How should I ask for bank details

How should I ask for bank details

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When I want a clients bank details I ask for the following:

Bank name

Account name

Sort code

Account number

I asked today and for account name the client gave me "business account". I've had similar problems with other clients.

I've noticed that HMRC have asked for "Account holder(s) name" on the VAT registration form online but that doesn't seem fool proof.

Asking for a copy of a cheque could cause problems.

Any suggestions?

Replies (25)

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By ShirleyM
08th Nov 2013 17:58

Don't you keep copies of statements?

We scan in, and keep, copies of bank statements. I get the details from there and ask if that is the account to use.

Most clients fill in a direct debit mandate, so we get the bank details that way, too.

Ask for a copy of a business bank statement. All the details you need will be on there.

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By Cardigan
08th Nov 2013 19:38

Same here

Happens me a lot too. Thought it was just me. It's particularly annoying when it is close to a deadline and it's the last piece of information that you need.

Asking for a copy of the bank statement or the header of the bank statement might do the trick. Coincidentally, a customer of a client recently did ask for the header of a bank statement and I was wondering why. Now I know!

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By petersaxton
09th Nov 2013 08:22

Bank statements

I ask for bank statements along with the accounting records when I am going to do the accounts.

I usually ask for the bank details well before I am doing the accounts.

I do think it's a good idea to ask for as many bank statements as possible right at the start of the relationship. That would avoid the problems I have highlighted.

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By Howard Marks
09th Nov 2013 09:16

I understand the issue but...
...is it that difficult to fire off a quick call to clarify if needed? Unless you're dealing with hundreds of clients who are all making the same mistake (in which case perhaps your procedures need reviewing), I can't see it causing much of an issue in the grand scheme of things.

From a banking perspective, the name on the a/c won't matter for receiving payment, they only look at the s/c and a/c no.

I personally ask for the name of the account holder, not the account name.

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By petersaxton
09th Nov 2013 09:28

Difficult?

Calls are not difficult but they are time consuming. I'd prefer to get the things right first time than persist in getting people giving wrong answers. One email instead of one email and a phone call is better and I'll always try to improve things.

I'm not sure how you could think my procedures could be at fault given my OP.

Asking for the name of the account holder is likely to cause more problems, especially as many people don't understand the concept of legal personality.

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Replying to jcace:
By Howard Marks
09th Nov 2013 11:20

I disagree

petersaxton wrote:

Asking for the name of the account holder is likely to cause more problems, especially as many people don't understand the concept of legal personality.

 

I disagree - asking for the name of the account holder would be much less confusing than asking for the account name.  I'm originally from a banking background so can easily see why a client would answer that incorrectly.

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Replying to andy.partridge:
By petersaxton
09th Nov 2013 12:00

Andy's

Platform wrote:

petersaxton wrote:

Asking for the name of the account holder is likely to cause more problems, especially as many people don't understand the concept of legal personality.

 

I disagree - asking for the name of the account holder would be much less confusing than asking for the account name.  I'm originally from a banking background so can easily see why a client would answer that incorrectly.

I prefer Andy's suggestion.

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By DMGbus
09th Nov 2013 09:51

Account holder name

I always ask clients for the "Account Holders Name" / name that the account is held in.

I can't ever recall the issue of a client stating "Business Account" or other bland descriptions such as "Current Account".

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By andy.partridge
09th Nov 2013 10:50

Stupid clients

Peter, you do seem to get more than your fair share!

Why not make the question idiot-proof?

Bank Name eg. Barclays

Account Name eg. J. Smith trading as Smith the Blacksmith

Sort Code eg. 31-04-62

Account Number eg. 01239876

That's OK, any time.

 

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Replying to DJKL:
By petersaxton
09th Nov 2013 11:56

Thanks

andy.partridge wrote:

Peter, you do seem to get more than your fair share!

Why not make the question idiot-proof?

Bank Name eg. Barclays

Account Name eg. J. Smith trading as Smith the Blacksmith

Sort Code eg. 31-04-62

Account Number eg. 01239876

That's OK, any time.

That's a good idea. This last one was a contractor and earning about £150k a year but seems to get confused about everything.

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By Howard Marks
09th Nov 2013 12:08

Of course and apologies

I seem to have upset you somewhat by questioning your current process.

 

I'm the new boy around here so i'll do my best to fit in and not to offend where possible by questioning the more seasoned members.

 

 

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By petersaxton
09th Nov 2013 12:31

Platform

I'm not upset.

You have every right to give your opinion and question people.

Welcome!

 

 

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By andy.partridge
09th Nov 2013 12:46

@ Platform

Why do think Peter might be upset?

Would you have been upset if the roles were reversed?

Why do you call yourself  'the new boy' when you have been a member for more than a year and a half and have actively contributed on many other threads? Just asking.

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By Howard Marks
09th Nov 2013 14:46

To you both
Hi guys

Thanks for the welcome Peter. Andy, I may have registered a while back but only now am I actively posting hence referring to myself as the new boy.

With these forums, it's extremely easy to take posts the wrong way without being sure how it was in fact meant. To answer your question though, I'd in no way ever be offended by anything said online. I walk in the virtual door, speak or listen then walk out again. It's not real life and I have no emotional attachment to it. I simply hope to expand my knowledge base along the way and perhaps even help others out on occasion.

Anyway, the wkd was not made for aWeb!!

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Replying to Matrix:
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By andy.partridge
10th Nov 2013 11:19

Not real life?
[quote=Platform]. I walk in the virtual door, speak or listen then walk out again. It's not real life and I have no emotional attachment to it. (/quote]

Interestng, but you might find yourself in the minority.
How can the trials and tribulations of running your own practice, sharing the love and frustrations not be 'real life'. How can the friendships made and community spirit promoted not be real life? How can you not be moved by the sometimes hilarious, sometimes heartbreaking stories that you hear from fellow members?
This isn't Wii or Xbox. This is real life.

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By petersaxton
09th Nov 2013 15:34

Platform

Where are you based?

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By Howard Marks
11th Nov 2013 09:55

In the sense

...that I would never be offended by what others had to say.  I've been knocking around these forums for long enough not to take a single thing personally or be particularly emotionally affected by it.  If I want emotion, i'll go home to my wife and two kids for it (for better or worse!)  I agree this particular forum is perhaps closer to ones heart than some I visit (I mod on a gym related forum for example) but still, it's hardly the be all and end all - for me at least anyway.

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By petersaxton
11th Nov 2013 10:15

Wow

thanks for explaining how superior you are. I'm sure we believe every word.

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Replying to TomMcClelland:
By Howard Marks
11th Nov 2013 11:50

Not to detract too much more

petersaxton wrote:

thanks for explaining how superior you are. I'm sure we believe every word.

 

...from your OP Peter but how on earth did my last post explain my apparent self-perceived level of superiority?  Andy asked me a question and I answered.

 

A couple of posts back you stated you weren't upset when you obviously are about something or you wouldn't be snipping the way you are.  This is an honest statement now so take it that way: I apologise if I offended you by bringing your procedures into question or for any subsequent comments you may have taken the wrong way.

 

And since we're on a public forum, perhaps you (and Andy if needed) would prefer to PM me if you'd like to discuss anything further along these lines - public spats are a tad silly given the field we're in eh.

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By Kirkers
11th Nov 2013 11:56

@Platform - (you'll have to forgive me, my keyboard doesn't like the enter key, so I end up writing one large paragraph) I agree with some of the others in the sense that 'Account Name' could be quite misleading. I would also stick to 'Name of Account Holder.' I've seen the latter used on most important documents I've come across, and even the banks use it. Technically speaking my 'Account Name' would be current account, or ISA. If it's happening with more than one client it's perhaps time to change your strategy with it. Give 'Name of Account Holder' a go and see if you have anymore success? Worst comes to worst and you could always try a bit of a longer point and ask them 'who's name is the nominated account in?' - no offense intended, I see people are getting a bit feisty for a Monday morning.

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Replying to lja20:
By Howard Marks
11th Nov 2013 12:00

Thanks but...

Kirkers wrote:

@Platform - (you'll have to forgive me, my keyboard doesn't like the enter key, so I end up writing one large paragraph) I agree with some of the others in the sense that 'Account Name' could be quite misleading. I would also stick to 'Name of Account Holder.' I've seen the latter used on most important documents I've come across, and even the banks use it. Technically speaking my 'Account Name' would be current account, or ISA. If it's happening with more than one client it's perhaps time to change your strategy with it. Give 'Name of Account Holder' a go and see if you have anymore success? Worst comes to worst and you could always try a bit of a longer point and ask them 'who's name is the nominated account in?' - no offense intended, I see people are getting a bit feisty for a Monday morning.

 

You'll need to aim that last comment at Peter - this is his thread...

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Replying to Wanderer:
By petersaxton
11th Nov 2013 12:16

Why?

Platform wrote:

Kirkers wrote:

@Platform - (you'll have to forgive me, my keyboard doesn't like the enter key, so I end up writing one large paragraph) I agree with some of the others in the sense that 'Account Name' could be quite misleading. I would also stick to 'Name of Account Holder.' I've seen the latter used on most important documents I've come across, and even the banks use it. Technically speaking my 'Account Name' would be current account, or ISA. If it's happening with more than one client it's perhaps time to change your strategy with it. Give 'Name of Account Holder' a go and see if you have anymore success? Worst comes to worst and you could always try a bit of a longer point and ask them 'who's name is the nominated account in?' - no offense intended, I see people are getting a bit feisty for a Monday morning.

You'll need to aim that last comment at Peter - this is his thread...

If Kirkers wants to say something to you why don't you think they can?

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Replying to marks:
By Howard Marks
11th Nov 2013 12:25

This is getting a bit silly now

petersaxton wrote:

Platform wrote:

Kirkers wrote:

@Platform - (you'll have to forgive me, my keyboard doesn't like the enter key, so I end up writing one large paragraph) I agree with some of the others in the sense that 'Account Name' could be quite misleading. I would also stick to 'Name of Account Holder.' I've seen the latter used on most important documents I've come across, and even the banks use it. Technically speaking my 'Account Name' would be current account, or ISA. If it's happening with more than one client it's perhaps time to change your strategy with it. Give 'Name of Account Holder' a go and see if you have anymore success? Worst comes to worst and you could always try a bit of a longer point and ask them 'who's name is the nominated account in?' - no offense intended, I see people are getting a bit feisty for a Monday morning.

You'll need to aim that last comment at Peter - this is his thread...

If Kirkers wants to say something to you why don't you think they can?

 

Peter - I read Kirkers post as though he/she was answering your OP thinking it was mine - and as luck would have it he he/she seems to have said pretty much as I originally did but added the disclaimer 'no offence intended'.  

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Replying to The Accountant:
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By Kirkers
11th Nov 2013 12:46

Oops.

Platform wrote:

petersaxton wrote:

Platform wrote:

Kirkers wrote:

@Platform - (you'll have to forgive me, my keyboard doesn't like the enter key, so I end up writing one large paragraph) I agree with some of the others in the sense that 'Account Name' could be quite misleading. I would also stick to 'Name of Account Holder.' I've seen the latter used on most important documents I've come across, and even the banks use it. Technically speaking my 'Account Name' would be current account, or ISA. If it's happening with more than one client it's perhaps time to change your strategy with it. Give 'Name of Account Holder' a go and see if you have anymore success? Worst comes to worst and you could always try a bit of a longer point and ask them 'who's name is the nominated account in?' - no offense intended, I see people are getting a bit feisty for a Monday morning.

You'll need to aim that last comment at Peter - this is his thread...

If Kirkers wants to say something to you why don't you think they can?

 

Peter - I read Kirkers post as though he/she was answering your OP thinking it was mine - and as luck would have it he he/she seems to have said pretty much as I originally did but added the disclaimer 'no offence intended'.  

You're right, you can tell it's Monday morning when I'm clearly too lazy to scroll to the top of the page and double check I'm directing an answer to the right person. Oops . Forgive me, I'll concentrate better next time! And yeah.. thought the disclaimer was a good call haha.
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By petersaxton
11th Nov 2013 12:13

Try to improve your understanding

"...from your OP Peter but how on earth did my last post explain my apparent self-perceived level of superiority?  Andy asked me a question and I answered."

You said: "but still, it's hardly the be all and end all - for me at least anyway."

"A couple of posts back you stated you weren't upset when you obviously are about something or you wouldn't be snipping the way you are."

You seem to be confused. I was referring to something you said after I said I wasn't upset and anyway, seeing somebody trying to act superior doesn't make me get upset it's more likely to amuse me.

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