When I wrote recently to query why he Tide card for my Limitied Company acocunt came in my name, I was advised it was because my account with Tide was “personal”. But I a confused and wondering if anyone has a clear answer.
Excerpt from Tide Terms and Conditions below:
“We have arranged for your Tide Business Account to be provided to you by ClearBank, being
a bank authorised by the Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority (Financial Services Register
number: 754568). You will be required to accept ClearBank’s Bank Account Terms which will
apply to ClearBank’s provision of the Tide Business Account to you.
Tide has arranged for Tide Cards linked to your Tide Business Account to be made available
to you by PPS, a payment services company authorised by the Financial Conduct Authority
(Financial Services Register number: 900010). You will be requir”
There are three accounts for Limitied Companies I set up with Tide. And it seems that those acocunts are provided by ClearBank, which is a Licensed Bank. So why am I told the Tide accounts are “personal”? The accounts are in the name of the Limited Company(s) and Companies House information provided when accounts opened. The money in the accounts belong to the Company, and ultimately to the shareholders, and not me personally. And surely company creditors would have claim to money in the accounts but personal creditors would not. I thought the whole point of a Limited Company and a limited company bank account was to make a clear distinction between the Personal and the Corporate?
I may well be missing something, but if anyone can clarify, in words of one sylable, I woujld be appreciative.
Also, how does this impact on BBL It is the Company applying for a BBL, not anyone personally (unless a sole trader, for example). So is it the Company that is on the list?
Help. I am very confused. And maybe a bit stupid??