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. |
