It works the same way as any other business bank account except receiving funds from third parties isn’t permitted. The account is issued in the name of the business and comes with account number and sort code.
When making any payments out of your Telleroo account it will show in your name on the payee's bank statement.
How to deposit funds into Telleroo
Funding needs to be provided by simply making a funds transfer from your bank account. We can receive CHAPS, Bacs, or Faster Payments. This deposit can either be made prior to, or after payments creation within Telleroo. You are free to hold a permanent balance in Telleroo if you prefer.
How are my funds protected
Telleroo is an EMD (Electronic Money Services) agent of Moorwand Ltd, who hold an e-money license from the Financial Conduct Authority (FCA). All funds are kept in a ring-fenced account and must comply with strict safeguarding rules.
Funds held with Telleroo aren't protected by the FSCS (Financial Services Compensation Scheme, which protects deposits up to a maximum of £85,000). For this reason, Telleroo have arranged additional insurance coverage for any mistakes made by us that result in either a data breach or loss of funds.