KS Limited Company v HSBC

[adyb]

Hello people,

 

Just thought I'd throw this one in to the mixing pot.

 

My limited company has a business current account with the HSBC.

They currently charge at a rate of £4 per day if you are over your agreed limit. That's £28 per week and can be as high as £124 per month. On top of that they charge overdraft interest. I don't want to argue about the interest rate as I feel that it is justifiable, afterall I am overdrawn.

 

The thing that annoys me the most is their interest plus the £4 per day amount to a serious amount of money each month.

 

There is a trickle of cash coming into this account as when I found this out I moved my main account elsewhere. The charges ofer the past 11 months have all but consumed every penny I have paid into the account over the last 11 months.

 

To stop these charges accruing any further I have arranged a managed loan to pay off the remaining balance. I would have done this sooner, but due to personal circumstances I did not feel that I could face them to discuss the necessary arrangements.

 

There is no need to request a copy of the statements, as we have them all filed at the office. I am totalling them up tonight, but only the overdraft fees and/or bounced item fees. Not their standard business tariff or per item charges.

 

Am I being too fair with the bank, or should I just go for the whole lot? Your comments please....

[katesage]

You can only claim for charges incurred as a result of you breaching your contract with HSBC. This includes bounced cheques and DDs, going over agreed o/d limits, referral fees (for clearing items when you dont have the funds)

 

If as you say, you are charged £4 a day when you are over you're agreed limit, then this would be an unauthorised o/d fee and is reclaimable

 

You cannot claim for service charges such as overdraft arrangement fees, cheque in/out fees, account fees etc.

 

Hope this helps:)

[adyb]

Thanks for the info Kate, it is broadly in line with what I was thinking. When we opened the account,we knew about the £3 service charge per month and 60 odd pence per manual transaction. These charges make sense to me and seem reasonable, so I was not going to include them. My greivence is the £4 per day which they apply regardless of the amount you are overdrawn by.

 

No doubt I'll tot it all up tonight and have a really rubbish nights sleep worrying about how much they have ripped me off by...

 

AdyB

[katesage]

good luck with it ady

 

Remember to adjust the letters not to mention any consumer legislation.

I've just finished a claim against NW for my personal account but am just starting on the business account now.

 

hope it goes well. keep us posted:)

[the_final_straw]

Hi guys,

 

For the HSBC business account are we looking for actual wording on the account saying 'Returned chq' or 'Returned DD' with a fee attached or are we looking at "Total Charges" ?

 

The few statements I have at the moment say "Total Charges" and I saw a thread which says these are reclaimable?

 

BUT - as you say, as busines customers we are charged for depositing/withdrawing funds etc etc whereas personal accounts dont get charged for writing cheques or depositing funds.

 

 

Anybody got a definitive answer to this "Total Charges" question for business accounts?