Avoid

Lloyds TSB Business Bank Account
★☆☆☆☆
1.1
From 169 reviews
7.0% of users recommend this

  • Customer service

  • Value For Money

Guest's review of Lloyds TSB Business Bank Account

“Avoid”

★☆☆☆☆

written by on 24/07/2013

Thinking it should be easier and quicker to open up a business bank account with Lloyds as I already have a personal account with them, I was completely wrong. Not only did I have to go through all the ID checks but I had to call numerous times to remind them to post me my information pack and internet banking details. Horrible branch manager in Palmer's Green and not at all helpful. The so called "Relationship Manager" doesn't even exist, I keep getting through to call centre staff and long waiting time. Just avoid it if you can.

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Valueseeker's Comment

Written on: 26/07/2013

Completely agree. I thought the same, that it would be easier take out a business loan with them for a new business as I already have a business account there. I was told I ticked all the boxes but it needed approval from another team. They had a full breakdown of all the cost and comprehensive business plan. After chasing for 2 weeks - each time having to go through laborious chain of people and security to speak to a business manager in Scotland (I'm in Essex!) and waiting to be called back which invariable did not happen. I was asked permission to do a credit check and then asked again all the details pertinent to the loan that were clearly stated in the business plan. I asked how long it would take for a formal approval and I was told 5-15 working days the same as two weeks earlier when I had first put in my business loan application!! Time was imperative which was made clear to Lloyds from the start as I needed to complete the purchase before the end of August. So yesterday after more numerous calls from my end and no replies I am told Lloyds don't loan on goodwill!!!! I have always made clear the goodwill sum from the begining and my portion of the purchase prices covers the goodwill. They have wasted my time, had a damaging credit check carried out on me and may well loose the business now. NEVER DEAL WITH THIS BANK

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Mrsned's Comment

Written on: 26/07/2013

similar experience here when we wanted to add a second signing account to our existing solvent, business account, long standing and in good order. Branch said could not process it, it had to be authorised by a Relationship Manager who could only be reached by phone. After several abortive phone calls, eventually told they could not be contacted as they "were busy" and would call back. Never did and doubt they actually exist. Suspect Lloyds actively discouraging new accounts or expansion of existing ones. AVOID.

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