G
Gods_Gift
Guest
Hoping to get some advice. I operate a small business and have had an overdraft facility with the same bank for well over a decade. This was extended for a 6 month period 6 months ago. The bank never called me up to remind me the date was up, and between this that and the other it slipped my mind.
Anyways they are looking for a huge amount of information to get this going again and I suspect between me collating this and them providing me with some sort of answer on whether they will approve it there will be a 3 week gap and we will be into Christmas. I suspect they will not approve it anyways so will probably end up converting it into a term loan of some description. Regardless I am in limbo for a few weeks at least I think.
I can pay suppliers etc. out of a personal account (sole-trader so I don't think this is illegal or anything?) but I am obviously going to have a problem lodging cheques from clients. Which is a long way of asking is it ok for me to approach another bank and open a separate business account with them through which I can lodge cheques?
Anyways they are looking for a huge amount of information to get this going again and I suspect between me collating this and them providing me with some sort of answer on whether they will approve it there will be a 3 week gap and we will be into Christmas. I suspect they will not approve it anyways so will probably end up converting it into a term loan of some description. Regardless I am in limbo for a few weeks at least I think.
I can pay suppliers etc. out of a personal account (sole-trader so I don't think this is illegal or anything?) but I am obviously going to have a problem lodging cheques from clients. Which is a long way of asking is it ok for me to approach another bank and open a separate business account with them through which I can lodge cheques?