Bank charges checking software

Is your bank charging you too much interest?
UK: 75% of business customers overcharged an average of €4,000

Last Change:
Tue August 01, 2006
© 2007-2008
Hampton Software Ltd

Government Reports

A recent UK government debate has indicated that approximately 75% of businesses have at some time been wrongly charged by their banks and that the average overcharge amounts to €4,000 (£2,500).

The report cites several cases of overcharging and recovery from the bank, with several companies given refunds of over £10,000. If your business is one that is increasing your banks profits rather than your own wouldn't you like to know?

The most common causes of overcharging are :

Incorrect interest rate being applied to a loan or overdraft
Overdraft limit being applied incorrectly
Applying the incorrect tariff to transaction charges
Double charges, e.g. deducting a loan set-up charge from both the loan account and the cheque account

Your Bank may have been overcharging you for many years, and this overcharge could have been compounding into a significant sum.

There are several ways to proceed:

Make a quick check on your account
Use ChargeChecker to check out your accounts
Enlist the help of a bank auditing service
Do both - use ChargeChecker to check for overcharges and then use a bank auditing service to recover the overcharge from the bank.

Full text of the government debate can be found here.