Unfortunately, there are many things that can go wrong with your business banking. Problems with cash flow, access to your account, unexpected charges, fraud and unexplained transactions can all play havoc with the day-to-day running of your business. It can even cause issues with tax and accounting.
So, what’s the problem? Here are just a few of the most common problems you may encounter with business banking and what to do about them…
A slow or problematic switch
Most bank account switches these days are quick and easy, especially when using FSB Banking services which have a dedicated switching team on the case. If a switch is progressing much slower than promised or there’s a problem with it, don’t sit around and wait for the situation to resolve itself. A slow switch can disrupt your business and potentially affect your cash flow, as well as eating up your valuable time. Call your bank’s switching team right away and find out what’s causing the delay.
It’s very easy to lose track of your cashflow and end up overdrawn. If you haven’t an agreed overdraft with your bank, this could result in fees and charges. As soon as you spot this or any other unexpected charge on your statement, give your bank a call. You may be able to get the charge reversed, or at the very least put a plan in place to stop it happening again.
Lack of access
Many business bank accounts offer many different ways to access and manage your day-to-day banking. If something goes wrong with your chosen method and you urgently need access, there are a couple of things you can do. The first is to use a different method temporarily. For example, if you usually bank online and the site is down for maintenance, call up instead until the problem is fixed. Or, if you usually bank by phone and you’ve forgotten your PIN, you may need to take a trip to a branch. The second option is to call your bank’s technical team, especially if the problem persists. There is nearly always a way to access your account if your chosen method isn’t available, so there’s no need to panic.
Unexplained transactions and fraud
It’s easy to panic when you spot unusual transactions on your account. It could simply be a payment you’ve forgotten about, or it could be a worrying sign of fraud. It’s important to stay calm and remember that most business bank accounts are very well protected in case of fraud, so you won’t end up out of pocket. Take just a couple of minutes to double and triple check that the transaction hasn’t actually come from you or someone else within the business, and then get onto your bank’s fraud team. There are systems and procedures in place for resolving this kind of situation, so you should be able to trust your bank to get everything straightened out.