jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
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Hi guys,
Just wondering if you had any recommendations for which bank to use for business? I run a small letting agency so am constantly needing to make bank transfers and take cheque and cash payments. I'm currently with Alliance and Leicester but they are far from good - charging left right and centre for daft reasons, and a stanard bank transfer takes 7 working days!!
I'm also gonna need to start taking cards soon, anyone know of a cheap but good onlline or other system? I've looked at a couple but they all seem to cost a fair bit to run.
cheers 
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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We use HSBC for all our business banking - great service both online and in person. Charges are much like you'd be charged at all of the leading banks (charged for every payment you mamke, for money you pay in, etc. etc.). They do instant payments to other HSBC accounts, and within 2hrs using the new faster payment system if the other bank is part of that (most major banks now are).
You should get some decent deals with the at the moment too (free banking for 18months, etc. etc.)
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
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Ta i'll have a look. A&L offer the faster payments thing but its only for small amounts. All BACS payments are sent out 3 working days after I request them, so take up to 7 to get there which just isn't any good. Was charged £4.95 this month cos I hadn't deposited more than £1k in Feb but they hadn't taken into account the shorter month and the fact all of my payments come in on 29th and 30th of each month!!! 
What about card payments? Its not something i'll use very often but would be handy. Ideally need something that charges per transaction rather than monthly.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Im sure most places will charge you monthly for the rental (or whatever they call it) of the machines - its normally a small amount though, the rest is charged per a transaction.
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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A&L's standard business account is free but only if you deposit £1k+ each month. You could open a business savings account with them, which offers everything the normal account does except debit card/cheque book/overdraft etc. but there are no withdrawl/deposit fees, and you can make an unlimited amount of withdrawls/deposits each month.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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No fees at all on any amount deposited into the account?
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
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they dont charge me anything for deposits and withdrawals which is the only good thing. Their online banking system sucks rather a lot though, such a bad layout.
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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quote:
Originally posted by Cosmo
No fees at all on any amount deposited into the account?
Nope, none at all.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Right, fished out our last summary with account charges on it...
Credits
Automated credits (so this is mostly our payments in from card machines) - 18p per transaction
Cash/Cheque paid in - 74p per pay in
Also costs 53p for every £100 of cash (not cheque) paid in
Debits
Direct Debit - 32p per transaction
Standing Order - 54p per transaction
Cheques - 63p per cheque
Net payments (BACS mostly) - 21p per transaction
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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Wow, businesses get screwed 
[Edited on 30-03-2009 by Andrew]
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Sure do 
Thats not even the costs for processing cards, those are even worse!
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
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quote:
Originally posted by Cosmo
Right, fished out our last summary with account charges on it...
Credits
Automated credits (so this is mostly our payments in from card machines) - 18p per transaction
Cash/Cheque paid in - 74p per pay in
Also costs 53p for every £100 of cash (not cheque) paid in
Debits
Direct Debit - 32p per transaction
Standing Order - 54p per transaction
Cheques - 63p per cheque
Net payments (BACS mostly) - 21p per transaction
Hmmm think i'll just put up with their general crapness then
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Do A&L not charge a thing then for ANYTHING?
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
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Nope nothing at all, well other than when they're being stupid. I think they may have a limit on certain transactions but could be wrong, and they also pay interest on the balance. Thinking about it they're not that bad, but the slow payment thing and crap tinternet banking are annoying.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Yeah we need the instant payment and I use the online banking everyday to pay suppliers so would be no good for us.
Still though zero charges for anything is good, especially given all the other major banks make similar charges to ours.
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