Specialist broker launches new service for businesses

Specialist broker launches new service for businesses


South Wales based specialist finance broker, The Funding Operation (TFO) has launched a new bank auditing service for businesses to reclaim money owed through wrongly calculated debit interest, along with other bank charges. 

The broker has said that through this new offering, intermediaries could once again earn substantial commissions by helping business customers throughout Britain, as unlike personal account bank charge disputes, business disputes are not currently suspended pending a High Court ruling.


According to the group, although it had been difficult to assess losses accruing each year, it now has access to new software that can calculate over-payments of interest and other charges going back almost 30 years. 


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 mistakes because of human error and system failures affecting the true level of interest charged.


Rhiannon Gray-Minton, Managing Director at TFO said: “During the past 12 years 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.”


She added: “One audit is coming to its conclusion and 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 £650 or more a month in debit interest charges should investigate.”


TFO has estimated 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. The firm states that once errors have been audited banks typically settle within 8 to 12 weeks.

Leave a comment