Business Account Fees

Silverstone_2

I have an anually renewed overdraft facility for my business account with my bank. At the time of renewal, the account becomes debited with a £100 fee, which my bank calls a 'Set-up Fee'.

Trouble is; I've had this overdraft facility for about 12 years now, and surely, it only needs 'setting up' once - that is initially - especially as it has never expired, therefore remains 'set up'.

Is there any way that this argument might warrant a good reason for me to attempt to claim back these 'Set-up Fees', which I have been charged over the years.

I once said to my bank that it seemed unfair to repeat their set-up charges, especially as they only had to approve the continuation of the overdraft. They replied with some quickly spoken 'bulldoser-styled' reason to justify their costs.

Any advice would be most welcome.

Thank you,

Silverstone.

dunstonh

Trouble is; I've had this overdraft facility for about 12 years now, and surely, it only needs 'setting up' once - that is initially - especially as it has never expired, therefore remains 'set up'.

Overdraft limits expire annually. Most consumer retail accounts will automatically roll-over without you noticing. However, some banks on personal accounts and most on business accounts do levy a charge.

Is there any way that this argument might warrant a good reason for me to attempt to claim back these 'Set-up Fees', which I have been charged over the years.

Seeing as your argument is wrong, then no it is not a good reason.

Silverstone_2

Thanks for the info - it just annoys me that my bank gets £100 a year for what ? ... nothing really !

dunstonh

Silverstone wrote: »

Thanks for the info - it just annoys me that my bank gets £100 a year for what ? ... nothing really !

If you are a good account and well known account at the branch then it takes the manager about 5 minutes. If you are not a well known account it probably takes about 15 minutes. If you are a not so well run account it could take around an hour and have consultation with other staff.

As a business person you will know that some things you charge for take minutes and earn you more than other things which take ages. That is the way of business.