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Thread: Banking options when starting a business

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    Banking options when starting a business

    Something to consider when starting a business ... which bank you decide to use.

    I have a small cash flow issue ... so I decided to increase my personal credit card limit (with Standard bank by R5000) ... my current limit is R100 ... on average there is around R20 - R30 K in and out per month.

    I have had my Standard bank business and personal accounts with Standard bank for around 20 years.

    when I applied for my credit card I was battling and needed cash ... they offered me R50 000 straight and R50 000 budget ... today I want to increase my limit from R100 to R5000 (while I wait for a payment) ... I am told I have to go to the bank stand in a que ... fill out the register and wait until a business banker is available ... ... then be told that a list of documents are required ... go back to my office get hold of my accountant ... so that he can prepare them and forward them to me so that I can print them out and take them to the Branch ... they will look at them and see if I qualify for a R5000 temporary increase ... time to move banks ... I know I keep saying this thank to the absolute crap service from Standard bank ... I am tired of my wife laughing at me every time I have to deal with Standard bank ... she moved from standard bank to FNB many years ago after she got tired of the shyte service.

    I too embarrassed to tell her about this fiasco ... she is just gonna rub my nose in it again and tell me the same thing ... why are still banking with such a shyte bank.

    The last fiasco got the bank manager involved and he was so apologetic ... but why should it have to escalate to the manager every time I nee to manage my bank account.
    Comments are based on opinion...not always facts....that's why people use an alias.

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    So I think before I drive to my Standard branch and discuss this with the business banker let me phone first ... it turns out I would have wasted my time .. .there are no longer business banker at the branches ... they are all at one branch ... it will be quicker for me to open an FNB account with a R5000 limit than to drive to Standard bank to increase the limit.

    So you know what I am doing today ... yip ... opening a FNB account my wife just demonstrated how easy it is for her to do many things not just increase or decrease a limit.
    Comments are based on opinion...not always facts....that's why people use an alias.

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    Diamond Member Blurock's Avatar
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    @ian
    You will not be sorry. Switch today, you can do it on-line.
    The business suite allows you to phone in 24/7 for any account queries etc.
    If your T/o is more than R5mil, your account will be assigned to a business banker.
    Excellence is not a skill; its an attitude...

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    My wife has a personal account and she has a 24/7 banker ... ...she rubs nose in it all the time ... just spoken to another company owner ... he has had his account with Standard for 30 years and has the same issues ... I think the only reason half the people bank with Standard we dont like change ... it jus5t seem too much of a hassle to move.
    Comments are based on opinion...not always facts....that's why people use an alias.

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    Diamond Member Blurock's Avatar
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    Quote Originally Posted by ians View Post
    I think the only reason half the people bank with Standard we dont like change ... it jus5t seem too much of a hassle to move.
    Read the logo; "Just Do It!"
    Excellence is not a skill; its an attitude...

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    Standard bank is a shyte bank ... I am still waiting for the business banker to call me ... 3 days later... The R5000 I needed 3 days ago is no longer required ... cash flow is sorted.
    Comments are based on opinion...not always facts....that's why people use an alias.

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    Quote Originally Posted by Blurock View Post
    Read the logo; "Just Do It!"
    Now that my all my business and personal Standard bank accounts are at zero ... no more overdraft or credit limit ... I can now move to a new bank with a clean slate.

    It is such a nice feeling being broke but everything is paid up to date ... no HP on vehicles ... no over drafts ... no credit card.
    Comments are based on opinion...not always facts....that's why people use an alias.

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    Diamond Member adrianh's Avatar
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    My daughter opened a FNB account to link her PayPal accounts. One the one screen it says she has Fica documents outstanding and on another screen it says that they have all the Fica documents. Lots of messages and emailing and FNB does SQUAT. Its been a week now. I will take her to the branch today to see if they can sort it out (or at least help her)

    FNB is also USELESS!
    “Why, sometimes I've believed as many as six impossible things before breakfast.”
    ― Lewis Carroll, Alice in Wonderland

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    Silver Member Derlyn's Avatar
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    Quote Originally Posted by ians View Post
    Now that my all my business and personal Standard bank accounts are at zero ... no more overdraft or credit limit ... I can now move to a new bank with a clean slate.

    It is such a nice feeling being broke but everything is paid up to date ... no HP on vehicles ... no over drafts ... no credit card.
    Now that is true freedom. I know that feeling well. Don't owe anyone a cent except Municipal account and Vodacom.
    House sorted. Car sorted.

    I drive an old car ( 1999 ) model, but that's fine, it's mine.
    I live in a small house in the oldest suburb in East London ( Westbank ) , but that's fine, it's mine.

    I know that nice feeling, brother.
    Don't fall into the trap of spoiling it.

    Peace out ... Derek

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    Diamond Member Justloadit's Avatar
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    Ians - Good to hear.
    I have been in that state for some 8 years or so.
    I have no intentions, of ever getting into any debt, unless I really have to, but then I am going in with my eyes very wide open.

    I have an overdraft facility, and use it often, but remember I am very aware of what I am doing, and the overdraft does get me the instant cash I need.
    I could use my savings, but then I lose on the interest, as where the overdraft fees are a business expense.

    I have a credit card too, and get 59 days credit, and rack up EBUCKs for its use. Always paid diligently and on time to save on penalties.
    Knowing to play the game is what makes you run successfully.

    It is the same thing with signing a surety for supplies on credit.
    I have this, but again as I have said I use it diligently, and use other peoples money to run the business, and keep my savings in investments which give better returns than dipping into it and screwing up the long term interest returns.
    Use of the overdraft when I occasionally need it, cost me between R1K and R3K. Making use of my savings would cost me more in interest, as I would then have to recall the funds to use it.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

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