Opening a Business account for an MSB

There are a number of different reasons why opening a business account for an MSB will be difficult, especially with with a high street bank, as any MSB business will be classified as a High Risk Business activity.

The amount of ongoing due diligence and work involved in monitoring all the transactions through the account often makes it more trouble than it is worth for the banks, especially for the mainstream banks as not only would you be seen as a direct competitor, but the cost of monitoring and the risks involved with such accounts, by far outweighs the money the can make.

As they often have standard pricing policies in place, it makes it completely unworkable offering an MSB business a bank account that would require too much monitoring to ensure they maintained all the required due diligence.

Also the mainstreet banks generally have a very low risk appetite when it comes to offering a new business bank account, so often only want to offer accounts to low risk companies, like consultants, contractors or regular businesses.

Any business that falls into a medium or high risk category will almost certainly mean their application will get declined by any of the high street banks, making it very difficult, especially for an MSB business to get an account opened.

There are, however, options available outside of the main high street banks that will accept an MSB business, so with some specialist help, you wiill be able to open a business account for an MSB.

For more information or to see if we can assist you, complete our form and we will get back to you with what current options are available.

Follow the link here: Apply Here