Banks, the notary and a new step forward

Banks. Spanish Banks. Need I clarify? Ole. I mean okay.

This week I finished my round of banks enquiring about opening a business account. I visited 4 different banks, all with nation-wide offices, and one interantional bank out of Great Britain. Prior to my visit, I researched all these banks online so I only visited the ones whose business account offer seemed the most appropriate for my business purposes.

At the first bank, I have maintained a personal account since 2003, for payments and bills for the online store. The manager could not tell me what a business account with his bank offered but repeatedly assured me that once my business began working with them, everything was negotiable. I asked, did he have any brochure outlining the banks basic business account offering? Well, no, he hadn’t got any in since last year but would ask his colleague in the nearby town to send some brochures along for me when I stop back to open the account.

At the next bank, the manager was only able to tell me that his bank offered a wide variety of advantageous conditions to businesses, in particular 9 free business credit cards. He too, assured me that once the account was opened everything was negotiable based on the type and frequency of transactions, amount of money in the account etc. Upon request, he gave me a general brochure, no specifics, but added it was a little out of date. I noticed it said 2004, yeah.

At the third bank, I was received by a man, who said he was replacing a sick colleague and actually worked at the office in another town. He knew a lot about business accounts and was able to answer my questions and inform me pretty well. He also ended every answer with, of course once you beginning working with our bank, everything is negotiable. He gave me a brochure, saying it was out-of date, and the business account banker’s business card saying he should be back next week. At that bank I was able to get figures for basic operations: maintenance fees, transaction fees, POS terminal fees, business credit card conditions, online banking, electronic payment for customers etc.

At the fourth bank, I was received by the bank manager. He was able to answer most of my questions. He didn’t have any printed brochure either. None hadn’t come in yet for 2007 but of course once I began working with his bank, again everything is negotiable. He also said he would e-mail with answers to questions he didn’t know off-hand. I did receive he email as promised the same day.

This morning, before going to the notary, I opened an account in the third bank. I needed the account open before I could sign the filing at the notary. I had allowed an hour and a half to open the account. This was not enough time. As it turned out, I spent almost 2 hours to get a certificate of deposit certifying the money to constitute the business was actually in the bank. The banker who had attended me the day before had to get help by phone and eventuqally sollicited help from every other person in the office to accomplish this. At one stage, I also had to intervene when I realized they were doing it wrong. I also called my business consultant and put the banker on the phone with him to try and straighten things out, get things moving and explain why I was going to be late to the notary. Finally I had the paper and they were ready to send me on my way, when noticed they had omitted to give me a deposit receipt for the 3000 Euros.

I reached the notary office stressed and circumspect about Spanish banks and bankers. Eyes wide open! What a banker. He knew how to sell me his services but hadn’t a clue how to set up a new business account.

Fortunately, at the notary everything went fine and quickly. The consultant explained that the next step is to request a definitive fiscal number (CIF) and register the business. He would call me next week with a provisional number so I could use my account and begin doing business.

He also informed me that if I planned to have a combined space with workshop and store open to the public, I would need to get a special architect study to certify zoning, codes and interior appropriateness for such. This was news. So here’s an additional step in the process.

Well, that’s it my new company has an account, and the official papers are now on their way to registry in the provincial capital.