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Question of the Week: Can small businesses claim back bank charges?
Former_MSE_Lee
Posts: 343 Forumite
Q. Are you aware of any cases of small businesses being successful in reclaiming bank charges on a business account? From Jack, by email.
Martin's A. You may be surprised to hear that the 'hardship rules' that consumers can still attempt to reclaim under (see bank charges reclaiming) apply to some businesses too.
Specifically they need to be 'mirco-enterprises' which is defined as companies with an annual turnover of under €2million (approx £1.6million) with less than ten employees.
The actual definition of small business hardship is in the lending code (page 20 section 9) and is quite broad. As for whether I know if anyone's been successful - no - but then again MSE is a site that focuses on consumers not small business, so its not as likely that it would've been reported to us.
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Martin's A. You may be surprised to hear that the 'hardship rules' that consumers can still attempt to reclaim under (see bank charges reclaiming) apply to some businesses too.
Specifically they need to be 'mirco-enterprises' which is defined as companies with an annual turnover of under €2million (approx £1.6million) with less than ten employees.
The actual definition of small business hardship is in the lending code (page 20 section 9) and is quite broad. As for whether I know if anyone's been successful - no - but then again MSE is a site that focuses on consumers not small business, so its not as likely that it would've been reported to us.
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