I have a mission today for some of you out there that have been hanging on waiting for a bank to get back to you regarding your Bounce Back Loan or even just opening a business account, and that mission is to visit a local branch and throw yourself, not literally (but do so if it helps) at the mercy of the staff.
You only have to watch the TV adverts for most banks and you will see they are all proclaiming to be there for you and want to help you, and I have been saying for weeks the only bank that lives up to their adverts are Lloyds, who in my opinion are the best bank out there for Bounce Back Loans, admittedly if you have an account with them (or have a current account with Halifax or Bank of Scotland as you an onboard with Lloyds with those accounts).
I have for quite some time been telling people via DM who have been experiencing problems with banks such as Barclays to visit a branch (or a few branches if you get no help at the first one or two of them you visit) and turn on the tears if needed to get someone in the branch to help you.
One of many people I suggested that to previously did so and finally got some movement in their Bounce Back Loan application by doing so, as you can see from their message to me below.
The same should be done with other banks such as Metro Bank and Clydesdale, and for reference even people who have been turned down when applying online for a business account with the latter have been able to get such an account sorted out and opened when visiting the branch and asking politely for such an account.
Here are a couple of people who did visit a branch yesterday, this time Metro Bank. The first one at least found out what their problem was/is and it is now being sorted out.
This second DM’er visited the branch, returned home and was emailed minutes after arriving home to be told everything has now been sorted out and payment will be made in 24 hours.
It may not work for you all, but if you have time on your hands and are desperate for a Bounce Back Loan / bank account, then get out there and visit a branch or a number of branches until you find someone prepared to help you, even if only a small percentage of you get sorted out that will mean at least some of you out there are finally on your way to getting a Bounce Back Loan.
This is what you have to do these days to get a Bounce Back Loan, it really is the wild west out there currently, always stay polite and friendly with the bank staff, and like I say if it helps to turn on the tears then do so. This is your livelihood and business we are talking about here and you need to do whatever it takes to get sorted out.
Let me know how you get on as nothing would give me greater pleasure than learning that at least some of you who did spend the day out “bank branch hopping” got sorted out finally.
Been Declined a Bank Account or BBL?
Please read below for some reasons as to why you may be declined a bank account and/or a Bounce Back Loan with some lenders.
Many people who are declined tend to fear it is their credit rating/score that is the cause of a decline, and whilst that can and may play a part obviously, there can be a whole host of other reasons, some of which can be sorted out, and when the latter is the case you may find it much easier to open a bank account and/or obtain a Bounce Back Loan.
Some Lenders can and will and are in within their rights to decline anyone for an account and/or BBL based on their own criteria in additional to that laid down by the British Business Bank.
With that in mind, if you have checked all of the following and/or have been declined by one lender then you are also within your rights, and encouraged to apply to any other lender that is part of the Bounce Back Loan scheme.
Potential reasons not relating to credit score/rating
SIC Code – not matching on companies house vs application.
SIC Code – considered a reputational risk – you would be surprised how many business types fall into this category.
Directors/owners name not matching companies house and/or
Voters roll e.g. Chris vs Christopher, is middle name included etc
Business address not matching, has accountant used their address for registered? What is your correspondence address at companies house?
Business name not matching e.g. Ltd v limited
Recent changes of directorship and/or ownership – red flag at the moment due to BBL fraud
Markers registered against the company or director
Previous financial relationship with the bank or one its subsidiaries that did not end well
Many Bounce Back Loan applicants that have been through hell and still are experiencing problems have been offered compensation, ranging from £50 up to £2500 for the more complicated problems.
It is your choice as to whether you a accept any offer of compensation and the amount you accept too.
Bank and Lender Updates
Be aware things can change in an instant at any bank and as such I will now give you an overview of how things are going with each bank, and let you know how and where to contact if you want to try and chase up your Bounce Back Loan application and find out where things stand with each bank.
Each bank will have their own criteria for opening accounts, and some lenders also have their own set of rules regarding who they will allow to open an account and/or apply for a Bounce Back Loan.
They appear to have now launched their online Feeder Account Portal, which hopefully does away with the exceptionally long and drawn out process for applying for such an account.
Many people who had previously applied for a Feeder Account are still waiting for their call backs to set up the account, and/or to receive all related documents and many people are still waiting for payment.
Be aware many people have been declined for such an account when using that portal, and also when they have applied for a feeder account during the telephone interview for such an account.
Useful Email Addresses for Contacting HSBC:
Lloyds continue to do what they do best, process, and pay out BBL applicants quickly and with no fuss or hassle.
Be aware that if you hold a Bank of Scotland or a Halifax or Lloyds personal bank account you can use the Onboarding Portal to get a Lloyds Business Account and then can apply for a Bounce Back Loan.
Be aware though the dates listed on the website, as you will have had to have a personal bank account in operation before those dates to be able to onboard with Lloyds, if you have opened an account after the dates you will not be able to use that onboarding system.
Lloyds CEO Email Address
Metro Bank have now launched their Bounce Back Loan scheme, which is a sight to behold.
Due to the speed at which applicants are processed, and the rapid pay-outs too, many people wish they had an account with them, as their Bounce Back Loan journey would be an easy one for sure.
Metro Bank will let you register an interest in opening an account with them online and they will then make contact with you to arrange an appointment in one of their banks or ”stores” as they like to call them. Click Here to register for a Metro Bank account.
Applicants simply join an online queue and when it is their turn to apply for a Bounce Back Loan (which can be after a few hours), they then fill in the application form and once done they are then either approved on the spot, declined or told whether any additional information is required.
The feedback from many people is that Metro Bank are the game changer, as unlike most other banks people get to know at the end of their application their fate, without having to wait for days or weeks to discover what is going on with their application, as has been the case with other banks.
Email the CEO of Metro Bank Dan.email@example.com
Tide have run out of money to lend and are desperately scrambling around trying to raise more to increase the number of applications they can process, as such you can expect a huge delays before any application you have put in will be processed.
To be fair to the Co-Op not many people have been complaining about them, I have had a few here and there and some have been sorted out but every now and then I get someone appearing and asking for help.
Co-Op Bank CEO Email Address
Yorkshire Bank and Clydesdale Bank
I get the odd complaint about both Yorkshire Bank and Clydesdale and it is always worth checking out their respective BBL sections of their websites for updates, seen reports of those banks taking applications for new bank accounts by the way, but check that out as it can change at any time.
Yorkshire Bank CEO Email Address
Clydesdale Bank CEO Email Address
I am still getting all manner of weird and wonderful complaints about Barclays, it does appear though that many applicants now fly through their Bounce Back Loan system, but many are still experiencing problems with applying, getting paid and contacting the bank.
Barclays CEO Email Address
NatWest and RBS
The usual complaints about NatWest and RBS, including poor communication, problems applying for a BBL and even people being declined. Once again you need to start haranguing the right people to have any chance of your problems being resolved.
They have been paying many applicants out obviously, so if you do manage to have a hassle free experience then you should get paid out fairly quickly, even if it is not in the time scale you had hoped for.
Be aware that you may apply, not hear anything and then out of the blue get an email saying they are so busy your application is being dumped and not looked at.
NatWest / RBS CEO Email Address
Much like some of the above banks Santander have attracted plenty of complaints, but in all fairness many followers, and many long-time ones too have found emailing their CEO does get a response and their claims processed quickly. They too have also been dumping applicants via a mass cull type of email so be warned.
Santander CEO Email Address
Starling Bank operate a waiting list type of system, however, be aware they have additional criteria of their own as to whom they will supply a Bounce Back Loan to. Therefore, there are no guarantees you will get a loan from them. They have declined many thousands of applicants.
Skipton Building Society
Both Skipton Building operate a different business model than most mainstream lenders so you will need to check their rwebsite to find out more about what they have on offer to applicants.
You will be asked to sign away your rights to be able to apply for a Bounce Back Loan if you try to open a new account with TSB. As such do not waste your time trying to get such an account with them if your intention is to apply for a TSB Bounce Back Loan.
TSB CEO Email Address
Other Bounce Back Loan Lenders
The following are other Bounce Back Loan Lenders, be aware I receive very few if any complaints about any of the following.