The following are some of the areas covered in this review:
- Interest Checking Service
- General Banking Consultancy
- Review of Borrowings
- Ongoing Advice Service
We analyze the structure of our clients’ bank accounts and advise them on how to reduce their charges. This review incorporates both quarterly and ongoing charges.
We analyze the borrowing costs and show where savings can be made either by restructuring the borrowings at more competitive rates or re-negotiating the structure of any loan in light of other issues which may arise in our review.
Bank Account Structure
In a number of cases, the structure of the bank accounts themselves and the way they are run on a day-to-day basis can become a major cost factor. We show how best to operate these accounts and maximize the system/minimize the cost to the client. Over the years, we have had a considerable number of notable successes among the hundreds of clients who have had such a review carried out. A review such as this is beneficial for both small and large businesses/companies.
A banking consultancy review service is provided on a fee basis, which is agreed with you at the out set.
Bank interest/charges review:
- An initial discussion or review of a client’s banking arrangements takes place to ensure that undertaking a Financial Health Check will be of benefit to them. At no time will we undertake a review if the potential savings are not obvious to us. Subsequent to identifying possible areas of benefit, the client will then agree to proceed further with the review.
- Our review generally covers a period of 12 month’s banking (usually coinciding with the charge out for interest/charges by the bank). It is necessary for us to obtain bank statements on all relevant bank accounts/borrowings, etc. correspondence from the client’s bank relating to arrangements on charges/overdrafts, etc. and any other relevant information that we may require.
- On receipt of this data, we analyze same, utilizing a number of computerized models (including an interest checking program). This analysis will focus on the areas previously outlined i.e. interest/charges, etc.
- A report is then prepared for the client showing an analysis of each bank account, areas where problems exist, verification of the savings that can be made and recommendations.
- A Recommendations Summary is included as an action plan for the client to undertake.
- On completion of the report, we review it with the client, ensuring everything in the report and the action to be undertaken thereafter is understood.
- Our recommendations fall into two categories i.e. changes that the client can effect without negotiation with his bank and areas which require discussion with their bankers.
- Throughout the whole process of negotiation/re-structuring of arrangements, we advise our clients.
- Our fees include the preparation and completion of the report, subsequent meetings and various advice which the client may require.