Banks requiring business details?

puppet

Member
Livestock Farmer
Location
sw scotland
Nice to see the banks being so concerned about where the money comes from.
Meanwhile Russian oligarchs just buy up half of Kensington and Mayfair but never move in.
The Nat West story shows how poor the systems are. A business expecting to turn over £15m was nearer £350m, much of it in cash. Even if someone turned off the alert surely an auditor somewhere might have asked a question?
 

Steevo

Member
Location
Gloucestershire
Went through this earlier this year with HSBC...:rolleyes: But recently having problems setting up some new BACS payees, even with all their correct info input. Could be a related issue?

Glad I'm not the only one having that trouble. Had it with my personal account as well as business account.

The app didn't work with doing it on my personal account a few weeks back.....but I tried the business app as an alternative the other day and it worked fine with that.
 
Location
East Mids
I had one (Barclays), haven't got around to doing it and now have had a reminder saying they'll close our account if I don't sent it back by the end of the month!
not just us then! We also thought the questions rather intrusive and as has been said, a lot of it is in their own records anyway. Having to faff around photocopying 'relevant' bits of the partnership agreement.... Anyway, did ours yesterday after the reminder, they can make of it what they will.
 

Bongodog

Member
It just beggars belief that Nat West allowed any business to bank £1m in cash week after week. You would have to be in a very niche business in a huge way to generate that sort of cash income. If everyone at Old Trafford ona Saturday paid for their pie and pint in cash you still wouldn't have £1m in the till.
 

SteveHants

Member
Livestock Farmer
This happened to me - I ignored it because it seemed a bit off (and I used to work for HSBC :ROFLMAO: ) and they closed my account, only realised when the card got declined paying for fuel - they said there was nothing they could do and a cheque arrived in the post covering the balance.
 

steveR

Member
Mixed Farmer
I got a paper form from Barclays to fill out - seemed a bit extreme, wanting copies of particular parts of the partnership agreement (very complicated as the partnership was set up in the ‘50s and so the PA has been modified several times as partners have come/gone/died). We’ve banked with them for donkeys years so you’d think they’d have twigged by now if we were up to anything dodgy.

Anyway, I filled it in as best I could and returned it. Last week I went online to pay bills and there was a big red banner after logging in- “Thankyou for returning the form, we need more information from you (so we don’t have to suspend your account yada yada)- ring this number ASAP…
I did ring up and eventually got put through to someone that did a bit of checking then said that there were no outstanding questions (yet…) about the account🙄

Feckwits.... MIndless nonsense really.

As we do not have a formal partnership, they will have to whistle.
 

oil barron

Member
Location
Aberdeenshire
Had a nightmare with HSBC. After filling in the online interview got an email from an Indian email address full of spelling mistakes and a link they wanted me to upload my tax returns and passport to. I said no way because it looked like an a obvious phishing email. Then they froze my account just as SFP was being paid 🤦‍♂️
Eventually got it sorted, including having to explain how the VAT system works to somebody in Mumbai.
 

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Red Tractor drops launch of green farming scheme amid anger from farmers

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As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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