Excessive Bank Charges Course: Calculation Techniques and Recovery Process

Most often, businesses do complain that accuracy of finance costs (Bank charges) to them is not clear or transparent.  The financial costs (bank charges) take prominence in amount in the annual audited financial statements. There are dangers inherent in allowing banks to burden organisations with arbitrary charges. 

This training is for finance staff of organizations to be able to calculate, ascertain and recover excess bank charges wherever they exist. Participants will also learn the process by which to make it impossible for a bank to debit their organizations' and personal accounts arbitrarily in the future. 

Many company executives think that the monthly bank reconciliation statements prepared by their staff are enough for the integrity of their bank account positions.  Some executives are even of the opinion that the statutory auditors would have taken care of this during the annual audits.  A bank reconciliation statement is merely aimed at agreeing the bank statement with the bank account kept by the company.  Calculation and Recovery of Excess Bank Charges require people to be specially trained.

Highlights

• Advertent and inadvertent inflation of interest on granted facility by applying higher rates than agreed

• Advertent and inadvertent delaying/suppressing of cash/cleared cheques until some days after lodgement

• Haphazard arrangement of transactions on monthly bank statements value dates which can make it virtually difficult for untrained customers to decipher excess charges on their own

• Delays in effecting downward reviews of interest rates when applicable

• Failure to credit customers' current accounts with interest on credit balances

• Reporting process to the Financial Policy and Regulation Department of CBN and many more.

Course Contents

Day One

• Legislation Relating to Bank Interest and Fee Charges
• Literatures reviews
• Calculating Overdraft Interest Payments
• Overdrawn Limit and the Implications
• Calculating Loan Interest and Fees.

Day Two

• Charges on Short-term Finance
• Charges on Equipment Lease Rentals and Fees
• Charges on Commercial Papers
• Accounts Having Credit Balances
• Bank Statement and Value Date Order.

Day Three

• Pressing for refunds
• Writing and Reporting Overcharges
• Pressing for Refunds/Recovery.
• Reporting Process to CBN Financial Policy and Regulation Department
• How to avoid straining established banks cordial business relationships
• Appreciation of Financial Cost Savings.

Note: Available as Classroom Training as Well as Online Training