When banks say no

[theshortstack]

Has anyone had any problems opening up bank accounts for their affiliate work based on the nature of their business?

I've just had an application for an account turned down with HSBC after they had a look at one of my websites and decided that they couldn't support that sort of business as it actively promoted gambling online.

I'd like to open up a new account to help me run my finances more efficiently, but I wasn't expecting people to react to online gaming so strongly.

If you've had similar problems, can you let me know how you got round them? And if youre in the UK, can you let me know whether your bank is ok with you promoting online gaming ... and who they are!

 

[tryme1]

I've no idea whether my bank knows I promote online gambling, although the payments from Ladbrokes and StanJames affiliates are probably a clue.

I'm with lloyds.

 

[WCD Admin]

Do not give them your websites!?! Why is it the banks business what websites are yours? I tell them the truth. You are in the business of advertising or marketing. You have no less rights than a billboard company in Utah who rents a sign to a company in Nevada advertising slots.

PS: do not take this as legal advice, its only my opinion.

 

[lots0]

I guess my first question would be where are you located?
The laws vary a lot from country to country about opening bank accounts.

If your in the US, just register an LLC and open an account using the LLC. The Banks don't need to know your business activities just the basic tax info for the LLC.

 

[theshortstack]

Do not give them your websites!?! Why is it the banks business what websites are yours? I tell them the truth. You are in the business of advertising or marketing.

That's pretty much what I did. Told them I was in the online marketing business and we chatted about what I'd be marketing and he seemed fine. Then asked for one of my websites, and I didn't see what the problem was.

I don't want to start lying to banks. I need to be open about my business.

I'm in the UK btw.

 

[lots0]

Sorry, I know nothing about UK law.

However, I am sure someone else around here knows about this stuff.

 

[lots0]

I forgot to mention, sometimes it is a very good thing to diversify out of gambling. So if you have to, you can talk about your site that sells "whatever" that is socially acceptable.

 

[tryme1]

It does seem strange that HSBC were so against this. After all, online gambling is 100% legal in the UK - there's no grey area here.

I would suggest trying Lloyds for two reasons : 1) Because they are the fastest UK bank in terms of processing dollar cheques (if you ever get these) and 2) because you just need to tell them you are a web publishing business and they probably won't ask further questions.

 

[bonusbeast]

I have had banks ask me what type of check it was and who it was from. I just tell them I do some marketing for online companies, never been turned down!

 

[fccash]

I was refused an account at a major bank here in Canada for the very same reason. The next day I went to another bank and kept my mouth shut, only this time I offered very basic information and a generalization of what an affiliate is. I have had no problems. Its unfortunate that we are looked down upon and chastised for the type of business that were in. Good Lord, you would think that we were selling crack the way some people look at us when we mention the words "online casino" or "gaming revenue"

 

[RayUK]

To the OP - theshortstack, did you get this sorted in the end?

 

[wolf]

Well, I had the same problem with a large bank here in Germany when started business. They explained they can not give me an account as they have the impression that this activities are looking as being connected to money laundering activities. The next bank hat no problem at all giving me an account. It looks like it depends of the bank's house philosophy and is not a general problem.

Has anyone had any problems opening up bank accounts for their affiliate work based on the nature of their business?

I've just had an application for an account turned down with HSBC after they had a look at one of my websites and decided that they couldn't support that sort of business as it actively promoted gambling online.

I'd like to open up a new account to help me run my finances more efficiently, but I wasn't expecting people to react to online gaming so strongly.

If you've had similar problems, can you let me know how you got round them? And if youre in the UK, can you let me know whether your bank is ok with you promoting online gaming ... and who they are!

 

[Simmo!]

I set up my business with Nat West who I have to say have been very good. They asked me to vouch for the fact that none of my proceeds were from actually gambling (myself) at casinos based in the USA, but beyond that they were happy to have my business.