help needed - I am being charged excessive rates for getting change from my bank

angel4549

Can anyone please help?

I have to get change each week from the bank. I am currently being charged 8p for a £5 note!!! A bag of £20 x £1 coins costs 32p!!!

I think it is cheaper to buy Euros than get change in English money. Does anyone have any hints or tips on how to reduce this unnecessary cost to the business?

Is this covered under excessive charges for the service they provide?

Many thanks in anticipation

Angel 4549

ukbill69

Walk in as a normal customer not business and they should do it free, otherwise go to a post office they do it for free.

Mark7799

Which bank do you use?

Savvy_Sue

Are you taking in notes and asking for change, or cashing a cheque and asking for it in change?

I don't know what their terms are for a 'proper' business account, but I regularly used to withdraw LOTS of change from the PO from an Alliance and Leicester account for the school PTA fundraising events. I used to tell them what I'd need a couple of days ahead, then they could order it in if they were short. I believe they were being charged to get change in, so they were always quite happy when I took the proceeds back in small change to deposit with them!

angel4549

I bank with the Alliance & Leicester (free banking?) and get change from the Post Office. I take cash and phone the order through before I go.

The charges appear on a Commercial Bank statement.

I normally get about £500 per week in change.

Thanks in advance for any help.


Angel4549

Mark7799

Maybe time to think about another Bank?

As you've found, 'free' banking comes with limitations.