Business Account - reclaiming bank charges

lundby42

Hi, Can I chase the banks for interest and charges when the account was taken out in a business name with me as the guarentor?

thanks

Mark7799

Don't think so. It would be one for the account holder rather than the guarantor (unless you are guaranteeing a limited company account you are also a signatory of)

smallfish_3

Hello, I'm new to this forum and with a 4 & 2 year old I'm afraid I'm running out of me-time to work out how to search in this particular chatroom for an existing thread purtaining to my enquiry, so many apologies to anyone kind enough to have time to answer my question if it has already been answered yonks ago!

I would like to reclaim the bank charges for my husband's business account with HSBC which he never really used but did put a direct debit on for his business phone line of £4.70 pcm. For 5 months he forgot to put any money in to this neglected account to cover this payment and each time it consequently went £4.70 in debt he was charged £80!!

However before I make a fuss with a bank we've both banked with since we were children, I'd just like to know if this legislation relates to business accounts as well as personal accounts. If anyone can help I'd be very grateful. Many thanks and keep up the good work

yodudette

are you able to reclaim bank charges for business accounts as well as personal??

indiasmum

Can someone please tell me if i have the same rights for claiming on a closed buisness account, and if so could i demand payment to be made in my own name rather than our buisness name (we were not a limited company)

indiasmum

Also can you ask for loan arrangement fees and the monthly sevice charge for putting cash into your account - these are classed as charges on the statements

Edinburghlass_2

You can claim on a business account for similar charges as to a personal account. You can't claim though for charges pertaining to running a business account such as annual fees, loan arrangements, service account fees or the charges for paying in or withdrawing cash/cheques.

Please see post 4 in the Reclaim Help Thread in my signature.

ozgirl_3

Hi! I have three accounts with Lloyds TSB. One is a personal, one is an old business current account (now closed) and the other is a Ltd Company account (open).

I sent the first letter off 41 days ago and have had no response from the bank other than to say that if they want me to look up charges for the Ltd company account it would cost me £5 per statement sheet for them to do it?!!?

I went back on the internet and have now accessed all of these Ltd company charges which come to £2800 in the past two years. I cannot access my current account online over the past 6 years nor the other business account which is closed.

My question: If I send in this claim now will it jeopardise my chances of further claims for the other two accounts? (I really need the money back ASAP)

Many thanks

Beate

ozgirl wrote:

I sent the first letter off 41 days ago and have had no response from the bank other than to say that if they want me to look up charges for the Ltd company account it would cost me £5 per statement sheet for them to do it?!!?

No, the maximum statutory charge is £10 under the Data Protection Act. Remember, you are not asking them for copies of statements, you are asking for a list of charges of the last 6 years. If they can only provide these by sending you copies of all your statements, then that's their problem, they can still only charge you a maximum of £10.

Did your first letter look like this:

"I am writing to request a fully comprehensive list of all the default charges for direct debit, unauthorised overdrafts and standing orders I have paid over the last six years.

Please find enclosed a cheque for the maximum statutory charge of £10. If you are unable to provide this data, I will accept a copy of my statements going back six years; I understand that statements on their own are not covered by the Data Protection Act 1998, yet I’m not requesting the statements per se, but the charges, which I’m entitled to by law.

I look forward to your response within 40 days, as [INSERT NAME OF BANK] is obliged to reply under the Data Protection Act. If not I shall seek remedy from the Information Commissioner."

If they want to be funny, report them to the Information Commissioner.

To your question: It is probably advisable to split your claims anyway, as the small claims court only deals with sums up to £5,000, and Lloyds is known to wait till people have filed a court claim.

Edinburghlass_2

As you have two business accounts involved here I'll shift your thread into the thread covering Business accounts where you'll find suggestions on your reclaim for those accounts.

I would start with with a claim on your personal account, although as Beate says send off your £10 cheque and template letter for all accounts information first.

Check the Reclaim Help Thread link in my signature for the addresses and what charges you can claim which basically cover personal accounts. There are charges on business accounts that you can't claim.

If you are having bother with the bank regarding getting your info/statements within the 40 days, have a look at this letter by Rex_Mundi.

http://forums.moneysavingexpert.com/showpost.html?p=4259019&postcount=89