Urgent.....joint bank account?

Hello all, i am new to this forum and found very helpful in many ways.
Now straight to my point.

I had teamed up with my friend to switch from psw to t-1 visa .
by advice of our solicitor we opened a business account controlled jointly by us. we deposited 50 k in the account.

now he said we need joint account to show access fund. we are furious as our visa is running out in 7 days time. we need to open new joint account.
i m wondering if anyone can answer how many days does it take to open joint account and what about the money to be put in it?

also can we join our existing accounts and put money even if we have bank accounts from diff banks.

does it matter if we have one day deposit shown in joint account?
do we need letter from bank as statement wont be available till 5-10 days or a month?
so if we have to print statements and get it stamped from banks? lloyds tsb possibly...

please please all brothers n sisters and friends..please help us ..its emergency...our solicitor n accountants has deceived us.

many thanks in advance

please reply my frens... we all have similar problems...

Hi,
I don't know much about these particular problems, but looking at the urgency of your problem, I'll answer with the knowledge I have.
If I'm not wrong, even if the account is held in a bank account that is not a joint account, you can get a letter from your financial institution that states that the funds are available to both you and your partner.
If you already have a bank account (a sole not joint account), you can transfer the funds into it and get a letter from the bank.
I don't know how long it takes to set up a joint bank account, but if you set it up with the bank where you already have an account, it might be quicker than usual. Also, often banks can open your account immediately if you go to the branch instead of applying online. The list of documents that you are required to take with you will be listed on the bank's website.
Yes, even if the money has been in the account for one or two days, you can apply.

hey dude u dnt need to open another joint account as long as you guys 50k in one joint account and u both got ur own maintenance funds

friendlydude01 wrote:Hello all, i am new to this forum and found very helpful in many ways.
Now straight to my point.

I had teamed up with my friend to switch from psw to t-1 visa .
by advice of our solicitor we opened a business account controlled jointly by us. we deposited 50 k in the account.

now he said we need joint account to show access fund. we are furious as our visa is running out in 7 days time. we need to open new joint account.
i m wondering if anyone can answer how many days does it take to open joint account and what about the money to be put in it?

also can we join our existing accounts and put money even if we have bank accounts from diff banks.

does it matter if we have one day deposit shown in joint account?
do we need letter from bank as statement wont be available till 5-10 days or a month?
so if we have to print statements and get it stamped from banks? lloyds tsb possibly...

please please all brothers n sisters and friends..please help us ..its emergency...our solicitor n accountants has deceived us.

many thanks in advance

Hi Friendlydude01,

right you as you have formed a entrepreneur team so you need to show 50k in joint current bank account (which will meet the requirement that you both have equal excess to the money). Do not use business account to show your funds are held there as business is not trading.


Regarding opening bank account its very simple and easy preferably LLOYDS TSB (As they will print the statements and stamp it for you and will give you letter showing the balance on that date)

visit any Lloyds TSB bank and try to use your driving license and utility as proof of ID and address prove as showing them passport when visa is running our in 1 week can create problem so avoid it.

Once they open your bank account they will give you account number and sort code there and than and you do not need to wait for the cards, cheque book etc to come .... once done just transfer funds from your business account to your newly open joint account (DO NOT TRANSFER ALL 50K in one transaction as Bank will hold your money and will verify transaction and also there is a limit of so much you can transfer a day if you transferring online I think Lloyds tsb online transfer limit is 25k), eg 5 transaction of 10k in 2 days all funds are in new joint bank account and once you have transferred funds visit the branch ask them you need 2 sets of statement and letter confirming balance and job will be done.



Even if you joint your current account which you have maintained for your maintenance funds it can be done but all depends how good your credit scoring.


Also remember solicitor and accountants are only as good as you are so do your home work properly and you will not need them.

POLICY GUIDANCE is a best legal advisor

good luck with your application all the very best

hope it help

regards

Rehan

Hello @whiteroses ..n @ bunty ...thanks for reply. But I dont have joint account so needed one. Was not suggested by solicitor nor accountant ..so called experts....thats why the problem.

Many thanks to brother @rehan... u make much more sense ...I ll try this monday to open joint account...let me see if I can get it opened...if not bigg trouble..
Yes I have credit history problem so I could not have my name added to my cousins account. ..so wondering if
1) if I can get new joint account with my business partner with whom I opened joint business account in Lloyds.
2 if I can add his name to my current account to make it joined. ..
Does no 2 work ...if he has his own personal account to show maintenance fund n we use my account (if its allowed to be used as joint) to show my maintenance fund plus our access fund for investment. .

And yes as u said will take time to transfer amount from biz account as we dont have online access to it...

Plus one more question: was the rule to not use business account there already or changed after 13 December. . My solicitor said so..

I m so stressed atm...why did I not use this forum..earlier..I m so stupid to pay such high price for nothing n getting myself into trouble. ..
God plz help me...
Can u guys believe I paid extortionate amount to bring me to this situation...

Opps. .sorry rehan u had answered my issue no 2 ...
Thanks brother for answering such late night...much much appreciated. ..
U have my deepest respect.

friendlydude01 wrote:Hello @whiteroses ..n @ bunty ...thanks for reply. But I dont have joint account so needed one. Was not suggested by solicitor nor accountant ..so called experts....thats why the problem.

Many thanks to brother @rehan... u make much more sense ...I ll try this monday to open joint account...let me see if I can get it opened...if not bigg trouble..
Yes I have credit history problem so I could not have my name added to my cousins account. ..so wondering if
1) if I can get new joint account with my business partner with whom I opened joint business account in Lloyds.
2 if I can add his name to my current account to make it joined. ..
Does no 2 work ...if he has his own personal account to show maintenance fund n we use my account (if its allowed to be used as joint) to show my maintenance fund plus our access fund for investment. .

And yes as u said will take time to transfer amount from biz account as we dont have online access to it...

Plus one more question: was the rule to not use business account there already or changed after 13 December. . My solicitor said so..

I m so stressed atm...why did I not use this forum..earlier..I m so stupid to pay such high price for nothing n getting myself into trouble. ..
God plz help me...
Can u guys believe I paid extortionate amount to bring me to this situation...

Opps. .sorry rehan u had answered my issue no 2 ...
Thanks brother for answering such late night...much much appreciated. ..
U have my deepest respect.

hi friendlydude01,

DO NOT WORRY as you been worrying about all this will not HELP and solve any mess you are at the moment .......... Also stop paying anymore money to the solicitor and accountant like you said you have 1 week left in your visa expiry and believe me you have enough time as I guess you have rest everything in place apart from this JOINT BANK ACCOUNT ????

if you need any help regarding the documentation etc feel free to post and will guide you as per my knowledge as I have applied Tier 1 entrepreneur visa with a team member and I DIDNT PAID A SINGLE PENNY TO ANYONE.


I used this forum and other resources and I must say people here are just amazing and the amount of guidance and help I got from this forum was more then the advice any solicitor or legal advisor can give me or do.

Policy guidance is there and everything is black and white so just need to follow it and job is done ... I spoke to 3 or 4 different solicitors and legal advisors before I applied my case and no1 was willing to explain anything was just saying we will do it and we will only tell you this and that (the questions I have asked) when you have paid us the initial fees which is half of there total fees something ridiculous like 5k to 7k.


feel free to private message me or drop me your email and will guide you as much as I can and have faith on GOD and do everything to the best of your knowledge and you will be fine.

I can understand your frustration and stress but keep praying and be positive and you will be fine.


Also I am not a legal advisor or solicitor and whatever I have mention in my post and guide you to do its entirely my own experience and understanding and entirely for guidance only .... so please please please do not blame me later for anything. hope you understand what I mean.


regards

Rehan

Hello all,

Please someone, urgently need assistance regarding 50K PSW route. Me and my partner holds 25k each, in our sole current accounts in the UK. Now, my question is whether its okay to keep the money in sole accounts or do we need a joint account? I checked the guidance notes which is so very confusing. Bear in mind that we got visa till the end of the month.

Sayed14 wrote:Hello all,

Please someone, urgently need assistance regarding 50K PSW route. Me and my partner holds 25k each, in our sole current accounts in the UK. Now, my question is whether its okay to keep the money in sole accounts or do we need a joint account? I checked the guidance notes which is so very confusing. Bear in mind that we got visa till the end of the month.

hi Sayed14,

best to open a joint bank account and have you funds in joint bank account to save yourself from hassle of getting letter from bank and solicitors that you both have same excess to the money, if you have money in joint bank account you meet this requirement automatically and don't need letters from anyone either

hope it help

regards

Rehan

Thanks Rehan for the quick reply. I totally agree with you regarding joint account but my partner is living in the south and I further north. So, we are planning to meet up on day we submit our applications.

Do you think bank will give us such letter keeping in view that its a sole account? Anyone please share if they've obtained such letter, please share the bank name too.

Thanks

Sayed14 wrote:Thanks Rehan for the quick reply. I totally agree with you regarding joint account but my partner is living in the south and I further north. So, we are planning to meet up on day we submit our applications.

Do you think bank will give us such letter keeping in view that its a sole account? Anyone please share if they've obtained such letter, please share the bank name too.

Thanks

Bro there is no gain without pain so u need to make some effort and sort it out ....... I gues its easy to meet now and sort things out rather than making it worse and thn runing after solicitors for appeals etc


And its entirely ur choice ... Gud luck

hello rehan brother, thanks a lot lot for every suggestion n wise words of yours.

i m goin tomorrow morning to open joint account if it will be possible.
as u said there is only 5 days visa remaining in my ID card so really worried if bank will give problem.
i tried to open via online ...but it says 3 working days to send me returnable documents..so cant wait that long.

i have some more details to ask..so i will pm you.
and yes this forum has helped people like us who were confused and cheated by so called solicitors/accountants with their poor service.

we can help each other so i wish all the best to all and myself too..

thanks all again.

friendlydude01 wrote:hello rehan brother, thanks a lot lot for every suggestion n wise words of yours.

i m goin tomorrow morning to open joint account if it will be possible.
as u said there is only 5 days visa remaining in my ID card so really worried if bank will give problem.
i tried to open via online ...but it says 3 working days to send me returnable documents..so cant wait that long.

i have some more details to ask..so i will pm you.
and yes this forum has helped people like us who were confused and cheated by so called solicitors/accountants with their poor service.

we can help each other so i wish all the best to all and myself too..

thanks all again.

Good luck bro and all the best for tmw and rest of the application and yes I have received your pm and replied back to u in details.


LLOYDS TSB will do the job easily and make sure go to the HIGH STREET BIG branch where they have enough staff to deal with it and if you manage to get the account open tmw than problem will be sorted.


all the very best and you can submit the application on the very last day of your visa expiring via Royal mail Special Delivery and they will consider that as Date of Application but please double check this information.

regards

Rehan