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SC Derby

Some good news/Could help other.

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Couple of bits I thought I'd share as could help others.

Had a call from Lloyds last week, given me a new business manager, anyway we were chatting and the only request I had was an overdraft facility which I thought they'd say no. This was Thursday. Friday he rang me at agreed time of 11am and by 11.30am we had a 10k overdraft facility on the account, 9% is the rate calculated per annum so if I used the full £10,000 for the full year it would cost approx £900 in interest, so less than £100 a month. He said Lloyds are starting to focus on motor trade and gave specialist team/division to deal with it, he is part of this team. £145 set up fee.

Second bit is I'm not sure if this info is widely available but you can pay cash into a business account directly at the post office. Ours has a limit of £2k a day, but they said there's nothing stopping me putting in £2k Monday, £2k Tuesday, £2k Wednesday depending how much I have. They said bigger post offices have larger limit (ours is just a local village one). There is absolutely NO CHARGE and the money was clear in our account before I left the door.

Cheers.

 

Edited by SC Derby
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18 minutes ago, SC Derby said:

Couple of bits I thought I'd share as could help others.

Had a call from Lloyds last week, given me a new business manager, anyway we were chatting and the only request I had was an overdraft facility which I thought they'd say no. This was Thursday. Friday he rang me at agreed time of 11am and by 11.30am we had a 10k overdraft facility on the account, 9% is the rate calculated per annum so if I used the full £10,000 for the full year it would cost approx £900 in interest, so less than £100 a month. He said Lloyds are starting to focus on motor trade and gave specialist team/division to deal with it, he is part of this team. £145 set up fee.

Second bit is I'm not sure if this info is widely available but you can pay cash into a business account directly at the post office. Ours has a limit of £2k a day, but they said there's nothing stopping me putting in £2k Monday, £2k Tuesday, £2k Wednesday depending how much I have. They said bigger post offices have larger limit (ours is just a local village one). There is absolutely NO CHARGE and the money was clear in our account before I left the door.

Cheers.

 

Thanks for that SC - I'm with Santander and I think Motor Trade ranks somewhere slightly below drug dealers.

As for PO - My local says £1k max but they take me "out back" and have no daily limit (because they know me).  Have done several thousands numerous times, instant clearing but I still prefer a bank transfer.

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Oh definitely still prefer Bank Transfer, but we sold a couple of sub £2k part exchanges in last week and both paid cash. Both my local Lloyds branches closed in January so a trip to the nearest branch is an hour round trip and then however long it takes in branch - not ideal.

 

I'm with you on the banks too. 

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Worse still - Santander will not even accept cash or cheques over the counter.

Cheques via cash point, Cash has to be PO - unbelievable.

I don't have an overdraft but may request one, just for the excuses.

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Only advice I can give was he was keen for me to say that the overdraft facility wasn't directly for stock - and it helped all of out stock is self finance ie no loans or stocking facility.

It's for cash flow purposes allowing me to bring the cars to the market quicker - speeding up mechanical and body prep, PDI, Delivery etc.

Edited by SC Derby

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I was told by LLoyds that i can have an over draught but i was paying for its facility.............................. as in your paying for it if you use it or not, fact you have it is your paying for it

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If I had a like button I would be hitting it hard 

 

cheers for the heads up it’s good to see banks doing what they should. 

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2 minutes ago, Blenheim Car Sales said:

I was told by LLoyds that i can have an over draught but i was paying for its facility.............................. as in your paying for it if you use it or not, fact you have it is your paying for it

This isn't that. You only pay for every day you are in it, no use then no pay, except £145 a year to have it open.

So if I am in it for £1000 for 5 days, I would pay less than a £1. Ie 9% of how much you use are divided be 365 days gives the daily charge.

Edited by SC Derby

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Just applied for £10k Santander - waiting for response (3 days).  They charge an annual fee of 1% of the total requested and no payments unless used other than that 1% (if I have understood correctly).

 

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49 minutes ago, Mark101 said:

Just applied for £10k Santander - waiting for response (3 days).  They charge an annual fee of 1% of the total requested and no payments unless used other than that 1% (if I have understood correctly).

 

are you aware its 7% charge for every penny you pay in over a £1000 a month cash to the PO

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36 minutes ago, boring dave said:

are you aware its 7% charge for every penny you pay in over a £1000 a month cash to the PO

Free banking for 2 years ;)

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I’m with Lloyds.

Our local Post Office, small village, can take £1000 per hour as they have an open counter. However no limit per day.

However Lloyd’s charge me 1% plus Vat for cash deposits.

Call to my business manager, think we last spoke 5 years ago, tomorrow.

 

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Not sure if this means times are tough or good. Getting an overdraft facility 5 yrs ago was a nightmare, though they have softened recently. I used to be a top rated lloyds account business in previous firm but couldn’t get the rate below 7%, yet bank rate at 0.5%, no wonder they are keen to lend at 9%, that’s an easy way to make money (as long as they get it back).

Edited by CCC

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