BANKING CHARGES GUIDE. The main charges, including sending and receiving money

Transcription

1 BANKING CHARGES GUIDE The main charges, including sending and receiving money

2 Contents Account charges 1 Monthly assessments 2 Current accounts 3 Overdrafts 4 Moving your money 6 Sending funds overseas 7 Receiving funds from overseas 8 To and from the UK 9 Charges guide 10 Using other services 11 Administration Fees and Voicing any concerns 13

3 Account charges This leaflet tells you about the main charges on accounts for personal customers from our branches in the Channel Islands and Isle of Man. Keep it with your bank statements for reference. It will help you to work out in advance the cost of running your account with us. Many of our personal customers pay no charges at all. If you want to use a service we haven t covered here, or if we make any changes to fees or services you regularly use, we ll always let you know before you re charged. When charges are applied Different fees are taken from your account at different times. For example, regular fees like monthly account fees will come out of your account at the end of your monthly billing period (see page 3). There are some charges that are made at the time we provide you with the service, for example, when you use your debit card abroad. Other charges, such as the Monthly Overdraft Usage Fee, overdraft interest or Unplanned Overdraft fees, are worked out at the end of the monthly billing period and we ll always let you know the amount before they are taken from your account. 1

4 Account Charges Monthly assessments Unless otherwise stated, charges are assessed monthly and the period for which we charge depends upon the type of account you have and when you opened it. The monthly billing period over which we work out charges for your type of account is explained below. For example, if your account runs from the 10th 9th, we work out charges from the 10th of a month to the close of business on the 9th of the next month. Where one of these dates falls on a weekend or a Bank Holiday we will calculate charges to the close of business on the next working day. All accounts other than those shown separately Offshore Gold Island Premier If you opened your account before 18 May 2001 and the sort code is 30-xx-xx If you opened your account before 18 May 2001 and the sort code is 77-xx-xx 10th 9th 7th 6th* N/A 2nd 1st N/A; N/A If you opened your account after 18 May th 9th 7th 6th* 2nd 1st * Monthly billing period we work out the charges from the 7th to the close of business on the 6th of each month except when either of these dates falls on a weekend or a bank holiday. On these occasions we will calculate charges to the close of business on the next working day. Monthly billing period we work out the charges from the 2nd to the close of business on the 1st of each month except when either of these dates falls on a weekend or a bank holiday. On these occasions we will calculate charges to the close of business on the next working day. 2

5 Account Charges Current accounts If any current account transaction charges are due, we work them out each month and show them in advance on the next statement we send you then deduct them at least 14 days after the date of the statement. If you are due to pay charges and your next statement is not due within a month of the end of the billing period, we will send you an extra statement free of charge. Account Island Cheque/Cheque Accounts (including accounts formerly known as Island Classic, Offshore Classic, Interest Cheque and Current Accounts) When you are in credit Island Gold Account Island Premier Current Account Where the Cleared Balance on your current account remains at least 5,000 in credit throughout the monthly billing period When your account balance falls below 5,000 at any time during the monthly billing period Offshore Gold Account Where an average credit balance of 5,000 or more is maintained during the billing period Otherwise Account Fee 9 a month 15 monthly fee 1 for each withdrawal in the billing period Charges may apply if your account goes overdrawn or you use certain specialized services (see page 11 for further details). 3

6 Overdrafts Overdrafts * An overdraft is where, as part of our overall service, we are willing to lend you money through your current account. ** We provide two types of overdraft: a Planned Overdraft and an Unplanned Overdraft. If you decide you need an overdraft, you can ask us in advance for a Planned Overdraft. You can also ask to increase an existing Planned Overdraft limit at any time. You must be 18 or over to have a Planned Overdraft. How much we lend, if any, depends on our assessment of your personal circumstances. Lloyds Bank is a responsible lender and we only wish you to borrow what you can afford and in a way that is best for you. If you try to make a payment but do not have enough available money in your account, we will treat this as a request for an Unplanned Overdraft to cover that payment. We will either agree to your request or you will not be able to make that payment. Fees will normally be charged in either case. Please see your account Terms and Conditions for more details about overdrafts and available funds. You will also normally be charged interest on the amount borrowed under a Planned or Unplanned Overdraft. All overdrafts are repayable on demand. Overdraft buffer We will not charge you any fees or interest on a Planned or Unplanned Overdraft if the amount you have borrowed is 10 or less. If you borrow more than 10, interest will be charged on the amount you borrow. If you have an Island Gold Account, and you have a Planned Overdraft, we will not charge you any Unplanned Overdraft Fees if you slip over your Planned Overdraft limit by up to 20. If you have an Island Premier Account and you have a Planned Overdraft you will not pay any Unplanned Overdraft Fees if you go over your Planned Overdraft limit by up to 50. Overdraft fees If you are due to pay charges and your next statement is not due within a month of the end of the billing period, we will send you an extra statement free of charge. Fee Amount Description Monthly Overdraft Usage Fee 6 You will only pay this fee if you use a Planned Overdraft or Unplanned Overdraft by more than 10 at any time during your monthly billing period (even if your next monthly billing period is only a few days away). If you have an interest and fee-free Planned Overdraft limit that has been agreed as part of your account you won t pay the 6 fee if you stay within that limit or exceed it by 10 or less. We will charge you a maximum of one Monthly Overdraft Usage Fee in a monthly billing period. We will not charge you any other fees for a Planned Overdraft but you will normally be charged interest on the amount borrowed. * Please note the information in this section applies to customers with sterling accounts only. Please contact us if you have a Euro account or US Dollar account. ** All lending is subject to application and approval. How much we lend, if any, is subject to our assessment of your circumstances. Overdrafts are repayable on demand. 4

7 Overdrafts If we agree to your request for an Unplanned Overdraft, we will charge you the following fees: Fee Amount Description Daily Fee Unplanned Overdraft balance is: You will pay a daily fee for using an Unplanned Overdraft. The amount of the fee will be worked out at the end of each day 10 or less 0 (Buffer applies) (including weekends and Bank Holidays) on the balance of your Unplanned Overdraft. More than 10 but 5 a day less than 25 We will charge you a maximum of eight daily fees in a monthly billing period. 25 or more 10 a day If you have an Island Gold or Island Premier Account, and you have a Planned Overdraft, we will not charge you these Unplanned Overdraft Fees if your Unplanned Overdraft is no more than 20/ 50 respectively. An overdraft continues until it is repaid. So, at the start of any monthly billing period, if you still have an overdraft from the previous monthly billing period, you will incur a further Monthly Overdraft Usage Fee and, if it is an Unplanned Overdraft, up to another eight daily fees (depending on when you pay it back). Unplanned Overdrafts are intended to be used for short-term borrowing. You will find it cheaper to ask for a new or increased Planned Overdraft that meets your needs, rather than using an Unplanned Overdraft. Interest payable on overdrafts The same rate of interest is currently payable on amounts borrowed under both Planned and Unplanned Overdrafts. The rate you pay will depend on the type of current account you have with us. For details of our interest rates please ask in any branch, visit us at lloydsbank.com/international/islands or call ( from overseas). Returned items Where you do not have enough available money to make a payment and we do not agree to give you or extend an Unplanned Overdraft, you will not be able to make that payment. We will write to tell you we have declined your request. We will charge you the following fee: Returned item fee It will be 10 for each item. We will charge you up to a maximum of three Returned Item Fees a day. This fee will not be charged if the amount of the payment that we decline is 10 or less. Avoiding overdraft charges Our Grace Period means that you have until 3.30pm (UK time) to pay money into your account to avoid any overdraft fees you may incur that day. If you pay in enough to clear your overdraft you will not pay any fees, if you only clear an Unplanned Overdraft you will still pay a Monthly Overdraft Usage Fee. The money needs to be immediately available to use, so you could transfer money from another personal account you have with us via Internet Banking or Telephone Banking or pay in cash over the counter in branch. 5

8 Sending and receiving funds internationally Moving your money Wherever you live, you may, at some time, need to send money to another country. It may be a gift for a relative living overseas or you may need to provide emergency cash for a friend stranded abroad. Perhaps you just want to buy something direct from a foreign country. We offer you a comprehensive system of international money transfer that will ensure your money is sent as quickly and securely as possible. We can also help you to make arrangements to receive funds from abroad. For example, those living overseas may want to move money from a local bank to an account in the UK, the Isle of Man, the Channel Islands or Gibraltar. The right choice Before sending money overseas, you should consider: whether you want to send the money in foreign currency or in sterling how quickly you want the money to reach the beneficiary (the receiver of the money) the cost to you of sending the money whether you wish to enclose a letter or advice with the money. We offer a number of different services, so that you will be able to select the one that suits you best. For example, if you know the beneficiary account details, and you wish to make a high value and/or urgent payment overseas, we recommend using our International Moneymover, the key features of which are speed and security and we make no charge for this service.* The length of time it takes to complete a transaction will vary dependent upon which country you are sending money to. Also, when sending money to another country, remember that you will have more certainty over the exchange rate that will be applied by making the payment in the currency of the country that you re sending it to. Otherwise you won t know what exchange rate the receiving bank will use. If a Foreign Exchange is required for an inward or outward electronic payment we do not charge for this service.* For most international services we work through our worldwide network of correspondent banks, who will make a charge for the service they provide. The charges can vary significantly according to the country. For exchange rates relating to card payments and other charges that may apply please refer to the Charges Guide (pages 10 12) to determine costs involved. * Other banks may charge for this service. 6

9 International Moneymover services Sending funds overseas There are two main types of payment method: Electronic if the payment is more urgent and/or you wish to send the payment via a bank overseas (see International Moneymover services). Non-electronic if you wish to send the payment by post with a covering letter or advice (see International Drafts). International Moneymover Services* This is the fastest way to send funds overseas. Usually funds are received in the beneficiary s account within three working days. We would normally use this method unless otherwise instructed. We do not charge for sending funds using the International Moneymover Service.** Payments can be made in all major currencies to virtually any destination in the world. These are electronic bank-to-bank transfers of cleared funds. The money is available to use as soon as it is credited to the beneficiary s account. We are unable to confirm exactly when the beneficiary s account will be credited with the funds because overseas banks are involved. Euro International Moneymover payments (payments within Europe). International Bank Account Numbers (IBANs) have been introduced to standardise the identification of bank accounts in international payment instructions. The reason for this is to improve the quality of information involved in European cross-border payments and reduce errors and delays. Not all IBANs will have the same number of characters. For example, UK IBANs have 22 characters, while French IBANs have 27 characters. Further information can be found on the APACS website: International Standing Orders As well as the above two services, you can also send a regular payment abroad by setting up an international standing order. However, if you wish to amend or cancel this standing order at any time, you will need to give instructions to your branch at least three days prior to the next payment date. These instructions should normally be given in writing. International Drafts Bank drafts can be drawn in most major currencies. An International Draft is a banker s cheque made out to the beneficiary and payable at one of our agent banks overseas. The Draft can either be sent direct to you so you can send it to the beneficiary, or we can send it directly to the beneficiary. Recalling funds that you have sent After the funds have been sent to an account overseas, it will not be possible to cancel an International Moneymover payment. We can, however, ask the beneficiary s bank to seek the permission of the account holder for a refund. * Please note since 1 January 2007 it has become mandatory for additional remitter information to be included on any payment you ask us to make to an overseas bank. To avoid any unnecessary delays we will include your name, correspondence address and account number on any payments submitted to the receiving bank. In addition any payment to or from banks within EU/EEA, Switzerland and other countries where an IBAN is required, must contain a valid BIC and IBAN number for the beneficiary. ** Other banks may charge for this service. 7

10 International services Receiving funds from overseas As banks overseas generally offer a range of payment methods similar to our own, you may receive a payment by a number of different ways, ranging from a cheque in the post to a direct electronic bank transfer. The following section explains how we can help you to manage incoming payments. If you wish to receive your payment in a specific way, you should tell the person making the payment. As with sending payments abroad, there are two main ways in which funds can be received: Electronic direct electronic bank-to-bank transfer (see bank transfer) Non-electronic where you receive cheques or bank drafts from overseas, either in foreign currency or which are payable overseas (see cheque collection and cheque negotiation). Cheques If you receive a cheque drawn on an account overseas, here s how we can ensure the funds are cleared and reach your account: Cheque collection We accept the cheque and obtain clearance by sending it to the paying bank overseas and collecting the cleared funds. We cannot credit your account until we have received the money from them, which can take from a few days to over a month depending on the bank and country involved. Banks overseas usually make a charge for collecting cheques and this will be passed on to you in addition to our own charges. Endorsing Cheques It is important that each of your cheques is correctly endorsed on the reverse. This means you should write the name of the beneficiary exactly as it appears on the payee line on the front of the cheque, being certain to include any title e.g. Mr or Mrs. Endorse the cheque by signing next to the information you have written on the reverse. If the cheque is payable to two people, both parties must endorse the reverse of the cheque before it can be presented for payment. For example a cheque payable to Mr. T. and Mrs. M. Smith should be endorsed on the reverse as Mr. T. Smith and Mrs. M. Smith and each party should sign next to their name. Swift bank transfer When we receive payments for you by direct electronic transfer from an overseas bank, we are, in effect, acting as agents for that bank and are following their instructions. We make no charge for receiving and crediting funds to your account when sent by this method. Please be aware that when requesting a payment to be sent to your account with ourselves from an EU country it is compulsory for you to give the remitter your BIC and IBAN numbers which can be found on the statements we send you. Alternatively please contact us and we will be pleased to give you these numbers. 8

11 UK Services To and from the UK Sending funds to the UK You can instruct us to use the Clearing House Automated Payment System (CHAPS), which is an electronic bank-to-bank method of transfer. This makes the payment the same day and can be used for payments to any bank or to most building societies in the UK. However, there is a fee for using this service. Receiving funds from the UK Cheques drawn in Sterling on a bank account with a clearing bank in the UK are credited to a Sterling international account free of charge. Should you instruct your bankers to remit funds utilising the Clearing House Automated Payment System (CHAPS) then your bankers will most probably levy a charge which may be deducted from the amount you transfer. The Sterling amount received is credited to a Sterling account free of charge. The following minimum details must be supplied to the remitting bank if you are to ensure the safe receipt of funds intended for the credit of your account. All of the required codes and account number will appear on your account statement and in the reference fields within the initial welcome letter we will send you once the account has been opened. Sterling sent from the UK via CHAPS Sort Code Bank name and address Account number Account name. Payments in any currency sent by SWIFT (usually from overseas) By authentication SWIFT to LOYDGB2L. For sub account The BIC that appears on your statement The IBAN that appears on your statement The account name that appears on your statement. 9

12 Money transfers Charges guide Sending funds Service International Moneymover Services* International Moneymover Regular International Moneymover payments by Standing Order Recalling a payment (Note: We cannot guarantee the cancellation as funds may already have been paid to the beneficiary) Charges No charge for payments made through International Currency Internet Banking (non Sterling accounts), International Phonebank, in writing or in branch.* 20** Sending funds into the UK CHAPS 30 International Drafts Payable overseas 15 (plus registration fee if posted) Receiving funds from overseas Service Collections Charges Up to and above Swift bank transfer 25p per 100 Min. 15 per cheque Max. 80 per cheque * There may be a charge levied by the correspondent bank abroad. ** There may also be adverse exchange rate movement. 10

13 Other Charges Using other services* Service Stopped cheque Charges Special cheque presentation 15 Returned cheque If a cheque you pay into your account is returned to us unpaid by another bank or branch Statements We will send you regular account statements free of charge If you order an extra statement at a Lloyds Bank Cashpoint Duplicate statements 5 per request** Banker s draft (Sterling) 15 Holding envelopes and parcels Safe custody is only available to existing customers for whom we currently hold items. We no longer accept any additional items for safe custody. Sealed envelopes Small boxes and parcels Medium boxes and parcels Large boxes and parcels Trunks Diamonds/high value envelopes 3.75*** per quarter 15*** per quarter 20*** per quarter 25*** per quarter 35*** per quarter 7.50*** per quarter Travel facilities When you buy foreign currency or foreign currency travellers cheques from us When you buy Sterling travellers cheques from us 1.5% (min 3) When we buy from you Sterling American Express or other currency travellers cheques which you bought from us When we buy other travellers cheques or foreign currency from you 1.5% (min 3) If you have a Premier or Executive Gold Debit Card If you have a Student or Graduate account When you buy travellers cheques or foreign currency using a Lloyds Bank Premier, Platinum, Gold or Classic Credit Card * Please note the information in this section applies to customers with Sterling accounts only. Please contact us if you have a Euro account or US Dollar account. ** An administration charge may be made for excessive requests. *** Charges include VAT where applicable. 11

14 Other Charges Cashpoint and debit card charges Service Charges When you withdraw cash in the UK, Channel Islands or Isle of Man (whether at an ATM or over the counter) Using your debit card or Cashpoint card at a Lloyds Bank Cashpoint machine or branch in the UK, Channel Islands or Isle of Man Using your debit card at a non-lloyds Bank Cashpoint machine or non Lloyds Bank branch in the UK, Channel Islands or Isle of Man Lloyds Bank does not make a charge but the owner of the machine may. If so, the machine will show you the amount and tell you that it will be taken from your account when you withdraw the cash. When you use your debit card to purchase foreign currency or travellers cheques in the UK, Channel Islands or Isle of Man From Lloyds Bank branches From any other banks, travel agents, bureaux de change and outlets displaying the Visa sign Foreign currency and foreign currency travellers cheques: free. Sterling travellers cheques: 1.5% of the amount with a minimum transaction charge of 3. You won t pay this fee if you order Sterling travellers cheques over the phone and collect from a branch. Lloyds Bank does not make a charge but the provider of foreign currency or travellers cheques may make a charge. When you withdraw cash abroad (whether at an ATM or over the counter) Using your Lloyds Bank debit card Using your Cashpoint card When you withdraw cash abroad normally we convert a withdrawal to Sterling on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge a non-sterling transaction fee of 2.99% of the value of the withdrawal and we will charge a non-sterling cash fee of 1.5% of the value of the withdrawal which will be a minimum of 2 and a maximum of Where you elect to allow the ATM operator / financial service provider to make the conversion to Sterling we will charge a foreign cash fee of 1.5% of the value of the withdrawal which will be a minimum of 2 and a maximum of The provider of the foreign currency may make a separate charge for conversion. When you withdraw cash abroad normally we convert a withdrawal to Sterling on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge a non-sterling transaction fee of 2.99% of the value of the withdrawal and we will charge a non-sterling cash fee of 1.5% of the value of the withdrawal which will be a minimum of Where you elect to allow the ATM operator / financial service provider to make the conversion to Sterling we will charge a foreign cash fee of 1.5% of the value of the withdrawal which will be a minimum of The provider of the foreign currency may make a separate charge for conversion. Please note there is no maximum non-sterling cash fee or foreign cash fee. When you use your debit card to make a purchase or other transaction (not cash withdrawal, foreign currency or travellers cheque purchase) in a currency other than Sterling whether you are in the UK, Channel Islands, Isle of Man or abroad Using your Lloyds Bank debit card The amount is converted to sterling on the day it is processed by Visa using the Visa Payment Scheme Exchange Rate. We will charge a non-sterling transaction fee of 2.99% of the value of the transaction. 12

15 Administration and complaints Administration fees We ll be happy to respond when you ask us for help with managing your day-to-day banking at no charge. But, if we have to spend a significant amount of time on a specific area, then, like professional advisers, we may charge a fee. If this seems likely, we will agree it with you before you are committed. Voicing any concerns At Lloyds Bank our priority is to provide you with the highest level of customer service. However, if you should have a problem please let us know so we can provide a solution as quickly as possible. If you need information about our complaints procedure, please ask for a copy of our brochure how to complain. 13

16 Get in touch Go to lloydsbank.com/islands Visit your local branch Important information Issued by Lloyds Bank International Limited trading as Lloyds Bank. Registered Office and principal place of business: PO Box 160, 25 New Street, St. Helier, Jersey JE4 8RG. Registered in Jersey No Regulated by the Jersey Financial Services Commission. We abide by the Jersey Code of Practice for Consumer Lending. Copies of our Terms and Conditions and latest report and accounts are available from the above registered office. Lloyds Bank International Limited is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to 50,000. Eligible deposits are deposits held by private individuals and charities. Depositor protection does not extend to corporations, small to medium sized enterprises, partnerships and trusts. The maximum total amount of compensation is capped at 100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website or on request. Please note that, in relation to banking services which we provide, you might not be eligible for compensation under a deposit protection guarantee scheme available in your country of residence. If in doubt, contact your local banking regulator, visit their website or seek independent advice. The Isle of Man branch of Lloyds Bank International Limited is licensed by the Isle of Man Financial Supervision Commission and registered with the Insurance and Pensions Authority in respect of General Business. Business Address: PO Box 111, Peveril Buildings, Peveril Square, Douglas, Isle of Man IM99 1JJ. Lloyds Bank International Limited is a participant in the Isle of Man Depositors Compensation Scheme as set out in the Depositors Compensation Scheme Regulations The Guernsey branch of Lloyds Bank International Limited is licensed to conduct banking, investment and insurance intermediary business by the Guernsey Financial Services Commission under the Banking Supervision (Bailiwick of Guernsey) Law 1994, the Protection of Investors (Bailiwick of Guernsey) Law 1987 and the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law Business Address: PO Box 53, 1 Smith Street, St. Peter Port, Guernsey GY1 4BD. Lloyds Bank International Limited is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for qualifying deposits up to 50,000, subject to certain limitations. The maximum total amount of compensation is capped at 100,000,000 in any 5 year period. Full details are available on the Scheme s website dcs.gg or on request from: Telephone: +44 (0) Post: PO Box 53, 1 Smith Street, St. Peter Port, Guernsey GY1 4BD. Lloyds Bank International Limited is a Jersey registered company that is a wholly owned subsidiary of Lloyds Bank plc. Lloyds Bank plc is incorporated in the United Kingdom, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number and is part of the Lloyds Banking Group. Lloyds Bank International Limited places funds with Lloyds Bank plc and thus its financial standing is linked to that of the group. Depositors may wish to form their own view on the financial standing of Lloyds Bank International Limited and its parent based upon publicly available information. Lloyds Bank International Limited s latest annual financial statements are available on our website at lloydsbank.com/international The Bank may, before opening an account, wish to take up references or otherwise satisfy itself as to the identity and suitability of an applicant. The Bank may also at any time refuse to open or continue an account or refuse any deposit. The information contained within this brochure is correct at the time of going to press and is for general information purposes only. To ensure security for our customers and staff and to help maintain service quality, some calls may be recorded and monitored. OB521 (08/14)