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Business bank accounts when selling a range of products/services

Hello,
 
I am wondering if anyone can give me some advice. I am setting up a new limited company and I am in the process of setting up a bank account.
 
I am planning to focus on an online business though auction sites and websites. I have a number of groups of products I am hoping to sell but they are quite different. For example I used to have an IT business and have a lot of experience in this area so I will be selling various IT products. Including the some IT services if possible. My partner loves arts and crafts and wants to include this type of product as well. There are a few others which I want to trial run as well. My plan was to setup a few websites using trading names.
 
The banks I have spoken too seem to have a problem with this. They want to classify my business for one set of products which is very restrictive. I don't want the time or expense of setting up multiple businesses.
 
I have been told that business mangers will have to meet with me and they will make a decision. They have not said no but I get the feeling this might be a problem.
 
Am I wanting to do something outrageous? Maybe I am not explaining myself properly. Any ideas?
 
Thank you.
 
Peter

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07th Feb 2013 20:39

Fencing?

Call me over suspicious, but there are people who trade on Ebay and similar sites selling stolen or counterfeit goods.

That is bad news for the banks which have a legal obligation to report suspicions of such activities, which can then lead to police requests (or court orders) requiring the banks (without charging their customer or the police) to provide duplicate statements and other documents to the authorities.

From the bank's perspective such customers are nothing but trouble.

So the bank may want to form an opinion of whether you are up to no good before allowing you to open an account.

I may be quite wrong but I wonder if this is behind the bank's unusual behaviour.

David

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By psb
07th Feb 2013 22:15

Hello,

Thank you for the info.

I had not thought of that. He did say that it would need to be passed to a business manager as he could not make decisions. I think if you go off script they don't know what to do. I think I should keep it brief and not over complicate things when asked what I will be doing.

 

What if a business diversifies into a new area. Is there a legal obligation to inform the bank?

 

Pete

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