Northern Ireland Secretary Paul Murphy was tonight urged to summon the chiefs of the four main banks to account for themselves amid accusations they are ripping off their customers with excessive charges.
The Office of Fair Trading has received a formal complaint from consumers' body Which?, saying customers in Northern Ireland are charged over 21 times more than their counterparts in Britain.
The Federation of Small Businesses said Mr Murphy should call a meeting of the bank bosses to explain themselves.
FSB regional chairman, Mr John Friel, said: "While a formal complaint has been lodged with the OFT, we would call upon the Secretary of State to intervene now and invite the local CEO's of the four main banks to a meeting to give account for themselves.
"The Secretary of State may not have any formal powers over banking regulations; but he has a responsibility on behalf of the people of Northern Ireland to pressure the banks to address this issue.".
Mr Friel said his organisation had heard numerous horror stories from its members of overcharging by local banks and many FSB members had expressed the view business banking was more expensive in Northern Ireland than in Britain, he said.
"The Government can no longer stand by and ignore the crippling running costs incurred by small business in Northern Ireland," said Mr Friel.
"We are sick, sore and tired of high bank costs, insurance, electricity, transport, rates, soon to be water charges putting a huge burden on small businesses all of which deter many people from starting their own small business and prevent small businesses from expanding."
The Ulster Farmers' Union also expressed concern saying the farming industry had extensive borrowing with the banks and charges were an important cost control issue for farmers.
UFU President MrCampbell Tweed said the union would be studying the findings of the Which? survey closely and raising their concerns with the local bankers.
Mr Tweed said many farming families had significant levels of borrowing which had been necessary to invest in their businesses.
"I am concerned at reports that bank charges in Northern Ireland may be much higher than in other regions.
"This is a serious allegation and it will be very important for the farming industry that we can access a competitive banking service," he said.