Monthly cap on unarranged overdraft charges
1. Each current account will set a monthly maximum charge for:
- going overdrawn when you have not arranged an overdraft; or
- going over/past your arranged overdraft limit (if you have one).
2. This cap covers any:
- interest and fees for going over/past your arranged overdraft limit;
- fees for each payment your bank allows despite lack of funds; and
- fees for each payment your bank refuses due to lack of funds.
Our is £20, which means we won't charge more than £20 in a charging period for an unarranged overdraft or unpaid transaction.
Returned payments
An Unpaid Transaction Fee of £2.75 is charged for a transaction that we return unpaid. A transaction (e.g. a Direct Debit) will be returned if the payment cannot be met from funds in your account or any unused arranged overdraft facility and we decide in our discretion not to make the payment.
Charging periods
Charges are accrued during a . At the end of the charging period you will be notified of the total amount owed and when it will be taken from your account - this will be 21 days after the end of the charging period.
The charging period start date is always the day after the account statement is produced, i.e. if statements are set to be produced on the 1st of the month, the charging period will start on the 2nd and finish on the 1st of the next month.