company account charges

anitaos

My company has been through a really difficult couple of years and have just about managed to get back into the black after paying off a huge overdraft as well as all the suppliers. I discovered this month that I still have charges of approximately £300 per month even though I am in the black and after questioning it have been told that I pay for example same day transfer costs of £16 each which I do daily and was not aware of. Also I clear the credit card every month by DDM and am being charged £45 just for having the card. This has been going on for about 10 years and equates to about £30k. Is this right. Surely it can't be. Can it???

Deru

look at your terms and conditions. it will specify the charges. T&Cs can change but they post revisions to you but sounds like your charges have been the same. see if you can find the paperwork from 10 years ago. if it stays the same charges, then it is correct.

Same day payments I.e. CHAPS, has always been chargeable at circa £16:so nothing wrong there. Its not really needed now thanks to Faster Payments but if you opt for CHAPS then of course its correct. How you missed these charges for 10 years is a mystery to me but as mentioned, you can close the credit card and find a better deal.

dunstonh

Surely it can't be. Can it???

As a a business person you should know that companies charge for providing services. So, yes, it can be.

Same day transfers have always cost money and to be blunt, it is difficult to believe you were not away for these if it has been going on for about 10 years. A complaint on that basis lacks credibility and would be pretty easy to reject.

Your best bet it to make an appointment at the bank with the business manager. Discuss your concerns and see what they do going forward. Be wary of mentioning that you are only just aware of the charges. A business manager would expect a business person to have awareness about their business. Especially if they are lending you money. Saying you have not been aware of charges for a decade shows little awareness of your business and poor money management. So, by all means raise it but do it in a way that doesnt make you look silly. I very much doubt they would refund any of the £16 but they may come up with alternatives in future.

A credit card charge is typically made on gold or platinum cards and some business credit cards. Business accounts do not tend to get the cross subsidy of costs that personal customers get.

Basically, you would be reliant on a goodwill gesture from the bank. More likely it will be something changed going forward rather than a refund of anything but you never know. You haven't indicated anything that suggests a wrong doing. Just normal charges for normal services and products that a business account doesn't usually get free.