Bank charges usually are taken from the bank account per month or every quarter. A statement detailing a breakdown of all fees is sent to the customer before the fees are taken from their account. It is beneficial to check this statement regularly to ensure that no other fees are being imposed. Ask the bank to describe anything that looks unusual or that you don't comprehend.
You'll find the information you may need on knowing and examining business bank charges and interest for small business at the British Bankers' Association (BBA) website. Yet, it isn't all down to the bank. If you cannot keep to the terms and conditions of the account, the charges could be astronomical. Banks will impose bank charges for recommendation fee if your account goes overdrawn without permission. This will be payable if the manager needs to look at your account and write to you regarding this.
In case you take a cheque that is returned unpaid by the debtor's bank, your bank may impose bank charges on you as an administration cost and you will not really get the money because of you. It will then depend on you to get the debtor to pay you in another way and to reimburse the bank charges you have received.
There are many means where in you can reduce your bank charges to as low as possible. You could negotiate for greater interest rates and reducing bank charges also. You may also automate as much transactions as you can by using standing orders, direct debits and electronic payments. You could also use your bank's online services if any are available to reduce the bank charges that you'll have. A bank client should also prevent unauthorized overdrafts to eliminate the bank charges and then try to reduce the amount of cash you pay to your account. You must also look out for the Automated Teller Machine (ATM) bank charges when withdrawing. You should also find out what other banks would charge for the same services.
If you are not happy with the service you've received from your bank, in the first instance, complain to your bank instantly. If they still do the same and you are still not happy with it, you'll find details about complaining and resolving a bank dispute with your bank at the Financial Ombudsman Service (FOS) website. You may also seek the advice of a professional solicitor in dealing bank charges and you will get all the advice and support that you'll want.
Author Resource:
Nancy Williamsblogs about Bank charges and other financial products for UK based site www.bankcharges.com . She also covers unfair mortgage charges and the financial claims industry generally, as well as writing posts on personal finance, house sales, repossession and business finance.
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