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Lodging business cheque to personal account

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  • 23-02-2012 2:49pm
    #1
    LJL
    Registered Users Posts: 83 ✭✭


    Hi,

    Sorry for bringing up this topic again but it has been a few years since this was answered. I am setting up as a soletrader and I really dont want to go and open a business bank account. I have an extra personal account that I dont use so I am going to use that for business purposes. However, is it possible to lodge a cheque with my business name into my personal account?


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    #2
    CompanyBureau
    Registered Users Posts: 93 ✭✭CompanyBureau


    I'd doubt it but try ringing your bank..


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    #3
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Nope - the bank will make you open a business bank account, whereas personal banking is pretty much free still business accounts will cost you.


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    #4
    johneire31
    Registered Users Posts: 164 ✭✭johneire31


    they usually insist that you separate your personal account from business stuff, must make it easier for them to grab when stuff goes wrong.


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    #5
    sandin
    Closed Accounts Posts: 1,594 ✭✭✭sandin


    LJL wrote: »
    Hi,

    Sorry for bringing up this topic again but it has been a few years since this was answered. I am setting up as a soletrader and I really dont want to go and open a business bank account. I have an extra personal account that I dont use so I am going to use that for business purposes. However, is it possible to lodge a cheque with my business name into my personal account?

    I presume you will register the name of the business and wil be called LJL t/a bloggs clogs.
    Once you give the bank a copy of the registration, then there shouldn't be a problem.


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    #6
    TheWaterboy
    Registered Users Posts: 379 ✭✭TheWaterboy


    I had a similiar problem - registered as a Sole Trader and BOI insisted I open a business account. That was about 4 years ago. Business Account is nothing but hardship and their online offering is pratically non existant...

    Cue a few months ago, I went into my local BOI and told them my issue with their business setup. I convinced the manager to allow me open a personal account..Full 365 online banking etc etc which makes my life much easier...

    Banks can be so unhelpful sometimes especially with lodging cheques. Sometimes if a cheque has wrong T/A name on it or something they can refuse it...And then you have to go get it reissued...A bit of common sense by banks would help alot of businesses.


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    #7
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    TheWaterboy wrote: »
    I had a similiar problem - registered as a Sole Trader and BOI insisted I open a business account. That was about 4 years ago. Business Account is nothing but hardship and their online offering is pratically non existant...

    Cue a few months ago, I went into my local BOI and told them my issue with their business setup. I convinced the manager to allow me open a personal account..Full 365 online banking etc etc which makes my life much easier...

    Banks can be so unhelpful sometimes especially with lodging cheques. Sometimes if a cheque has wrong T/A name on it or something they can refuse it...And then you have to go get it reissued...A bit of common sense by banks would help alot of businesses.


    BoI do have a online business banking, you just have to sign up for it.


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    #8
    writhen
    Registered Users Posts: 209 ✭✭writhen


    BOI online business banking is a bloody awful user experience.


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    #9
    amber2
    Registered Users Posts: 1,601 ✭✭✭amber2


    If you are Joe Bloggs t/a then you are entitled to register for B365 online free of charge, if you are a Ltd Co then you have to use BOI Online service which is €15 per month. New Business accounts get free BOL for 2yrs but I find Banking 365 easier to use.

    If you are opening up a business then open a business account you get 2 yrs free banking for small business start up and as for lodging cheques they have to be made payable to the name you have on your Trading Cert which the bank take a copy of when opening the account you have to ensure that you customers are aware of this when writing a cheque. Cheque can be made payable to either you or the trading as name registered. Hope this helps.

    http://businessbanking.bankofireland.com/current-accounts/business-start-up-guides/business-start-up-package


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