Is your business grappling with excessive banking fees? Are they accurate or erroneous? An analysis of your bank billing statements can help you solve this dilemma. It is not uncommon for a banking institution to make errors that affect their customers. In January 2018, Wells Fargo double charged an unknown amount of consumers due to an internal processing error. Below we break down five of the common billing errors we see when helping our customers.
Inconsistent services
An example of this particular billing error is when your company has multiple controlled disbursement accounts that are not actually cutting checks. The accounts that are not cutting checks can possibly be closed. The question becomes why were these accounts set up in the first place? Were they set up with a need that has been met through another way and thus these accounts can now be closed? Or can some accounts be consolidated and close excess accounts?
Redundant services
Are you receiving your bank billing statements through multiple channels and being billed for each one? This is one common example of redundant services. These are especially common types of charges after mergers or acquisitions. Another example is a water delivery service is unnecessary if your employee break rooms have a water filtration system in its refrigerators. Your company can lean on ours to analyze your banking statements and construct streamline strategies. Our knowledgeable experts have evaluated the inner workings of companies such as Henry Schein and Europcar to help reduce their redundant services.
Inefficient services
Is your company billed for things such as CDs or paper statements? Believe it or not, these are some of the inefficient services we see regularly on billing statements. Eliminate services that are of no longer of value to your company. Cut costs by digitizing documents as much as possible. Your company can save money not only by not receiving paper copies of these documents but also by getting rid of a monthly document shredding service. Strive to go green and be eco-friendly by going paperless.
Inefficient users
Do you know how much you are spending on daily transaction tracking and report generation? Are your employees running multiple reports throughout the day which cost money per report generated? These employees may be unaware of how much running those reports really costs the company. Auditing your bank billing statements can help point out issues like this one quickly ensuring a timely response.
Punitive fees
Are your processes outdated? Are you working with a system that hasn’t kept up with the times? If so, it is common to see punitive fees on bank billing statements because the system you are working with has to work the ‘long way’ to get things done. Well, your bank charges you each time you run a process that way. This process is not cost nor time-effective. Finding and correcting these errors is essential to keeping your financial operations running smoothly. Do you know where to start?
You need a partner like Redbridge Debt & Treasury Advisory to do the due diligence we specialize in. Let us locate the areas where you could be saving precious dollars. We will assist you in understanding the origin of your costs and how to minimize them. With more than 20 years of client services under our belts, we utilize our enormous database and seek out erroneous billing by banking institutions. We are independent and objective providers of information and advice. Contact us to learn how we can help identify and correct these and other bank billing errors.
Don’t close the year without analyzing your bank fees!