We have been asked the question, NatWest is closing my business account, what can I do? several times recently, causing a great deal of frustration with business account holders.
There can be a number of reasons why NatWest is closing your business bank account with the main reason being that they have changed their risk appetite.
They are not obliged to give you any reason, however over recent weeks it has become apparent that NatWest has significantly changed what type of businesses they wish to offer banking to.
Once you have received your letter giving you their normal 60 day notice period it is very rare for them to change their minds.
As such, we would suggest you start looking for an alternative as soon as possible.
Also if NatWest is closing your business account then it is almost certain the other mainstream banks will decline you if you apply there.
NatWest is closing my business account, what do I do?
There are alternative business bank accounts available, so the first thing to do is act IMMEDIATLEY!
It is very important to ensure you are able to collect your business payments, so opening an alternative business account will be a priority for your business.
With a growing number of possible options, it will be important to make sure that the new business account you open is one that will work best for your company.
NatWest business accounts, like the other high street banks, are very standard but the newer type of banking providers will all offer different functionality.
NatWest is closing my business account, HELP!
The most important thing is to make sure you get the best business account possible for your business as that will help with your transactions.
So make sure your new business bank account has everything you require, like Online or Mobile banking, standing orders & direct debits along with a debit card.
What about International payments? The good news is that many new business account offer a multi-currency option, making it much easier to make or receive international payments.
So when we hear “NatWest is closing my business account” we know the other business account options available which will allow your business to continue trading as normal.
It is also important to remember not to leave it until the last minute, so give yourself plenty of time, as without banking facilities, your business will almost certainly fail.
For information about alternative business banking facilities, please contact us on 020 3286 3929 or Apply Here