Last week I applied over the phone for a business bank account with the Cooperative bank, after spending 50 minutes on the phone my business was rejected , the guy on the phone could not tell me why but said I would receive a letter detailing why. Today I received the letter, it seems I was rejected because something showed up with Experian, they suggested I contact Experian and pay £2 to find out why I was rejected.
I contacted Experian who said that I have to pay £99 to get a company credit report. After telling them that this was extortion they suggested I contact the coop, so I called the coop and told them that they told me to get a credit report from Experian for £2 when in fact it was £99 (£2 is for a personal check and £99 for a company check). It fell on deaf ears as the coop worker could not tell me exactly why my application has been rejected, although she said she would feed back this information to the relevant people.
Being rejected for a bank account is understandable if you have bad debts, but nor my company or myself has any bad debts whatsoever. Perhaps this is why I don’t qualify for one of their bank accounts, they might want someone that is going to go overdrawn on a regular basis so that they can sting them with bank charges and interest.
I have decided to stick with Santander, even though they block my card and send me automated messages if I buy more than 3 things per day
