Compensation for Business Banking Charges
The penalty sum must reflect actual costs incurred
Business banking accounts for a large proportion of UK banks profits. In reality business banking is very expensive and due the large amounts of transactions the banks may overcharge penalties. This is an unfortunate expense which may cause day to day cash flow problems. Many banks are now paying compensation for business banking charges errors.
The law on business banking charges?
Business accounts are covered by what is known as ‘Common Law’ as opposed to the Consumer Regulations which means that there are some differences in what the banks can and cannot do.
Bank charges for going overdrawn or for bounced cheques are technically a breach of contract by you (because you said you would stay within the limit etc), and do give rise to a liability to the bank. However, the law is quite clear and enshrined in 100 year old cases that the sum must reflect actual costs incurred and not exceed damages the bank suffered due to the breach of contract.
Reduce your business bank charges
There are ways to keep your bank charges as low as possible. For example:
- negotiate for better interest rates and lower charges
- automate as many transactions as you can by using standing orders, direct debits and electronic payments
- use your bank's online services if any are available
- avoid unauthorised overdrafts
- try to reduce the amount of cash you pay into your account
- find out what other banks would charge for the same services
If you are unhappy with the service you have received from your business bank, in the first instance complain to your bank. If you remain unhappy, you can try and claim compensation for business bank charges by clicking here APPLY NOW!
Apply online - act now and get your money back!!
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In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
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