It is illegal to operate a business through a personal account; anyone with bad credit rating will experience difficulties when opening a bank account through the standard route. There are several companies out there who are willing to assist but one has to be cautious since there are others who offer unrealistic promises. Some of such companies are neither registered nor regulated. Since you will be needed to submit your personal information, it is prudent that you first check if the company is licensed. When small businesses are starting up, majority use their personal credit and finances to get their business running. But first they need to establish a credit history by putting expenses (for instance a business phone line) in their business name and using a commercial bank account to pay their bills.
With the credit crunch that is affecting very many businesses globally, it is very hard nowadays to start and maintain a business. Good news is that you don’t have to worry no more since it is now possible to open bank account even though you had poor credit rating in the past. Several bank nowadays provide bad credit business bank accounts for those wishing to start a company or already own one but faces major difficulties due to bad credit.
Services offered by bad credit business bank accounts
This account is ideal for people who want to manage their financial matters yet they have a history of poor credits. Various banking services this account offers are:
1. Cheque books
2. Debit cards
3. Standing orders
4. Direct debits
Advantages of business bank account bad credit
Bad credit business bank account helps entrepreneurs to manage their financial matters of business. This banking service is full of various facilities that will benefit the poor credit holder. Such services offered include:
1. No credit check. This means that anyone can open this account no mater how bad their credit rating is.
2. It helps to reconstruct your financial status by helping you to manage your finances through completing and honoring your commitments
3. Helps clients to make direct payments for your electricity and water bills
4. It offers both online and mobile banking services
5. Absolutely no fee is charged for overdrafts and overdue payments
6. Affordable fees to open your account and low minimum monthly charges
7. Personalized services from your account manager to help you manage your finances and also to help rebuild your credit position.
In order to enjoy such facilities, what is only required from you is your Identity and address. Just ensure you have filled the bank application forms and you have provided the necessary documents needed by the bank. After you have done all this you will get the advantageous bad credit business
bank account to help you manage your finances as well as rebuild you poor credit rating. Thanks to technology, it is now possible to apply for this account through the internet at the comfort of your home or office.