The biggest threat to most Money Service Businesses is receiving a note from their bankers that they are closing their MSB Bank Account.
This is happening on a regular basis and threatens all those who have an MSB Bank Account.
Without UK banking any trading business will not survive, but what should they do?
Well you could do nothing and hope that your account with Barclays, HSBC, NatWest or Lloyds will remain open.
However that might not be wise as your whole business will depend on having a fully functional banking facility.
So one option might be to look at opening a contingency MSB bank account.
This is a back-up FCA regulated account which would sit there and help support the business should you receive notice from your current bank.
Whilst you would still need to go through the whole business account application process, once confirmed your account will be opened.
There will be no requirement to meet up as long as you have all the necessary ID and business documentation.
So you can then decide for it to remain dormant or slowly integrate it into your day to day business activity.
We would always recommend it’s best to have two business accounts rather than none.
This new MSB Bank Account will general all support faster payments and direct debits, so should allow you to transact electronically.
Whilst processing cash will be a challenge, these accounts are only really ideal for all electronic transfers like Faster Payments.
We are a specialist banking intermediary, helping open MSB Bank Account and for all those who might ordinarily struggle.
We have a specialist department who will help advise or open a business account for MSB, whether it is to be used as a regular account or a back-up contingency account, so you can contact us on 020 3286 3929, Apply Online or visit our dedicated area at MSB Bank Account