Business Account - reclaiming bank charges

IZZY01

jand3720 wrote: »

Hi has anyone reclaimed business bank charges. I have just put in a claim of £16k and stated I would accept £12K but have heard nothing since the first letter. Do I now have to threaten court do I need a solicitor? Will be glad to hear from anyone in same position.

Hi,
I had a claim for bus. acc. with the BOS and they declined. When I phoned to discuss it, the lady advised me that they had decided not to pay out on business accounts. Aye right!! It is now with the FOS and when I explained what she had said, he just laughed on the other end of the phone. The FOS also have my claim for personal acc. and said that it is irrelevant whether it is business or personal, the claims will be treated the same. I wouldn't bother with a solicitor, this is when it starts costing you money. You can go through the courts, but the higher your claim, the more the court costs are. The FOS is free of charge

IZZY01

nimbleyfingers wrote: »

Hi I have been going through my husbands business statements from the HSBC. He has total charges, can anyone tell me how I break these down into what I can, and can not claim back. Also is the letter the same as the one I would use to claim back personal charges ????

Yes I used the same letter for both of my accounts.
You can claim back overlimit fees and returned items fees. You can't claim for overdraft interest or o/draft arrangement fees as they are for servives provided
Izzy

Rowland_Hayward

I have been running a small business with my name on the account "Trading As" Does the reclaim process work for this type of account?

nowretired_2

Yes, my husband had a similar account, we have claimed all our charges back from Lloyds TSB. When you do the letters to claim the charges back do not quote the Consumer Contracts Regulations 1999, as these do not apply to business accounts

jackernow

As a sole trader with a business account, is it possible for me to try to reclaim my bank charges?

nowretired_2

Yes indeed it is, I have reclaimed the charges on both of my business accounts with Lloyds TSB, one was closed and the other was still running when I claimed them back.

7skipper7

:mad: If there is anything that makes me tear my hair out in fury, it is the ANNUAL RENEWAL OF OVERDRAFT FEE. £100 hoiked out of my Business Account without my permission!! Is this LEGAL? I know it's not FAIR. How can administration charges amount to £100?
In the light of the sterling work done by Martin in helping people reclaim unfair Bank Charges, I wonder if this evil practice might be worth looking into.

Jax321

With regards to an overdraft fee. Yes, it's fair and yes, it's legal

Of course it doesn't cost the bank £100.00 to let you borrow money from them, but at the same time it doesn't cost Coca Cola 50p for every can they produce.

Banks are a business, not a charity and their aim is to make a profit. The simple answer is, if you don't want to pay it, remove your overdraft

Edinburghlass_2

7skipper7 wrote: »

:mad: If there is anything that makes me tear my hair out in fury, it is the ANNUAL RENEWAL OF OVERDRAFT FEE. £100 hoiked out of my Business Account without my permission!! Is this LEGAL? I know it's not FAIR. How can administration charges amount to £100?
In the light of the sterling work done by Martin in helping people reclaim unfair Bank Charges, I wonder if this evil practice might be worth looking into.

I think you'll also find the bank do an annual review of your account at this time and is a service provided for a business account and is not reclaimable, same as the business charges for paying in cheques, providing change etc.

You need to read the charges leaflet for your business account.

7skipper7

Thanks. Still makes me mad tho' !