Alliance & Leicester Commercial Bank calculates SME losses

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Alliance & Leicester Commercial Bank calculates SME losses

Small businesses are missing out on £502 million every year as a result of poor current account deals, according to new research from Alliance & Leicester Commercial Bank.

The bank says that by sticking with providers that don't give them the best deal on their current account, businesses are spending around £425 each on cash transactions per year when they could be paying £80.

In addition, Alliance & Leicester Commercial Bank found that businesses could save more than £202 million on non-cash transactions such as direct debits and standing orders when they could be receiving these services for free.

Collectively the UK's small businesses could claw back nearly £300 million on cash transactions alone if they chose to shop around for lower charges, says Alliance & Leicester Commercial Bank.

"The country's small businesses are short-changing themselves. Whilst working hard to make money and grow their companies they are neglecting to review how their hard-earned cash is treated," said Steve Jennings, director of business banking at Alliance & Leicester Commercial Bank.

"With 80 per cent of small businesses signed up to the traditional banks, the likelihood is that they are missing out on the best deals available. We would encourage every business to shop around to check if they can get the same service for a better price elsewhere."

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