Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Bank references

Startups, marketing and more
Mike4
Lemon Half
Posts: 7084
Joined: November 24th, 2016, 3:29 am
Has thanked: 1637 times
Been thanked: 3792 times

Bank references

#419012

Postby Mike4 » June 12th, 2021, 11:55 am

Do banks still give meaningful references for nowadays?

I've just been persuaded to apply for a trade account with one of my suppliers (in order to get better prices) and they've given me a form to fill in, that I think was designed back in the 1970s. Asks for two trade supplier references, bank details for a bank reference, and my fax number but not my mobile.

Anyway, I was just wondering what they will make of me. I had no trade references to offer and I doubt Starling Bank would respond to a letter written in quill pen on papyrus. But I'm probably good for the price of a few circuit boards and boiler fans. Ok I'm rambling now....

didds
Lemon Half
Posts: 5244
Joined: November 4th, 2016, 12:04 pm
Has thanked: 3244 times
Been thanked: 1018 times

Re: Bank references

#419033

Postby didds » June 12th, 2021, 12:52 pm

Id just ask the supplier what they would take given you have no fax.

I'd just give them the Staring details and let them work it out themselves.

You cannot be the only person they deal with in this cituation. OR its a come on to trade with them in the safe knopwledge (from their perspective) that they;ll never have to priovide the "better prioces" but are relying on "Im here now anyway" and you continue to trade with them

Mike4
Lemon Half
Posts: 7084
Joined: November 24th, 2016, 3:29 am
Has thanked: 1637 times
Been thanked: 3792 times

Re: Bank references

#419044

Postby Mike4 » June 12th, 2021, 1:36 pm

didds wrote:Id just ask the supplier what they would take given you have no fax.

I'd just give them the Staring details and let them work it out themselves.

You cannot be the only person they deal with in this cituation. OR its a come on to trade with them in the safe knopwledge (from their perspective) that they;ll never have to priovide the "better prioces" but are relying on "Im here now anyway" and you continue to trade with them


Hey how do you know I have no fax?!!

:D

didds
Lemon Half
Posts: 5244
Joined: November 4th, 2016, 12:04 pm
Has thanked: 3244 times
Been thanked: 1018 times

Re: Bank references

#419116

Postby didds » June 12th, 2021, 9:28 pm

Mike4 wrote:Hey how do you know I have no fax?!!

:D



ah! i misread your OP! LOL.

That said who does now (except obvs this company and hospitals!)

Mike4
Lemon Half
Posts: 7084
Joined: November 24th, 2016, 3:29 am
Has thanked: 1637 times
Been thanked: 3792 times

Re: Bank references

#419117

Postby Mike4 » June 12th, 2021, 9:33 pm

didds wrote:
Mike4 wrote:Hey how do you know I have no fax?!!

:D



ah! i misread your OP! LOL.

That said who does now (except obvs this company and hospitals!)


Well quite, that's why I found their application form so amusing. It will reveal virtually nothing about me they don't already know, unless Starling Bank spill the beans on how I conduct my business account. But my guess is banks no longer offer worthwhile opinions like "we think this bod is a reprobate loser well worth avoiding", or any such thing. Least of all challenger banks like Starling who operate exclusively using phone apps.

Maylix
2 Lemon pips
Posts: 145
Joined: November 4th, 2016, 12:16 pm
Has thanked: 390 times
Been thanked: 39 times

Re: Bank references

#419126

Postby Maylix » June 12th, 2021, 10:04 pm

Mike4 wrote:
didds wrote:
Mike4 wrote:Hey how do you know I have no fax?!!

:D



ah! i misread your OP! LOL.

That said who does now (except obvs this company and hospitals!)


Well quite, that's why I found their application form so amusing. It will reveal virtually nothing about me they don't already know, unless Starling Bank spill the beans on how I conduct my business account. But my guess is banks no longer offer worthwhile opinions like "we think this bod is a reprobate loser well worth avoiding", or any such thing. Least of all challenger banks like Starling who operate exclusively using phone apps.


FYI, one of my solicitors emailed another of my solicitors, giving them bank details to send some money to. The second solicitor responded by asking the bank details be faxed to them. I'm assuming it's a security thing, as (I imagine) faxes ae a lot harder to intercept and change.
Maylix

Mike4
Lemon Half
Posts: 7084
Joined: November 24th, 2016, 3:29 am
Has thanked: 1637 times
Been thanked: 3792 times

Re: Bank references

#419129

Postby Mike4 » June 12th, 2021, 10:13 pm

Maylix wrote:
Mike4 wrote:
didds wrote:

ah! i misread your OP! LOL.

That said who does now (except obvs this company and hospitals!)


Well quite, that's why I found their application form so amusing. It will reveal virtually nothing about me they don't already know, unless Starling Bank spill the beans on how I conduct my business account. But my guess is banks no longer offer worthwhile opinions like "we think this bod is a reprobate loser well worth avoiding", or any such thing. Least of all challenger banks like Starling who operate exclusively using phone apps.


FYI, one of my solicitors emailed another of my solicitors, giving them bank details to send some money to. The second solicitor responded by asking the bank details be faxed to them. I'm assuming it's a security thing, as (I imagine) faxes ae a lot harder to intercept and change.
Maylix


That does actually sound like a very prudent and intelligent request!

I doubt faxes would be that hard to intercept techncally, but anticipating the sender and destination fax numbers of such a fax worth intercepting and changing the fax content in real time, would be so challenging as to never happen, I suspect.

AndyPandy
Lemon Slice
Posts: 377
Joined: November 6th, 2016, 11:46 pm
Has thanked: 431 times
Been thanked: 244 times

Re: Bank references

#419218

Postby AndyPandy » June 13th, 2021, 11:51 am

About a year ago I had a problem with an illegal payment on a card and I had to fax some documents through as part of the claim. Nothing else would cut it.

Ended up subscribing to Faxtastic which is an online faxing service. Had to buy 100 credits though, although it was only about £12 if I remember.

Still pretty annoying in these modern times and clearly an extra chance for fraud because of the use of a third party rather than emailing a scan directly.


Return to “Running a Business”

Who is online

Users browsing this forum: No registered users and 5 guests