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Start up Business Bank Accounts

Questions & AnswersCategory: Debt ReviewStart up Business Bank Accounts
John Smith asked 1 year ago

Hi,

if you under debt review and open a new start up business, it seems banks will allow you to open a business account. There is no application or requirements for any credit facilities.
Please can you give insights on this, FNB has declined.

Thanks

1 Answers
Matthys Potgieter Staff answered 1 year ago

Hi there,

Thank you for getting in touch.

Banks should not have a problem supplying you with a business account whilst under debt review.

The Credit Act simply states that you cannot access additional credit whilst under debt review. As long as the account does not have an overdraft or credit card linked to it you should be fine.

If any bank refuses the account based on the fact that you are subject to a debt review they would have to elaborate as tho why they are declining.

Kind regards