Checking your Business Bank Charges are Correct

Enlisting the services of a banking auditor

What are banking auditors?

  • Banking auditors help people resolve their difficulties with banks by analysing their accounts to work out if they have been overcharged, and by how much. They also negotiate with the banks to recover the excess charges.
  • They charge a fee for their services, plus a percentage of any amount recovered

What to expect from a banking auditor?

  • The auditor’s services should include:
  • A complete review of all interests and fees charged to your accounts with details of any overcharge
  • Specialist software for checking previous years’ accounts – some firms can go back as far as 12 years
  • A written report detailing where overcharging has occurred
  • Professionally conducted negotiations with the bank to recover sums overcharged
  • Legal representation where appropriate

Necessary documentation

You will be asked to provide:

  • All bank statements subject to the audit.
  • Facility letters and any other correspondence relating to the provision of borrowing facilities and charges
  • Paying in books
  • Information regarding any verbal arrangements
  • Any other documentation or information relevant to the period to be audited

If an overcharge is found

  • The auditors should not approach your bank without your agreement
  • The auditors will negotiate with the bank to achieve the recovery for you
  • They should claim for:
    • The overcharge
    • Compounded interest
    • Consequential loss
    • Compensation for inconvenience

Benefits of using a banking auditor

  • They have sophisticated software to check your bank’s interest calculations and charges over a period of years
  • The peace of mind of having your accounts professionally checked
  • They have the knowledge and experience of bank procedures to achieve recovery of overcharges
  • Enlisting a professional third party to deal direct with the bank protects your personal relationship with your bank – in some cases relationships may improve
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