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-   -   Bank asking where the money comes from and about my business (https://www.aspkin.com/forums/uk-ebay-paypal/98007-bank-asking-where-money-comes-about-my-business.html)

jjscruff 07-21-2016 09:58 AM

Re: Bank asking where the money comes from and about my business
 
Quote:

Originally Posted by Haidukken (Post 787608)
Could you start paying your suppliers with Paypal? Perhaps could move less money into bank account and directly pay suppliers from PP?
Just an idea, as I don't know what you sell.

How many accounts do you have at the moment and how many products are you selling? Surely you could make listings look different and work on it, to try and avoid linking of the account?
Other people here do it, so perhaps its worth a shot.

It all depends how many accounts you are already selling on and how many products you are trying to sell I guess- Its all about scalability and how creative you can be, whilst pushing the limits and taking all the right steps in order to build sustainable business.


Just as an example, I can say that when I started selling on eBay I did it has a hobby and never took it seriously- Then I started making serious money and 2 weeks later I got kicked off.
I had 2 days to think about my situation and then I decided to learn from my mistakes and really imporve my business model as a whole. Been successful ever since.

These little problems are sort of reality checks for all of us- How well is out business set up and how sustainable the whole thing is.
Take it as a little learning curve and take your time solving the problem. If you take shortcuts, you will end up in a same situation or worse.

Solve the problem, don't try to avoid it.

this is not a solution for me, for too many reasons to list

I need a new bank account that won't be a problem.

desikanjar 07-21-2016 04:28 PM

Re: Bank asking where the money comes from and about my business
 
loyds bank is not a good choice for stealth as i recall .
or am i missing something

GreenBean 07-21-2016 07:34 PM

Re: Bank asking where the money comes from and about my business
 
Quote:

Originally Posted by desikanjar (Post 787689)
loyds bank is not a good choice for stealth as i recall .
or am i missing something

No, you are correct... Can be as painful as paypal.

Combined, the worst tummy ache you could get.

:tears:

jeffweico 07-21-2016 10:02 PM

Re: Bank asking where the money comes from and about my business
 
If you are taking in 450 GBP that is $219,000 US Dollars per year. ANY bank is going to be curious, especially when you throw in different names. In the US the answer is easy, use multiple banks. But I understand it is easier said than done in the UK.

Any possibility of splitting that between 2 banks, or no?

Haidukken 07-22-2016 12:32 AM

Re: Bank asking where the money comes from and about my business
 
Quote:

Originally Posted by jjscruff (Post 787615)
this is not a solution for me, for too many reasons to list

I need a new bank account that won't be a problem.

You see, thats the real problem.

You want to keep everything the same without changing what you do, with hopes of finding a magic bank that will never question your business model and how you move money.
Every experienced user here is giving you very similar advice, but for some reason you can't take their advice.

You can't make an egg without cracking some chickens.:coffee:

jjscruff 07-23-2016 04:02 PM

Re: Bank asking where the money comes from and about my business
 
Quote:

Originally Posted by Haidukken (Post 787776)
You see, thats the real problem.

You want to keep everything the same without changing what you do, with hopes of finding a magic bank that will never question your business model and how you move money.
Every experienced user here is giving you very similar advice, but for some reason you can't take their advice.

You can't make an egg without cracking some chickens.:coffee:

no that's not good advice

and no i want to change what i do. I want to use a business bank

Other members mentioned UK business bank accounts as being the way forward. good advice.

But I want to ask them what banks they use and if having multiple business bank accounts is a problem? As natwest would not entertain the idea of me holding another business bank elsewhere

jjscruff 07-26-2016 04:45 AM

Re: Bank asking where the money comes from and about my business
 
Quote:

Originally Posted by jjscruff (Post 788124)
no that's not good advice

and no i want to change what i do. I want to use a business bank

Other members mentioned UK business bank accounts as being the way forward. good advice.

But I want to ask them what banks they use and if having multiple business bank accounts is a problem? As natwest would not entertain the idea of me holding another business bank elsewhere

can anyone recommend a business bank?

myrong 07-27-2016 07:02 AM

Re: Bank asking where the money comes from and about my business
 
Op do you have various PP stealths withdrawing into ONE bank account? Thought that wasn't a thing...

e2free 07-29-2016 12:05 PM

Re: Bank asking where the money comes from and about my business
 
Quote:

Originally Posted by jjscruff (Post 788654)
can anyone recommend a business bank?

Hsbc lloyds Netwest all very good for business banking

jjscruff 08-01-2016 04:09 AM

Re: Bank asking where the money comes from and about my business
 
Quote:

Originally Posted by e2free (Post 789319)
Hsbc lloyds Netwest all very good for business banking

great thanks

Haidukken 08-01-2016 05:46 AM

Re: Bank asking where the money comes from and about my business
 
Quote:

Originally Posted by e2free (Post 789319)
Hsbc lloyds Netwest all very good for business banking

Lloyds? You sure about that one?

I don't think I've ever heard a good thing about Lloyds in this forum. Might be different for business banking, but still... You sure?

vetus 08-01-2016 07:16 AM

Re: Bank asking where the money comes from and about my business
 
Lloyds are terrible - 1 mismatch name or anything similar and accounts frozen for up to 2 months, headache in itself.

Have a look on the net at the horror stories.

darren 08-01-2016 07:40 AM

Re: Bank asking where the money comes from and about my business
 
Lloyd's Business Accounts are fine been using one for 6 years with different name on payments

e2free 08-01-2016 07:26 PM

Re: Bank asking where the money comes from and about my business
 
Been using lloyds business account for long time never had issue

Did used personal account aswell it was ok for me

Hsbc closed one of my friend account on 30 days notice they not even bother to mention reason simply says we can't offer our services it must be name issue with paypal

So far lloyds really good

Play 08-01-2016 08:18 PM

Re: Bank asking where the money comes from and about my business
 
Putting stealth aside, I have heard Lloyds is a horrific bank to do your banking with. Albeit most testimonials I read were from personal customers. Maybe their business banking is worth a shot?

I noticed nobody mentioned Barclays - Whats wrong with their business banking services?

e2free 08-03-2016 07:54 PM

Re: Bank asking where the money comes from and about my business
 
I found lloyds so far very good for business banking maybe just my branch!!

Barclay I tried to open in past for some reason not manage to get account as it was for Ltd banks require lot of information lloyds was quite good and fast

Play 08-05-2016 09:09 PM

Re: Bank asking where the money comes from and about my business
 
Quote:

Originally Posted by e2free (Post 790383)
I found lloyds so far very good for business banking maybe just my branch!!

Barclay I tried to open in past for some reason not manage to get account as it was for Ltd banks require lot of information lloyds was quite good and fast

Interesting, thanks for sharing :)

faizee 01-11-2017 06:10 PM

Re: Bank asking where the money comes from and about my business
 
just curious.. did you solve your problem.

Quote:

Originally Posted by moibrahim (Post 786906)
Hello there,

I have been withdrawing on a daiy basis around £450 to my bank account for the last 4 months from various different stealth accounts.

Today, I have received a letter home regarding the transactions like where do I get the money from and what business do I own.

I was going to say, I have a business in another country but they send me the money through Paypal then I withdraw through the bank. Which is basically divident. But the stealth ebay account names are different and Im sure it will show up on the each transactions.

So can you guys please advise, what can i tell my bank about the business i own and where the money comes from?


Thanks.


richie2065 01-13-2017 11:12 AM

Re: Bank asking where the money comes from and about my business
 
Might help if you start paying the tax!


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