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Charges

Many of us find times when there are bills to be paid but a payment that we are expecting, for example our salary, will not be received for a few days. Our overdraft services can provide you with the facility to borrow money to help you overcome such short-term cash flow needs.

This short guide will help you to understand our overdraft services.

You can request our overdraft services either formally or informally.

Formally – You can request our overdraft services in advance and if we agree to your request (by agreeing an overdraft limit, or an increase to an overdraft limit, or a limit in excess of a standard limit included in your account package e.g. Privilege current account) we will tell you your overdraft limit and confirm the terms in writing.

Informally – If you have not formally requested our overdraft services as above, you may still request an overdraft by undertaking a payment or withdrawal from your account, even though no overdraft limit has been agreed or where the payment or withdrawal would cause you to exceed any agreed or standard overdraft limit.

If you decide that an overdraft is the best option for you, we would encourage you to request the overdraft formally as this is generally less expensive than an overdraft that is not agreed in advance. To make sure you are always aware of your account balance and help you to manage your account more effectively you can check the balance on your account regularly at a cash machine, in a branch, over the phone or online.

Where we agree to your request for a formal overdraft, the facility will be provided for up to 12 months and there will be a charge for this service of £20.

If you request an informal overdraft there will be a charge for this service of £20. We operate on monthly charging periods (from 5th of the month to 4th of the following month) and if you make a further request for an informal overdraft, in a charging period, there will be a further charge for this service of £20.

If you request an informal overdraft and we do not agree, we will refuse to make the payment you request by returning it and there will be an unpaid item charge for this service of £30 (£19.50 for Cashminder accounts).

If you request an informal overdraft in this way we will automatically waive any of the above service charges and unpaid item charges providing that you have maintained your account in credit (or within any agreed overdraft limits) for the previous 366 days and you return your account to credit (or inside an agreed overdraft limit) within 6 working days. In addition we also limit these service charges and unpaid item charges to £150 per quarter on each account.

In addition to the service charges above, you may also be required to pay interest on the amount that you borrow dependent on the type of account. Please refer to your terms and conditions (PDF - 0.2Mb) for further information.

Our overdraft services are designed to meet short-term borrowing needs. Where you have an ongoing or longer term borrowing need, another type of product, for example a personal loan or credit card, may be more suitable.

Our branches offer a free financial review service and will be happy to discuss our full range of borrowing services. Alternatively, you can get further information by calling 08457 212 212.

You can apply for a formal overdraft at your local branch or by calling 08457 212 212.

You can be assured that every request for our overdraft services is considered based upon an individual’s circumstances and in line with our responsible lending policies.

Should you be experiencing financial difficulties we would recommend that you contact us as early as possible. We will be happy to discuss your needs and to help you understand what options might be available to you.

If you have any questions about our overdraft services please contact your local branch or call 08457 212 212.

You can find out details of your account charges in the documents below (These will open as PDFs in new windows):

• Cashminder (PDF - 0.1Mb)
• Current Account (PDF - 0.1Mb)
• Current Account Plus (PDF - 0.1Mb)
• Priviliege and Privilege Premier current account (PDF - 0.1Mb)

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Financial information correct as at July 2009.