Business Account - reclaiming bank charges

Dee_Dee_9

Hi

My husband has a Business HSBC account. What kind of charges can you re-claim??

At the bottom of the statement it will state "Total Charges". Then this is broken down into

Credit Items
Automated Credits
Branch Cheque ony Credit

Debit Items
SO's
Cheques Paid
Internet Bill Payments

Debit Interest

and of course

Overdraft Fees

Is there any other charges apart from Excess Overdraft Fees, Non payment of cheques, you can claim back?

Please could someone advise?

Thank you

Better_offin_PETES_pocket

Hi
Im no expert but i also use hsbc and when you opened the account you was told as to what they would charge you for providing a business account.
I get about 20 to 30 cheques per month and if i was to put them in as i got them it would be 60p, However i wait till the month end and bank the lot hence only 1 60p charge. also i then if i need to draw all the money out and put it in my personal accout and pay my suppliers etc from my FREE personal account.
Hope that help..

better off in petes pocket

jgilbo7

I am looking at reclaiming my Bank charges on 2 personal Accounts, but I also have a Business account with RBS, where they have seriously misbehaved on the charges and I want to take them to task. Can anyone advise if this principle also applies to Business Accounts? Any suggestions and advice is mostt appreciated.
Kind Regards
John

Twinkly

jgilbo7 wrote: »

I am looking at reclaiming my Bank charges on 2 personal Accounts, but I also have a Business account with RBS, where they have seriously misbehaved on the charges and I want to take them to task. Can anyone advise if this principle also applies to Business Accounts? Any suggestions and advice is mostt appreciated.
Kind Regards
John

Yes you can reclaim on these accounts but the charges and such are obviously named differently. This thread should help you:
http://forums.moneysavingexpert.com/showthread.html?t=270122

sharp090

Can anyone tell me if the same rule applies for small businesses as it does privately, when attempting to reclaim bank charges. My bank manager tells me it doesn't.

terryog

I am about to start a reclaim of bank charges against the HSBC. The position I found myself in at onetime was that as a self employed person (sole trader) I took out a small business loan to help with the business, this was repaid regulary until the bisiness started faltering and I was unable to keep the payments up. Even though the business was still running I was over my overdraft and I started to incure very high charges, I went to the bank to ask their advise, but no proper advise was given until one person after months of trying to get out of the position I was in suggested I take out another loan to pay off the charges incured which by this time had run into quite a lot of money. I am still paying off this loan as well as the small business loan. My question is will I be able to reclaim any charges on the above case as well as obviously others that I have had made against me on the same Business account?

Best regards
Terry

pete-in-london

Yes - you can reclaim these fees using the same process as a personal account. However the law is slightly different with regards to reclaiming on business accounts but it's nothing too complex - you need to use a different particulars of claim at MCOL stage.

You're best off registering at the Consumer Action Group website for templates and instructions relating to business accounts.

Note that HSBC's business account statements tend to total up all charges which may include ones (e.g. monthly account fees) which are not claimable so you may need to do a bit of research to make sure you know exactly what charges were applied. I had to work out the daily rate they were charging me for being overdrawn on my HSBC business account.

terryog

Hi Pete, I'm a bit new to all of this ie MCOL?, Consumer Action Group? etc.
I would like to get back at the bank for the way they led me into debt, obviously I would like to reclaim some of the money that they took from me as well.

Anyway once again Pete thanks for the reply.

Terry

sarahhs

My partner runs his own company (he is a one man band, just setting up) and gets charged a lot through his business account for going overdrawn etc, I know that this is all about the small guy fighting back against the big banks, but as a company himself would he be able to reclaim charges through his business account?

marcussearle

I have a question, do the same rules apply for Business accounts.

If the same applies are there any recommendations or differences in the way that the process should be approached?

Thanks.

Marcus