Guest's Review of Investec Private Bank Business Bank Account
20th Jan 2008
Overall Rating
- Value for money
- Banked with company1 year and over
- Customer service
Reading about the other accounts on here I would say they do pretty much what it says on the tin. Generally helpful and having been with the for other 10 years nothing much as gone wrong.
Bad Points
Very tight on anti-money laundering - having banked with them for at least 10 years (was originally Kleinwort Benson), they wrote wanting to 'get to know us better'! which involved us obtaining certificated copies of passports etc. We pointed out they had had all that information when we originally opened the account and said that if they wanted to know us better they were free to come and meet us and inspect the documents at their leisure. No go - and ended up putting us to great inconvenience. Jobsworths!
General Comments
This refers to the PICA account rather than the BCA, but is the one we have used for business banking for many years. We have never paid any charges for operating the account. Pays a good rate of interest, accepts direct debits and we have never lost any cheques paid in using their prepaid envelopes.
No cash deposits possible as far as I am aware - we use Coop/post office for this).
Interest is statement viewing only. No transaction processing. They will accept fax instruction if the relevant mandate is completed.
No debit card
If you receive payment by Bacs or Cheques from customers and only pay by cheque or DD, then this is the one for you!
Min balance was £2000 when we opened it, but may be higher now.
PS:The call centre do seem quite intelligent compared to the normal dreaded call centre experience!
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