How you can detect bank overcharging

An accountant has set up a website which enables people to check if they are being done out of £400 a year.

A website has been launched this week to help customers recoup the astonishing £5bn a year banks are overcharging them. The site, which is called www.checkyourbank.com, allows you to enter your statement details online and will tell you if you have been overcharged and by how much.

A website has been launched this week to help customers recoup the astonishing £5bn a year banks are overcharging them. The site, which is called www.checkyourbank.com, allows you to enter your statement details online and will tell you if you have been overcharged and by how much.

It will also tell you if you have been undercharged or if your charges are correct. If you have been overcharged, for a fee of £12.50 the site will provide you with a report of its findings, so you have documentary evidence to take to your bank manager. It even drafts a letter you could use.

Saeid Mokhtassi, the Manchester-based chartered accountant, who set up the site, with Anthony Harrop, said: "The idea behind this is to deliver something up front. Then, if people want more information, they can have it for the cost of £12.50." That may well be worth it. Don Cruickshank's report into banking says, on average, everyone pays a massive £400 over the odds for banking services every year. Some 5,000 people clicked on to checkyourbank in the first 24 hours after it went live on Tuesday.

Mr Mokhtassi set up the site following the findings of the Cruickshank Report, which said banks make profits of between £3bn and £5bn a year which are above normal and reasonable levels of profit.

He began to think about it after his bank overcharged him by £700. Mr Mokhtassi said: "I was appalled when my bank confirmed they had made such a fundamental error, so I began to develop a system which would enable people to check their statements and see if they had been overcharged."

Checkyourbank is being developed off-line and later in the year will be backed up by a network of accountants across the country and contactable by phone.

The team, to be called the Authorised Bureaux, will be particularly well-versed in the intricacies of small business banking. Mr Cruickshank said that 72 per cent of small businesses are being overcharged consistently.

One of the major reasons for the overcharging, the report said, was the lack of competition. The UK's big four banks - Barclays, Lloyds TSB, NatWest and HSBC - hold 83 per cent of accounts generated by small- and medium-sized businesses.

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

Finacial products from our partners
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Money & Business

    Recruitment Genius: Mortgage Advisor - OTE £95,000

    £40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...

    SThree: Trainee Recruitment Consultant

    competitive: SThree: Are you passionate about sales?Do you have a keen interes...

    Recruitment Genius: Loan Adviser - OTE £30,000

    £17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...

    Recruitment Genius: Sales Assistant / Buyer

    £15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

    Day In a Page

    Isis in Syria: Influential tribal leaders hold secret talks with Western powers and Gulf states over possibility of mobilising against militants

    Tribal gathering

    Influential clans in Syria have held secret talks with Western powers and Gulf states over the possibility of mobilising against Isis. But they are determined not to be pitted against each other
    Gaza, a year on from Operation Protective Edge: A growing population and a compromised and depleted aquifer leaves water in scarce supply for Palestinians

    Gaza, a year on from Operation Protective Edge

    A growing population and a compromised and depleted aquifer leaves water in scarce supply for Palestinians
    Dozens of politicians, bureaucrats and businessmen linked to Indian bribery scandal die mysteriously

    Illnesses, car crashes and suicides

    Dozens of politicians, bureaucrats and businessmen linked to Indian bribery scandal die mysteriously
    Srebrenica 20 years after the genocide: Why the survivors need closure

    Bosnia's genocide, 20 years on

    No-one is admitting where the bodies are buried - literally and metaphorically
    How Comic-Con can make or break a movie: From Batman vs Superman to Star Wars: Episode VII

    Power of the geek Gods

    Each year at Comic-Con in San Diego, Hollywood bosses nervously present blockbusters to the hallowed crowd. It can make or break a movie
    What do strawberries and cream have to do with tennis?

    Perfect match

    What do strawberries and cream have to do with tennis?
    10 best trays

    Get carried away with 10 best trays

    Serve with ceremony on a tray chic carrier
    Wimbledon 2015: Team Murray firing on all cylinders for SW19 title assault

    Team Murray firing on all cylinders for title assault

    Coaches Amélie Mauresmo and Jonas Bjorkman aiming to make Scot Wimbledon champion again
    Wimbledon 2015: Nick Bollettieri - Vasek Pospisil must ignore tiredness and tell himself: I'm in the quarter-final, baby!

    Nick Bollettieri's Wimbledon Files

    Vasek Pospisil must ignore tiredness and tell himself: I'm in the quarter-final, baby!
    Ashes 2015: Angus Fraser's top 10 moments from previous series'

    Angus Fraser's top 10 Ashes moments

    He played in five series against Australia and covered more as a newspaper correspondent. From Waugh to Warne and Hick to Headley, here are his highlights
    Greece debt crisis: EU 'family' needs to forgive rather than punish an impoverished state

    EU 'family' needs to forgive rather than punish an impoverished state

    An outbreak of malaria in Greece four years ago helps us understand the crisis, says Robert Fisk
    Gaza, a year on from Operation Protective Edge: The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas

    Gaza, a year on from Operation Protective Edge

    The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas
    How to survive electrical storms: What are the chances of being hit by lightning?

    Heavy weather

    What are the chances of being hit by lightning?
    World Bodypainting Festival 2015: Bizarre and brilliant photos celebrate 'the body as art'

    World Bodypainting Festival 2015

    Bizarre and brilliant photos celebrate 'the body as art'
    alt-j: A private jet, a Mercury Prize and Latitude headliners

    Don't call us nerds

    Craig Mclean meets alt-j - the math-folk act who are flying high