I have been using my Chase bank account for business expenses, but have had to tag it as “Other”. Chase have been in the UK for 2 years now and I still can’t have their logo appear in my banking summary. Compare this to MoneyHub who I use for aggregation of my personal banking and they have a full Open Banking connection for Chase.
Could you at least add them to your banking list so they are no longer “Other”?
Hi @briansmart
We’re more than happy to add banks who provide business bank accounts. Unfortunately Chase doesn’t offer these at the moment.
We’ll leave this thread open however, in case anything changes.
I have connected personal accounts before so this is not relevant. Accountants say you do not need to go to the expense of having a business account for your sole trader business, you just need a separate account. On that basis, I have two Lloyds personal accounts feeding into Quickfile as well as the Revolut Pro account, which is a personal account designed for sole traders and not part of their business offering.
I would imagine very few sole traders want to be forced into using a proper business account due to it’s costs, restrictions, and the lack of in credit interest paid. I would implore you to support personal accounts used by trading businesses.
Hi @briansmart
Some banks do allow this. However, it’s worth checking with the individual banks to ensure using personal accounts for business transactions isn’t against their terms and conditions.
I believe in Chase’s case, it is against their terms.
It was sometime ago now and I can’t remember what bank it was but a friend of mine who was a sole trader used his personal account for business transactions. The bank sent him a closure notice because he was classes as having breached their terms and conditions and left him with no bank account. I don’t know how you fair with chase but where some banks charge for business transactions they’re losing money by you using a personal account and don’t like that! I’ll see if I can find out what bank it was but thought I’d mention it
But if it is against the banks terms & conditions then this isn’t going to wash as a counter argument to the bank!
It’s worth mentioning that there are several banks providing free business accounts that are integrated with Quickfile already.
Given the points that were raised I should point out that I do have a business account with Starling, but I am a landlord with half a dozen properties on mortgage. It is in the mortgage companies’ terms and conditions that I pay their mortgages from a personal account as I own the properties in my own name. It seems I am between the devil and the deep blue sea!