• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Engineers can claw back bank charges - interesting article

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Engineers can claw back bank charges - interesting article

    Engineers can claw back bank charges

    Email articleComment on this article
    Published: 22 September 2009 12:00 AM
    Article Type: Business News
    Source: Process Engineering Online


    CLAIM BACK A BANK CHARGE BONANZA London - Hundreds of engineering businesses throughout the UK stand to gain thousands of pounds by reclaiming money owed through wrongly calculated debit interest and other bank charges, according to finance experts at Hampshire-based BlueStone Audits.
    Until recently it has been extremely difficult to assess losses accruing each year. However, BlueStone has now acquired new software that, it claims, can calculate over-payments of interest and other charges going back 30 years. All results are then independently examined by three auditors to ensure accuracy.
    Wrongly calculated charges typically arise because banks do not clear transactions within three days as they state, leading to extra debit interest on overdrawn accounts. These errors will be compounded if an account is brought over its agreed overdraft limit and penalty charges are incurred.
    In addition many accounts are found to contain a multitude of mistakes because of human error and system failures affecting the true level of interest charged. All this has a daily impact on the performance of an account, so every day the mistakes can get worse.
    BlueStone Managing Director Ed Tackas said: “During the past 12 years of operation our auditors have never once come across an account that has been right. In this economic climate, where every penny counts, this could be a lifeline for companies.”
    “We are currently working on one case where the amount involved is just short of £300,000. This sort of cash can make or break even a significant sized company. But any company paying £800 or more a month in charges should investigate.”
    Tackas estimates that on a typical overdraft facility for a company with a turnover exceeding £2million a year the error could be as much as £3,000 a quarter - £72,000 over a six year period. Once errors have been audited banks typically settle within 8 – 12 weeks.
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

  • #2
    Re: Engineers can claw back bank charges - interesting article

    :rockon:Hi Amethyst,

    As far as the greedy, grasping, self-serving, git-faced..........................sorry, as far as the banks are concerned, is a sole trader [ie plumber, painter, plumber, window cleaner, etc....................did I mention plumber (salt of the earth, they are! Real diamond geezers!)] classed as a business or an individual?

    cnjw
    x
    CAVEAT LECTOR

    This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

    You and I do not see things as they are. We see things as we are.
    Cohen, Herb


    There is danger when a man throws his tongue into high gear before he
    gets his brain a-going.
    Phelps, C. C.


    "They couldn't hit an elephant at this distance!"
    The last words of John Sedgwick

    Comment


    • #3
      Re: Engineers can claw back bank charges - interesting article

      We have debated this at length with regard to reclaiming charges and who is covered by the UTCCR 1999 regs. It seems, that if a sole trader operates his account for business purposes, i.e paying in of customers cheques etc, then the regs are not applicable. This is why many Barclays business accounts have been brought back into the courts and exposed to costs.

      See threads such as Papalazarou vs Barclays Business Claim for more info.
      Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

      IF WE HAVE HELPED YOU PLEASE CONSIDER UPGRADING TO VIP - click here

      Comment


      • #4
        Re: Engineers can claw back bank charges - interesting article

        I think the article in post 1 is something that businesses have been able to do for years. There are companies out there that do exactly excluding bank charges for all businesses not just trade specific. The amount of researching on various topics bank charges related over the years have meant there are many that can be found. I'm not sure that the original article really has that much merit in all honesty.

        EDIT: In fact, I can give a basic guide to how you do this perhaps.

        Comment


        • #5
          Re: Engineers can claw back bank charges - interesting article

          Thanks for Sharing this to us.!

          Comment

          View our Terms and Conditions

          LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

          If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


          If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
          Working...
          X