Can you reclaim bank charges on a business account?

Petrol

I deposited a small amount of cash into a business account and got charged over a hundred quid in bank charges :rolleyes:
I thought banks wanted money? Can I challenge this? The thing is, I want to deposit another small amount into the account. What should I do?

Thanks for any replys

ShelfStacker_3

Please define "a small amount"? There's a flat percentage charge, there is on most business accounts, and you agreed to the tariff when you opened it.

Petrol

ShelfStacker wrote: »

Please define "a small amount"? There's a flat percentage charge, there is on most business accounts, and you agreed to the tariff when you opened it.

The deposit was £5600 cash
I was charged £122 to make the deposit

Seems a bit OTT to me

simon_templar_2

I take it these are actually service charges for paying money in. Most business accounts have these charges, some dont but will have fees for paying in say over 100 cheques per month or over £3000 cash.

Bank charge reclaiming is for the overdraft fees and cleared transaction fees that banks have levied. Your issue seems to be confusing the two.

Petrol

simon_templar wrote: »

I take it these are actually service charges for paying money in. Most business accounts have these charges, some dont but will have fees for paying in say over 100 cheques per month or over £3000 cash.

Bank charge reclaiming is for the overdraft fees and cleared transaction fees that banks have levied. Your issue seems to be confusing the two.

Maybe I am confused and I don't really understand bank charges on a business account. I have never had to pay bank charges on my personal account as I am always in credit. It's fustrating however that making a £5600 cash deposit in my business account has resulted in me paying charges.

Is it the norm for banks to charge a premium for cash deposits on a business account?

Guys - thanks for your replys :hello:

simon_templar_2

Some business bank accounts charge you to pay money in, take money out, write cheques, bacs payments, dd's and so's!! Some banks do free business banking like Abbey for example.

In essence you could change accounts to another provider. Abbey for example has a big selling point as it offers free business banking mainly due to the fact that there is no counter access. I suspect your bank does allow and possibly has designated business managers in branch like Natwest do.

To sum up you cannot claim them back as they are not 'bank charges' in the sense that people know them as. You could possibly barter with them by saying 'Abbey' will give me free business banking and you considering changing banks. This might get them to waiver or lower their service fees.

Petrol

simon_templar wrote: »

Some business bank accounts charge you to pay money in, take money out, write cheques, bacs payments, dd's and so's!! Some banks do free business banking like Abbey for example.

In essence you could change accounts to another provider. Abbey for example has a big selling point as it offers free business banking mainly due to the fact that there is no counter access. I suspect your bank does allow and possibly has designated business managers in branch like Natwest do.

To sum up you cannot claim them back as they are not 'bank charges' in the sense that people know them as. You could possibly barter with them by saying 'Abbey' will give me free business banking and you considering changing banks. This might get them to waiver or lower their service fees.

Thanks for your reply. I really appreciate it
I have a long-standing relationship with HSBC. I know the staff in my local branch and will approach them to see if they will waiver or lower the charges.
I will let you know how I get on. Once again thank you

Petrol

Guys thanks for your help :T

A business manager came to see me today and the charges have been refunded to my account :j

Have to say I was impressed with HSBC today :cool:

simon_templar_2

Good stuff.