A communication was recently issued to a number of our customers with a Current Account or Current Account Mortgage. This detailed changes to the way we apply fees and the Terms and Conditions of your account. Attached is a list of questions and answers which may assist with any queries you have.
The letter is advising you of changes we will be making to way certain fees are applied to your account and updates to the Terms and Conditions on your account.
All customers holding these accounts will receive personal notification of the change via statement letter during March and April. This pre-notification complies with our Terms and Conditions and all relevant legislation.
The changes will take place on 1st July 2012.
You will be able to find details of the changes to the Terms and Conditions within the letter which was posted along with your statement.
Copies of your new full Terms and Conditions can be downloaded from our website. Copies will be available from 23rd March 2012.
Please click here to view.
Alternatively, you will be able to obtain a copy from your branch or Relationship Manager or you can call us on 08447 368 368.
We are changing the way in which we collect the fees from your account. Rather than take the payment immediately or at the end of the month, we will accrue charges during the calendar month. We will then send you a summary of the fees you have incurred at the end of each month and give at least 14 days’ notice before any fees due are applied to your account. This will give you more time to take account of your monthly charges and plan accordingly.
No – we are not making any changes to the amount of fees/charges applicable to your account.
Planned Borrowing is one which you have arranged with us in advance.
Unplanned Borrowing is when we agree to your request to make a payment from your account when:
All Unplanned Borrowing costs can easily be avoided by being aware of your account balance and any payments you have committed to make. Customers can access their balance within a few seconds, 24 hours a day, online or over the phone.
We will continually monitor your account to ensure that your Planned Borrowing facility matches your requirements.
If we need to review your Planned Borrowing facility we will contact you directly. We will not amend your Planned Borrowing limit without giving you appropriate notice or discussing the changes with you.
Alternatively, you can contact us at any time if you would like to review your current Planned Borrowing facility, or you are having some difficulty managing your finances. By working together, we can ensure you're getting the best possible value from both your account and your relationship with us.
We will be happy to review your current finances. By working together, we can ensure you're getting the best possible value from both your account and your relationship with us.
All Unplanned Borrowing costs can easily be avoided by being aware of your account balance and any payments you have committed to make. Where Unplanned Borrowing does occur due to a lack of funds to meet these commitments, the cost is dependent on individual circumstances.
Other than the product name there are no other changes.
The way in which you operate your account on a daily basis, the account fees, rates of interest and charges applicable remain unchanged.
If you are happy to accept these changes, you do not need to do anything. If you do not want to accept these changes, you should contact us before July 1st. You may close your account without charge before that date but you would have to repay borrowing as well as any fees an interest owed on the account.