Service Fees & Charges

The number and range of fees and charges levied by banks against their customers varies from bank to bank. The range of fees also varies depending on the type of bank account.

The following covers the usual types of charges associated with the more general services and accounts also offered by private banks:

• Transaction charges

Banks charge a fee for certain transactions. Some banks may even charge for over-the-counter transactions specifically in order to encourage the use of online services

• Late fees

These generally apply to late debt payments, in most cases the late payment of an overdue credit card bill. Charges can also be applied to late mortgage or loan repayments.

• Electronic Funds Transfer charges

The transfer or payment of funds electronically may be charged by your bank either directly or on behalf of an intermediary for the provision of the service. For instance, there may be a fixed fee for making an electronic transfer to an overseas account.

• Overdraft fees

A fee may be applied to any overdraft you may have for your current account. Depending on the bank, these may be fixed charges, arrangement fees or a percentage of the overdraft value.

• Credit Card charges

Interest charges are normally associated with the money lent to you through your credit card since these are considered loans. Additional fees that are specific to the provision of the credit card may also be applied for extra services (i.e. purchase insurance).

• Cheque charges

A fixed amount is usually charged per cheque written to cover processing and handling fees. Normally this is a low fixed fee of a few pence rather than a percentage of the amount of the cheque.

• Overdrawn fees

Some banks may charge a fixed fee if your account becomes overdrawn or exceeds the amount of your agreed overdraft.

• Other charges

Banks may also levy specific fees or charges for other services. These fees will vary depending on the type of service. Always check with your bank to see if there are any charges associated with any new service you may use.