Business banking suggestions and advice

happyoutscan

Hello all, I am looking for any relevant advice/suggestions/personal experiences regarding selecting a bank for a limited liability company. We are fortunate in that we do not need to be seeking any loans wondering what other general criteria we should be looking for.

stepbar

What's your business?

What services do you want them to provide?

happyeveryday

A few considerations, what do you require from your bank, your future needs, your relationship with a bank manager/agent and the cost of banking.
The most important of these is your relationship with the bank, being able to pick up the phone and not spend 2 minutes introducing yourself, when you then require them to check something or alter/take action on a transaction, is very important. And if things get serious one day you need to be able to be straight talk and know they are straight talking back to you.
The least important in my opinion is the cost, they are all much the same but get the money out of you in different ways. If you have a choice between banks you have an equal relationship with, then look at costs for you principle activities.
Finally, before you commit read the small print, it always pays to read the small print.
Best of luck with the business

homer911

Be aware that ACCBank, NIB and Anglo dont provide a cash service

stepbar

homer911 wrote: »

Be aware that ACCBank, NIB and Anglo dont provide a cash service

And as far as I'm aware, not taking on new customers either.

happyoutscan

Thanks for all your replies, I appreciate it. Sorry that I cannot give out too much info at this time but will let you know shortly when I can. I can tell you it is nothing complicated, work force of 3 with possibly 1/2 part timers and no overheads except rent and wages. Not dependent on loans from banks, probably a small overdraft facility but because it is a family business - and we are under no illusions of grandeur etc - this would only be as an emergency precaution. When I can give you more info I will, thanks for your replies they are all greatly appreciated.

brightbyte8

Hi, I run a private limited company in the technology industry. I'm based in city centre Dublin and I've had a very bad experience with AIB Grafton Street Branch in the last few days.

In short they incompetently lost my original certificate of incorporation, alongside by merchant services agreement and internet services agreement forms. When I went in to complain they treated me like a child (I'm 23 - a company director and an Oxford law graduate). When deciding how to deal with my complaint they looked up my balance on a computer in order to decide whether or not I was deserving of good treatment. I wasn't.

Read the full story here. http://www.boards.ie/vbulletin/forumdisplay.php?f=544

Based on advice from other businessman I hear Ulster Bank have excellent customer service and the most competitive rates. I'm enquiring now

stepbar

happyoutscan wrote: »

Thanks for all your replies, I appreciate it. Sorry that I cannot give out too much info at this time but will let you know shortly when I can. I can tell you it is nothing complicated, work force of 3 with possibly 1/2 part timers and no overheads except rent and wages. Not dependent on loans from banks, probably a small overdraft facility but because it is a family business - and we are under no illusions of grandeur etc - this would only be as an emergency precaution. When I can give you more info I will, thanks for your replies they are all greatly appreciated.

If you're looking for internet based services AIB and NIB lead the way here. Considering NIB are efectively not accepting new business that rules them out. If you're looking for a Small business focus the BOI lead the way here. If you're looking for to open an account to accept cash cheques etc then AIB BOI and Ulster lead the way here.

In short it really depends what services you require.

unclebill98

My 2 cents. Only if you really need a Business account then open one. If you can get away with a bog standard current account you could save yourself hundreds on banking fees. It would be only a matter of time before the bank insist you open up a business current account and the only reason for this is so they can get fees off you. You can of course then swap over to be a business customer and get all the trimmings that come with that.

This only works if you need no facilities like overdrafts or loans etc.

There are pro and cons of doing this but running a business through a personal current account is not illegal. If there are more than 3 people one the accounts you'll have to go with a business account, but if its just the one person then you could save lots.

brightbyte8

You will need a business bank account should you wish to accept credit cards - whether that be over the counter or over the internet (with the exception of paypal of course).

ED 209

I'm with AIB for my business. They are good.