View Full Version : Setting up a bank account easy or hard

01-30-2014, 10:42 AM
I'm currently in the process of setting up a bank account for my new company but just seem to be finding it hard. I own Kility Enterprises LTD and have several different websites, some making a income some not making an income. I simply want all the income from those sites to go into 1 account. I've already done an application and had a phonecall back from HSBC going through everything and they said I would have to go in-branch because they would not be able to do it over the phone, to me I dont think the guy understood me. So I visited the Natwest site and spoke to one of their people on livechat who understood what I was saying and said that they can do that, they've arranged someone to get back to me and im just awaiting a phone call. Didnt know it could be so difficult!

Hows your experience with setting up banks been?

01-30-2014, 03:35 PM
That is kind of crazy being a bigger bank and giving you so many issues! I use a small town credit union and have never had to go into the main branch. I started the account online and received Debit Card and all paper work in the mail. I have had the account for about 3 years and have never had any issues or had to go into the branch for any reason! Probably just a bad 1st impression with someone who misunderstood what you were asking! It may be better for you to just start over and see if you get a better response if HSBC is who you would like to use. Just a thought! Good Luck!

01-30-2014, 08:20 PM
ick, I haven't been big enough to have to worry about this yet, but not looking forward to it if its this bad

01-30-2014, 09:50 PM
Setting up a personal bank account should be easy, as long as you have your initial deposit on hand, in addition to proper identification. If you want to open a business bank account, it will be a little more involved as compared to a personal bank account. And, it will depend on the type of business you have, starting from a sole proprietorship to an s-corp or corporation.

01-30-2014, 11:26 PM
Yeah I agree with the above poster, setting up a business bank account will be a lot more involved than setting up a personal one, not quite sure which one you're opening though. But anyway, I think most of the time going to into branch is standard. Some banks do allow you to open an account purely online but you have to submit ID etc.

I've been with Natwest for a while now but before that I tried opening an account with HSBC. I told HSBC I plan on having multiple accounts with different banks (I find it much easier when it comes to bookkeeping as I have an account for different things) and they didn't like this, wasn't much help at all). I would definitely recommend natwest, they also have some good cards with extra benefits such as the silver/gold card.

01-31-2014, 01:06 AM
It's strange that bigger banks act like this. I would think they would love to have some new business clients as they have more capital than normal clients. I think you will always have to go to a bank in person though. Just walk up to a bank and ask them to open a business account. It shouldn't take a lot of time.

01-31-2014, 07:57 AM
Depending on the bank, the location of the bank and the status of the Bank, either financially stable or going bankrupt, a lot of processes would be set in front of you as banks who are going down and under debt are making sure they're current status will not explode. You should find a stable bank, from what I've read HSBC and other banks are going to explode in the near future due to uncollected billions of debts in dollars.

01-31-2014, 01:24 PM
It shouldn't be that hard. Have you thought about trying Bank of America? My mom opened up a business account there, and she did it easily in about an hour or two. That was ten years ago, so I don't know if things have changed, but you can try?

01-31-2014, 10:39 PM
Hmm, I've had a number of experiences of opening a bank account. It shouldn't be that hard because banks need the money that depositors would be giving to the bank for safekeeping. All you have to do is to fill out some forms and provide identification. It's a lot easier to open an account of you personally go to the bank yourself.

01-31-2014, 11:01 PM
I didn't have any problems opening up my first business checking account. There were a few documents that I need to bring to the bank, but the process went smoothly.

I tend to stay away from online banks. I had an account with CitibankDirect. It was a nightmare. It's completely separate from the brick and mortar banks. I had

02-01-2014, 06:45 PM
My business account was opened at the local branch without any problems as long as I had all of the right papers with me. I don't understand why you should have a problem if you have the correct papers. All though we like to do most things online I feel there are some things you should do in person if you are local to avoid problems that can slow down the process.

02-02-2014, 02:21 PM
As a lot of people have said already, I can't imagine it being a very difficult process especially if you go in person. I would definitely suggest that you go with one of the bigger banks out there such as Bank of America or USBank. The reason for that is that they have usually streamlined the process. It is also much easier to find one anywhere you will go.

02-03-2014, 01:09 AM
I used to consider to bank with a big bank because it's better for me to go to the main branch, which is not far away from where I live. However, I switched to a credit union a few years ago because the customer service was way better than the big bank, plus it was very easy to sign up. I just sign up online, then I was able to receive the debit card in less than two weeks. The good thing about credit union is that I don't have to maintain a minimum amount on the checking account, plus I have a free saving account in which I can transfer money between the two accounts simply by going online. The sign up was so much easier with my credit union, which was simple and straightforward.

02-03-2014, 11:22 AM
It's in between really. It's not necessarily hard, nor is it easy, it just takes a fair amount of time.

02-03-2014, 11:36 AM
I haven't had a problem, but I just went to the same bank that I had my personal account in. It was fairly easy setting up my business account. It might be harder going to a bigger bank that you haven't built a rapport with.

02-04-2014, 09:09 AM
It's easy setting up a bank account as a savings account. But for checking account, you have to prove them that you are financially capable to be responsible to handle it so you won't get overdraft. And for business accounts, I have not really tried that one yet. I think that could be a pain in the butt for some reason because banks could be like that for the most part.

02-04-2014, 12:03 PM
Just go to a bank in your community! That way you can chat face to face with someone who knows what their talking about and you can easily explain your situation to them! They have definitely dealt with many business owners before and will be able to help you get the right bank account for your personal needs! This should be very easy for them to do!!

02-05-2014, 08:10 AM
Well at times when trying to open a company account, it seem difficult initially but not to worry, they will be able to sort that out. They take time for security reasons.

02-05-2014, 08:54 AM
These are banksters remember; they need you to jump through all their hoops to satisfy themselves but yet try and hold the banks to account for the mess they make and nothing i said. Just how the world works I'm sad to say. I work on the basis of setting up two accounts, one each at two different banks. Play them off eachother and use the power you have to make them work for you.

After all, YOU are their customer.

02-05-2014, 10:03 AM
In such situations, here is what we do here in India - open up a bank account in the name of your organization (this is the difficult part as there are tonnes of documentations and legal procedures that need to be taken care of). Once the account is ready, link it up to a Paypal Account and other such 3rd party money handlers. And finally, link up all of these 3rd party accounts to the Bank Account. This way, it makes it easy for the functioning of the organization and also, saves time when filing taxes and other such legalities.

02-06-2014, 11:33 AM
Setting up an account should be relatively easy. You should simply have to supply some basic information and pass a few checks to get one. If your institution is not this easy, then you should go elsewhere. This, to me, is indicative of what it's going to be like when you have an issue with the bank account and have to deal with customer service. It's just not worth the hassle.

02-12-2014, 01:34 AM
Setting up any type of bank account is very easy. All that is required is the identification. If an initial deposit or operating balance is required, it is usually very insignificant and I must commend you for choosing to open a bank account for your business. Some entrepreneurs do not know that that is the best way to keep track of all profits. Good job. You're on your way to running a successful business.

02-13-2014, 01:29 AM
There are online banks that you can open accounts online. You will most likely need to provide a FEIN number and business license. Some Pre paid visa & MC cards have account and routing numbers and act like a checking account. They accept ACH transfers (checks, drafts) and some offer business accounts.

02-13-2014, 07:47 AM
I hope the process will get easier. Alternatively you can choose to get paid through PayPal first from your websites. The from there you can quickly send your money to the bank account as a whole bunch. I hope this helps.

02-27-2014, 09:41 AM
It depends on what bank you go to. To set up a personal bank account, it shouldn't be difficult. All you really need is proper identification and an initial deposit to open the account. If you want a passbook and/or a card to go with it, the initial deposit and maintaining balance is usually higher. If you want to open a business bank account, more papers will be required in comparison to a personal bank account. And, it will depend if you are a sole proprietor, in a partnership or a corporation. If it's the latter two, you have to figure out if it will be a joint account and who will be in charge of it.

02-27-2014, 06:41 PM
I would suggest going to the bank in person with the documents for your websites. From there you will have no problems.

02-27-2014, 08:35 PM
I had similar experiences in a few of my past failed businesses, by which I mean it got terribly confusing at times and the amount of paperwork and return visits I had to make almost made me want to give up, but eventually I was able to hire a CPA to help with all of this and that made it tons easier for me. I highly recommend finding someone to help out with this if you are having trouble and are confused, as I don't think it costs that much, at least for me it didn't, and the amount of stress relieved from my shoulders was enormous.

03-01-2014, 10:30 PM
Setting up a bank account is extremely easy. the easiest way to do it is buy a prepaid debit card, and use the prepaid cars routing number as your banking information. That way you do even have to visit a bank, and your money goes directly on to to your card. I recommend you bypass the hassles of a bank, and use a debit card account.

03-03-2014, 04:25 PM
As I started this thread and wrote about my story I shall finish it with a conclusion,

So I contacted NatWest interested in getting a bank account with them and they said they will get their team to ring me, while waiting for this I have had HSBC ring me and say that they have set up my account for me and its ready to go (didnt say that they previously said I would have to go in branch!) and when Natwest rang I told them that I had already got a account.

dolly fsession
03-05-2014, 06:58 AM
ick, I haven't been big enough to have to worry about this yet, but not looking forward to it if its this bad

03-05-2014, 03:39 PM
ick, I haven't been big enough to have to worry about this yet, but not looking forward to it if its this bad
Just have to speak to the right person at the right time i suppose

03-05-2014, 05:45 PM
I never had an issue opening a business account. I went in, talked to a banker, and it was open quickly. Maybe you should talk to a different bank. That doesn't seem right. For me, it was just as easy as opening a personal account. Maybe it is just that bank that is making it so difficult.

03-05-2014, 07:27 PM
You can avoid talking to a banker by using a Paypal business account. All you have to do is sign up online, and put in all your business information. And your good to go. You can get credit, or debit cards too, but you have to order them online too. And wait for them to come in the mail. You get all the features of a regular bank account without the hassle.

03-06-2014, 03:59 PM
I also never had any problems! Maybe you should talk to more than one banker and you will have more luck!

03-08-2014, 04:30 AM
It is better that we have set up ratio of company and account is 1:1. Banking process is a difficult task to tackle it. It is better for us we hire the experts and consultants in a market. They better their jobs than ours.

03-09-2014, 05:55 PM
It's easy for me. As long you have all the requirements then there is nothing to worry about. As long as you can prove your identity and your source of income to be legit then it's all going to be smooth.

03-10-2014, 07:55 AM
Honestly, my experience was rather interesting. I had three bank accounts since each was opened as a salary account for the companies which I worked in. So, when I got into few online ventures, all I had to do was to link my paypal accounts to all the websites on the income side and attach one of the existing accounts on the receiving side. My income was directly flowing from my websites to the paypal account and from there it went into my bank account.

Of course, this was limited to my online ventures alone.

03-10-2014, 04:47 PM
It's easy for me. As long you have all the requirements then there is nothing to worry about. As long as you can prove your identity and your source of income to be legit then it's all going to be smooth.

And ofcourse your credit score!!

03-12-2014, 09:13 AM
My experience with banks has been fairly simple. Setting up a new account only requires the correct document and your presence to sign their documents. The part that I usually have problem with is the signature part. My signature has kind of changed as time progressed and it differs from the signature on my previous identity card. I usually have to go through the signing steps a few times just to get it right.

Michael Thompson
06-02-2014, 10:12 AM
Well, I did not face any problem in opening an account and the process was very good and comfortable. I am quite surprised that a big bank HSB doing this. Any ways , you can try other bank. Good luck!

08-04-2014, 02:11 AM
Now a days opening a bank account is very easy task just u want to do is to visit bank s website and you can create a account from home only in some clicks or if you want to open account from you nearest branch you can you can just go there and you can get account there is few minutes the are special customer care representatives to help you out.

08-04-2014, 11:28 PM
I set up my biz accounts at WF with no problems.

Good luck.

08-08-2014, 12:04 PM
I have opened several business and personal bank accounts over the years. For either type, my experience is I go the branch and all is done in less than 30 minutes. Business accounts require a little more paperwork, such as the documents regarding the creation of the LLC or the corporation, such as a certificate of organization (if applicable) and a tax ID #.

08-11-2014, 07:36 AM
Setting up a bank account is a very easy task at this computer age almost all the banks are providing the facility of internet banking you can easily log in to there website and create a new bank account in some minutes without wasting all day in bank you can easily create your account after creating account you will also get an authenticated conformation mail from bank .

09-08-2014, 06:28 AM
This process is very easy, we have to go for several steps to setting up a bank account easily, first step is to choose a bank. go through all the rules and regualtions of the bank and open an account. You can also visit to the website of the particular bank to know about the account set up.

10-07-2014, 05:37 AM
Now a days it is very easy process to set a bank account, opening a new bank account in the bank will help you to easily manage your own money and make yourself to make a good financial decision.

10-08-2014, 01:36 AM
I don't think it is a matter of being too much worried about opening a bank account, if you don't have any knowledge, then go to your bank and tell them all your problems they will surely help you.

11-07-2014, 04:31 AM
I think it mostly depends upon the bank, choose a bank which can set up your account easily because I don't think that setting up a account needs too much issues which you are telling. I think you should try to change your bank.

David T. Breen
11-15-2014, 05:42 AM
Just follow below steps to open a business bank account easily.
Get your tax ID
Apply for an EIN if conditions apply to you
Apply for a business license.
Go to the website of the bank you would like to open a business checking account with.
Examine all of the options.
Have your documentation at hand.
Know what is required for businesses other than sole proprietorships.

12-06-2014, 04:37 AM
Setting up a bank account is an easy job, you just need to fill out some forms and after sometime your account will get open.

03-08-2016, 01:27 PM
If you are a sole proprietor, you should be able to open an account with your Driver's License and a copy of your D/B/A certificate (which you can file locally; it was $10 for me).

If you are a corporation, and an officer, you should be able to open one simply with a Corporate Resolution.

12-05-2018, 10:00 AM
For someone like. I made my bank account in 2-3 hours. I only need to have everything. My friend made a bank account for 3 days. He didnít have anything there. And he went to another bank and everything seemed ok

Linn A
12-20-2018, 07:33 AM
It is strange to hear that a large bank asks for a mandatory presence with such a simple operation. More and more people prefer online banking, even older ones. I am extremely pleased that I can carry out operations without leaving home. Just by taking the numbers from my check -125108272 (https://rtn.one/columbia-state-bank/washington/125108272)- I can control where my money goes. Choose a friendly bank and you will not have problems.

12-23-2018, 04:24 AM
It is quite easy, takes 1-2 days.

09-24-2019, 09:27 AM
We are currently with a credit union for our personal accounts and business account. As a sole-proprietorship it was relatively easy to set up the account and it only took about an hour. However, since opening the account the CU has changed it's way of doing business and has made it more inconvenient for me to our banking. Most of the time I can handle things online, i.e paying bills, budgeting, bank statements, transferring money. This issue we are having is the inconsistency in holds they place on deposited checks, overdraft fees even though the money is in the account but on hold because it is a check, an even going into the branch to handle deposits. Now when we go to the branch they have a PAT machine which is a video chat teller. ITs very impersonal. I tell them that I refuse to use it because when I go to my bank I expect a certain level of customer service and human interaction, not on a computer screen. I want to work with people who are familiar with our needs as a business and as individuals. Needless to say, but I'll say it any way, we are trying to find a new financial institution. Does any one have any suggestions?