MBC Banking Services

This article has been created to inform you of the banking services available at MBC, the charges incurred when using a service and how bank charges are invoiced.

Bank Charges 

A charge will be incurred when an additional service is required, for example a same day guaranteed payment. A bank charge is not incurred when the following service is conducted:

• A 3-4 (approx.) day BACS payment;
• Faster payment;
• Cash payment in/out; and
• Cheque payment in/out.

The difference between a BACS, CHAPS and Faster Payment

BACS - payments that take approx. 3-4 working days to credit the recipients account, mainly used for direct debits and direct credits.

Faster Payment - payments that credit the recipients account immediately (not guaranteed). If the payment is not immediate, this service can take up to 2 hours to process.

CHAPS - UK payments that are guaranteed to credit the recipients account on the same day, providing the payment is made before 3:00pm.

Bank Charge Schedule

The following schedule outlines the bank charges we incur for specific services:

 

MBC Administration Charge

MBC are entitled to charge an administration charge for processing a transaction(s). The administration charge is currently set at £5.00 plus VAT, should this charge increase the Legal Team will be informed.

Billing Bank Charges

It is crucial to outline a bank charge and administration fee separately when invoicing a client, otherwise the client will be mislead and we will breach the code of conduct. Bank charges are classed as an expense therefore VAT has to be added when the cost is passed to the client.

Below is a typical example of how a bank charge and administration fee will be outlined on an MBC invoice:

 MBC E-commerce Facility 

From time to time a client will request to pay an outstanding invoice or provide funds on account with a credit card. For such payments we would use our online e-commerce banking account where 1.9% is charged by the bank for using the service (For example if the client pays £1,000 a charge of £19.00 will be incurred).

Since January 2018 a 'card fee ban' has been implemented stopping businesses from adding a surcharge on top of a transaction charge. Due to this the 1.9% charge will be deducted from the consultant's fee share on the next invoice issued.

Before offering this payment method to a client please be aware that the funds will take up to 7 working days to credit our account.