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Terms and Conditions – Interest-free period for existing customers with formal overdrafts*

*Applies to existing Current Account, Current Account Plus, smile, smilemore, Privilege and Privilege Premier account customers.

Guernsey Offshore Current Account customers please click here.

General

  • To qualify for this offer customers must hold a current account** with a formal overdraft *** with The Co-operative Bank including smile. For the purpose of this offer formal overdrafts will include standard overdrafts provided with the Current Account Plus and any additional formal overdraft. Also included are any additional formal overdrafts with the Privilege, Privilege Premier and smilemore accounts.
  • The interest free overdraft covers debit balances within formal overdraft limits from the period 5th January to 4th April 2012 (inclusive). Any account still overdrawn after this date will revert to the charges detailed in the ‘your guide to charges’ leaflet.
  • All other standard terms and conditions and fees associated with formal and informal overdrafts during the dates stated above still apply.
  • Informal overdrafts will continue to be charged at the normal rate.

Existing customers

  • Customers who have an existing formal overdraft will automatically have the above conditions applied to their debit balances from 5th January 2012 .
  • Customers who renew their formal overdraft during the offer period will automatically qualify for the interest free balance offer.
  • The formal overdraft renewal fee will still apply.
  • Customers who do not renew or cancel their formal overdraft during the dates stated above will be charged in accordance with standard informal overdraft debit charges on any outstanding debit balances.
  • Customers who have an overdraft on a negotiated/non standard tariff are excluded from this offer

New customers

  • Overdrafts only available to mainland UK residents aged 18 or over.
  • New customers applying for a formal overdraft during the offer period will automatically have the general conditions applied to their debit balances from the commencement date of their formal overdraft until the offer expires.

** excludes Cashminder and Student accounts, Business banking and Corporate banking current accounts ***subject to our normal credit scoring procedures

Formal overdrafts
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 existing overdraft limit) we will tell you your overdraft limit and confirm the terms in writing. A formal overdraft lasts for 12 months and we will write to you towards the end of this period with information about what we may be prepared to offer you when your current overdraft expires. We will charge you £20 to set up or renew a formal overdraft.

Informal overdrafts
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. Please note that, depending on your circumstances, we may either accept or decline your request. We will charge you £20 for every informal overdraft request that is approved and £15 for an informal overdraft request that is declined and where the item is returned unpaid.