Common business banking charges and fees
Every business bank account is individual and has its own list of features, services and fees. You should always make sure that you understand the charges that your bank will make to your business account for making used of various elements so that there aren’t any nasty surprises. You should always ensure that you’re aware of any introductory offers or features that are time-limited on your account, for the same reason. Aside from the bank fees that you might expect with your business account, banks do sometimes make mistakes and it could be the case that they failed to communicate the full cost implications of the account or its features to your business. If this is the case, you might be able to dispute the charges or fees that they have made.
Some of the most common fees or charges that bank accounts may take include, but are not limited to:
- Applications fee for opening the account
- Monthly service charge
- Interest or charges on overdrafts (both agreed and unauthorised)
- Transaction limits that mean you will be charged fees if you exceed the limit
- Deposit fees on cash or cheques paid in
- Charges for refused standing orders or Direct Debits
- Foreign transaction fees
- Transfer fees for payments sent or received e.g. BACS/CHAPS
- ATM fees for cash withdrawals
- Card issuing fees
How to dispute bank fees in business banking
The process of how to dispute a bank charge, fee or penalty will depend on the specific circumstances involved in this situation.
Before a business bank account is opened, the fee scales or any other charges should be communicated and agreed so that the business is aware of what they are due to pay. Fees are often charged as a monthly management cost for the bank to administrate the account itself, as well as for things like interest on business overdrafts and facilitating services such as international payments or money transfers. If your business has been charged for something unexpectedly, for a reason that doesn’t seem to be fair or what was agreed when the bank account was opened, you may be able to dispute the fees or penalties.
Challenging bank charges or fees can be complex, but Stephensons are highly experienced in this type of activity and can help represent your business in dealings with the bank to seek the best possible outcome for you. From dealing with all of the correspondence to collating the necessary evidence and building a case for your business to dispute the bank fees or charges, our expert team can help you to resolve the situation as quickly as possible.
At Stephensons, we have a proven track record of successfully representing businesses in their disputes with banks and other financial institutions, so get in touch today to find out how we can help you. Call us on 0161 696 6170.