A quick opening line………… Thanks to all who responded and contributed to my last post ‘Spain needs reform now’. It certainly elicited a great deal of unexpected information and opinions. One clear point that everyone seems to be in agreement with is the ‘untouchables’ - those disgusting, criminal institutions who, masquerade under the misnomer – ‘Banks’ with their non-accountable, illegal practices hiding behind free armour by courtesy of the respective governments in their places of domicile.
Maddimack wrote 25.7.2012
Most people now understand that it's the banks that have brought us down and, knowing this, shouldn't we all get out of the banking system? But, hey ho...they've got the whole financial world stitched up and working via a banking system so how can we get out of it?
Well there are signs that the situation is changing, there are people out there who are making changes. Has anyone seen Dave Fishwick on UK television take on the arrogant banking elites closed shop and open his own little bank in the north of England? He fought the establishment and the old guard, tooth and nail to get his own way – it’s a start. See link below:
The Funding Circle is another organization that supplies fast, affordable funding to businesses and a good return to small and (very small) private investors, by-passing the banks onerous terms and unfair contracts. Both the above are examples of breakaway businesses that have had to date, a tiny bite out of the banks cake. See link below:
The governments of course have set up various quango’s to ‘advise’ on business funding – but all the information they dispense is freely available on the internet to anyone who has a computer. In fact there are very few alternatives to access fast funding – which in most cases is what business depends on to survive and grow.
Last year I had a strange experience with several UK banks when I wanted a new UK bank account for a UK registered company. I/we had banked for 15 years quite happily with a small private bank in Manchester when they were bought over by RBS who promptly closed all current accounts and would not take us on as a RBS client because we were based abroad. I was not able to open an account anywhere in UK, even though our entity has been registered for VAT and with the IR for many years.
And the reason?................ I didn’t have a gas bill!!!!
I approached several banks and on each occasion, the response was ‘ the computer says no’!
I did manage to speak to a very important person at Barclays, who told me that if I was to go to UK and present myself at a Barclays branch, by appointment and produce a UK utility bill along with other documents, my application would be considered, although not guaranteed.
I was told that if I (as the officer representing the company) could not produce a utility bill in my name the application would not be considered. I asked if I could show any other documents e.g a Spanish utility bill, VAT registration, trading accounts or issued/paid invoices etc., and the answer was a resounding ‘No’ from the horrified official. He went on to explain to me in patronizing terms that a UK bill was necessary to prevent ‘money laundering and terrorism’
So, from this analysis can I conclude that if I spot a Bin-Laden look-alike on Euston Station with a large rucksack on his back, waving a British gas bill in his right hand – I can discount the fleeting thought that he just may have a hidden agenda? If I was a serious money launderer wishing to clear-up say 50k would I really use a Barclays branch in Cleckheaton, via an established, fully accountable and traceable trading company?
I think not, but the mono-nuron I had the conversation with obviously considered it a possibility.
Lloyds TSB also refused our account for the same reason, but suggested I contact Lloyds Offshore who provided business accounts for expats and expat businesses. This I did and was told that if we were a trading company, they would not be able to assist, as off-shore business accounts were only for those working outside UK, wishing to have salaries/bonuses paid! Now after many years in business, my understanding was that a business buys and sells goods, manufactures, or offers a service with the idea of making a profit – clearly I have been under an illusion!
One telephone call to a small bank in the Isle of Man saw me open an account in a couple of hours and in no time I had an
on-line facility, cards and a security tag. I have had a brilliant service from this little bank and can call anytime if necessary, and can speak to the staff immediately on first name terms.
In fact, by refusing our account, the UK banks did us a great service – thank you all. The next battle will be with the UK tax authorities questioning why we don’t bank in UK!!!!
Anyone else had their valuable time wasted by an ignorant, self-important, poorly trained bank 'official'?
Woodbug