place to store our incoming revenue from the business. Myself and the other director have perfect credit ratings and even have our personal accounts with PTSB.

I also rang numerous other banks like Bank Of Ireland, AIB, and not one have bothered to ring me back or to set up a meeting with a view to opening an account.

So why are we the tax payers bailing out these failing and incompetent institutions when they refuse to help someone trying to make a living out of this recession.

DublinWriter

Are you set up as a Limited Company or a Sole Trader?

kmick

Note - This is a topic on Joe "The Dud" Duffy today so be aware that anything you say may be used as evidence to whip the normally benign masses into a fury from which there will be no return.

is_that_so

Talk to another bank and good riddance to them. Not sure why you need to call to arrange meetings, surely you can just walk in? They say that 85% of bank customers never change banks. A family member recently set up a new company account with no problems at all. I also had cause to set up an extra account myself and get an overdraft, both of which were approved once I signed the relevant forms.

Smelf1

Sorry mate its a Ltd company, and you cannot even get te meetings as they never call back or take much notice.

You must have to jump through hoops for them

Toots

If I were you I'd actually call into a bank and set up an appointment. It could be a case that the business advisor isn't actually being passed on the message to call you back. If they're there in front of you then they'll have to schedule the appointment. Not too sure which BOI branch you've been calling (but please don't name it on thread ) but I know they've got a big push on at the moment and are looking for good new business accounts. I'd imagine the AIB are the same. I'd strongly recommend going into your local branch and set up the appointment rather than phoning.