In UK law, are any business banking contracts considered unfair and subsequently unlawful?
posted 3 years ago
The bank we use for our business banking charged us US$1,300 recently. We incurred the charge by mistakenly initiating two identical transfers on online banking between accounts that have two different currencies (GBP and USD). We initiated a second transfer half an hour after the first one because the transfer did not show up in pending transfers (the bank later told us that we can see actions on the site by going to an area of the site which is hidden away). The bank then sat on the second transfer for 10 days and then transferred the money back.
I am preparing to take the bank to the Financial Ombudsman. I think it's not reasonable that the bank sat on the transfer for 10 days and did not contact us to advise us that there were not enough funds to make a second transfer.
I would be grateful if you can advise if in UK law any business banking contracts can be deemed to be unlawful. Thank you.
- Banking and Financial