Reclaiming bank charges - Business account

duvet3

Reclaiming bank charges for business account

my first post go easy on me.....

i'm hope someone can help.
my sports club which i'm a committee member of is in financial difficult and as a result it may close.

i'm doing everything in my power to try and keep the sports club going.

1. can our sports club reclaim charges on the business account ? (account with ulster bank, part of RBS)

2. Is there a template letter for claiming back business account fees ?

3. If you can reclaim how far can you claim back ? i have statements for the past 7 years

4. we are paying massively for an overdraft facility and the interest charges are alot, can these be claimed back in any way ?

5. every year for the past 7 years we have paid a fee for the set up of the overdraft, can this be claimed back ?

these fees may be the difference from the club continuing or closing the doors.

all help and advise will be appreciated.

thanks in advance.

[Deleted User]

Why do you think charges on a business account might be somehow reclaimable? The Banks won their court case on charges in 2009.

No one, other than people in financial hardship, are refunded bank charges these days.....

Mersey_2

If it's a social club, I presume you have an account suitable for charities and pastimes rather than a business?


You can reclaim charges which were incorrectly applied; but, not any charges.

Nasqueron

Sadly no you cannot reclaim charges assuming they were correctly applied in line with the terms and conditions you agreed to.

If you are in the overdraft and paying charges the simple answer is to pay off the overdraft - you will not be able to get back charges or interest

magpiecottage

It is also worth noting that a sports club can only use FOS if it is what is known as a microenterprise.

A microenterprise must have no more than nine employees - including coaches, cleaners, groundsmen, bar staff, administrators etc. So I could see a this limit easily being exceeded.

It must also have a turnover of less than the Sterling equivalent of €2 million and assets of less than that amount. The rules do not allow any corresponding debts to be set off against these limits so, unless equipment is leased rather than owned, I suspect the asset limit may be exceeded too.