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#26 13-02-06 12:17:08

luchell
Guest

Re: Bank Accounts

I spoke to my bank manager the other day. She is more than aware i pay everything i get into my current and only account. No problems she said  smile

13-02-06 12:17:08

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Re: Bank Accounts



#27 13-02-06 19:50:03

sw
Verified Member
Registered: 13-08-05
Posts: 230

Re: Bank Accounts

Thanks for the responses all of you. I'm going to use a current account that I opened years ago that i've never really used as my account, I want to keep it all seperate from my main account. I don't see why banks should really have a problem using a personal current account just for yourself, it's not like you're paying in all the money from the AA into it! 

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#28 18-02-06 10:00:22

garethh
Verified Member
Registered: 16-02-06
Posts: 74

Re: Bank Accounts

Hi all,
This topic very relevant to me as just about to go on trainee licence myself. All advice I've received so far has pointed towards a second current account rather than business account. Keeps everything separate without the fees, nice and simple. This advice came from my driving school and (believe it or not) my bank themselves! Cheers

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#29 22-02-06 01:08:34

eric d
Verified Member
From: Walton
Registered: 10-01-06
Posts: 107

Re: Bank Accounts

hi whoosh,

i recently changed from a bank manager to a driving instructor, use a personal account for now, the bank may become suspicious but only really if the cashiers alert anybody. back office staff wont notice anything themselves as the turnover wont be huge in comparison to say, a shop. ive already had cashiers at my branch question my new career since leaving the bank and ive told them im a driving instructor but working for a company, so its up to them to decide if im a business or not. worst they can do is ask me to open a business account in which case id look around for free business banking.

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#30 22-02-06 11:40:10

reddragonbus
Verified Member
From: Edinburgh
Registered: 05-02-06
Posts: 1,653

Re: Bank Accounts

Has anyone had their bank question it when they pay in quite a few cheques and a lot of cash into a personal account?

I have been asked at my local bank, I used to have business accounts with the same bank but just use my personal account at the moment. I just said absolutely not. lmao

Most of my pupil are paying via the school anyway so it just goes in BACS I don't see why I should have to pay bank charges when I'm being paid as if its salary from an employer.

I don't bank cash, that goes under my bed. (If I've not spent it on fuel on the way home).


LGV PCV Instructor DVSA ADI Fleet

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#31 22-02-06 12:34:57

luchell
Guest

Re: Bank Accounts

Could you pm me your address please Jonathan im quite skint at the moment big_smile :evil:

Seriously though i got some funny looks as i paid in 700 cash yesterday, dread being mobbed on the way to the bank yikes I would put the cash somewhere but it all needs to go in me account where ALL the bills come out of.

#32 22-02-06 12:50:50

New Girl
Verified Member
From: Somerset
Registered: 25-07-05
Posts: 524

Re: Bank Accounts

To be honest I think its a right cheek for a bank to charge anybody....business or not, for looking after our hard earned pennies...

I'll be using my current account, for free, for as long as I can get away with it!

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#33 22-02-06 23:05:55

sw
Verified Member
Registered: 13-08-05
Posts: 230

Re: Bank Accounts

I would have thought most bank cashier's wont know that drivers instrcutors are self employed and so wouldn't really expect them to have business accounts. If they say is it a business you're paying in for i'd probably so no I work for .... driving school this is just the way I get paid and it's all accounted for. I used to work for a building society and had to be on the look out for suspicious transactions, ie large amounts of cash paid in regualarly due to money laundering laws, just to throw another spanner in the works! I think i'll try and vary the branch I pay in at and use the paying in machines as well so it doesn't look too obvious it's for a business. I think I saw an ad somewhere that a company could let you take credit/debit card payments in the car, that sounds quite a good idea.

You can see the lesson plan now.....'so James last lesson we worked on you trying to remember your PIN, we'll have another go today but we're going to try it slightly differently'!

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#34 23-02-06 15:23:37

thecheekywombat
Verified Member
Registered: 02-02-06
Posts: 45

Re: Bank Accounts

Hi everybody,

Been reading this topic with interest.
Nationwide do a passbook account called a 'Treasurers Account'. There are no charges and it is ideal for any of you who are using a different name rather than your own name for your business (like wot I am). Just open the account in your business name and you can pay in your 'company' cheques and cash no problem and no charges. In fact the account pays an annual interest (at the moment) of 2.01%. The only drawback is that you cannot view the status of the account online but you do have the passbook to check any details and to give to your accountant (if you really want to).

hope this helps  Wombie

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#35 24-02-06 23:41:24

sw
Verified Member
Registered: 13-08-05
Posts: 230

Re: Bank Accounts

I used to work for Nationwide and I believe that the Treasurers account is aimed at non profit making organisations ie charity or social groups, things like school parent teacher organisations or local clubs as opposed to profit making businesses but I could be wrong.

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#36 25-02-06 00:00:30

SnowDog
Member
From: North-East
Registered: 23-12-04
Posts: 145

Re: Bank Accounts

I think the bottom line is that technically you're expected to use a business account for business purposes. And technically, the banks and building societies (even those offering free business accounts) often don't like you using personal accounts to manage your business affairs.

Your business doesn't collapse or anything if you don't use either a separate or a specific business account, of course. But it probably is slightly easier to run your business if you have a separate account for it.


SnowDog

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#37 26-02-06 20:49:11

sw
Verified Member
Registered: 13-08-05
Posts: 230

Re: Bank Accounts

It really seems a good idea to me to use a seperate account for it all, whether it be a business or personal account. It's got to be the easiest way to be able to see what money you've got going in and out every month and can't get muddled up with your 'normal' money.

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