Received a cheque but no business account?
Sosks · 09/08/2017 16:32
I run a very small website which is registered as a business, we don't earn very much, therefore, only have a business PayPal. We recently ran some ads on our site for a big company and though it was specified on the booking form to pay via PayPal, they have posted us a cheque.
Would I be able to deposit this in my personal account and transfer it into our PayPal? It wouldn't be worth it for us to open a business account at the moment. Any advice?
Theaspidistraiswilting · 09/08/2017 16:39
I had a similar situation and it is up to the individual banks disgression. I bank with HSBC and took in the cheque with lotta of ID and documents proving the company was mine and personal IDs proofs of address etc. But they wouldn't cash it to my personal account, had to go. Ack to the cheque issuers and ask for one in my name eventually.
Sosks · 09/08/2017 16:48
@Theaspidistraiswilting Damn I hope my bank does agree! The cheque is in the post, but may nip to the bank before it arrives and ask them if it's possible in advance?
delilahbucket · 11/08/2017 22:53
It is unlikely to be possible. The company name could belong to anyone and you cannot prove otherwise unless it is Limited, in which case you legally have to have a business account. Can you open a free business account to bank the cheque and then close it?
Just be aware that going to your bank and telling them you use your personal account for your business transactions could result in your account being closed as it is against terms and conditions.
Sosks · 12/08/2017 12:45
@delilahbucket thank you! I did ask TSB, didn't say that I use my personal banking for business but just explained the situation and although the lady was very lovely and understanding, it definitely isn't possible! Said my only two options were to open a business account or get them to resend the cheque in my name. Leaning towards the latter!
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