SME's pay hefty bank fees

It has been reported that small businesses are paying more than £65 million in bank charges each year.

New research from The Co-operative Bank shows that fees for depositing cash over the counter, limits on cash and cheque deposits, overdrafts and other transaction charges mean small firms could be paying more than £65 million unnecessarily to their bank.

Some 40% of bosses surveyed said that uncertainty and confusion surrounding bank charges is one of the biggest problems they encounter.

"Small business owners have enough day-to-day problems to deal with without having to worry about costly bank account charges," said Sheila Macdonald, chief operating officer at The Co-operative Bank.