Bank charges

niamh4

Can anyone help me please. I bank with Barclays and have a business account and a personal account. I have repeatedly been refused a overdraft and any financial help or advice from them. If i have a direct debit unpaid which happens more than it should but being a business sometimes i fall short the bank charges me £35.00 for each one but in my personal account i only get charged £8.00 I have complained to the bank to no avail. I have also asked the question of why it differs so much charge wise. The reply i got was farcical they admitted they don,t know why they charge 2 different amounts but it is in your terms and conditions.. The money they have taken from my account runs into £1000s and i am on the verge of losing my business. Have i a case for claiming it back. You have to have a business account whilst running a business is this also true. I would be grateful for replies

Atidi

niamh4 wrote: »

Can anyone help me please. I bank with Barclays and have a business account and a personal account. I have repeatedly been refused a overdraft and any financial help or advice from them. If i have a direct debit unpaid which happens more than it should but being a business sometimes i fall short the bank charges me £35.00 for each one but in my personal account i only get charged £8.00 I have complained to the bank to no avail.

What was the basis of your complaint? :huh:

niamh4 wrote: »

I have also asked the question of why it differs so much charge wise. The reply i got was farcical they admitted they don,t know why they charge 2 different amounts but it is in your terms and conditions.

Have you asked Tesco why they charge more for a certain item compared to say Asda?
Or have you asked Sainsbury by a tin of beans from supplier A is more expensive than the same sized tin of beans from supplier B?

The "farcical" reply was probably a result of a farcical question.

They charge what they want because they can. It's up to you if you want to accept the charges (and use their services).

niamh4 wrote: »

The money they have taken from my account runs into £1000s and i am on the verge of losing my business.

£1000s @ £35 a pop? That a heck of a lot of unpaid direct debits.

As a business person, you really should take better control of your financial management and so it does not really surprise me that you are "on the verge of losing" your business.

For a start, why are you agreeing to pay £35 a pop for each unpaid Direct Debit, especially when you seem to have so many??? :huh:
e.g. HSBC seem to charge just 35p for a paid or unpaid Direct Debit on their small business tariff (outside of any free business banking they may offer) or FREE with their Electronic Banking Tariff
https://www.business.hsbc.co.uk/1/PA_esf-ca-app-content/content/pdfs/en/bus_bnkg_price_list.pdf

I'm not recommending HSBC, it's just the first bank I looked at regarding charges. I suggest you follow the advice given by multi-millionaire, Dr Lewis on his article on best small business bank accounts.
http://www.moneysavingexpert.com/banking/small-business#acc

niamh4 wrote: »

Have i a case for claiming it back.

, Probably not, not unless you fall into the category of genuine financial hardship ... and even there is no guarantee of any refund.
Again, check out the MSE article by multi-millionaire, Dr Lewis for further details
http://www.moneysavingexpert.com/reclaim/bank-charges

niamh4 wrote: »

You have to have a business account whilst running a business is this also true. I would be grateful for replies

The terms of most personal bank accounts prohibit their use for business purposes.
If you often get cheques etc in your business name (assuming it is different to your personal name) or you trade under the benefit of a limited liability company, then you will not be able to use your personal account even if the bank did not prohibit it's use for business purposes.

If you really are "on the verge of losing" your business, I can only hope you are trading under the protection of such limited liability.

niamh4

Tins of beans i think not Barclays dropped there charge to £8.00 on a personal account a few yrs ago but not on a business account, They kept that at £35.00 so why am i charged 2 different amounts for as i see it the same unpaid DD but in different accounts but the same bank.

roonaldo

niamh4 wrote: »

Tins of beans i think not Barclays dropped there charge to £8.00 on a personal account a few yrs ago but not on a business account, They kept that at £35.00 so why am i charged 2 different amounts for as i see it the same unpaid DD but in different accounts but the same bank.

because one is personal banking and the other is commercial banking and are not the same. charges and account fees are typically more in commercial banking.