What is a Statement of Fees?

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What is a Statement of Fees?

A Statement of Fees is a document that gives you an overview of the fees you’ve paid on your current account over the year. This includes things like your account fees and overdraft fees as well as interest you’ve paid.

Why have you sent me a Statement of Fees?

To comply with regulations, payment service providers need to send a Statement of Fees to their customers at least once a year, for every current account they hold. So, we’ll send you a yearly Statement of Fees instead of an Annual Account Summary. This should also make it easier to compare current accounts between payment service providers.

What’s different about the Statement of Fees?

Like the Annual Account Summary, your Statement of Fees will include a summary of the fees and interest you’ve paid over the year. It also has some extra sections to explain exactly what you’ve paid fees for. This includes ‘Cash and Cards’, ‘Payments’, ‘Other Services’ like cancelling a cheque, and ‘Overdraft and related services’.

When will I receive my Statement of Fees?

For every current account you have with us, we’ll send you a Statement of Fees once a year around the date you opened your current account. This could mean you get your next Statement of Fees soon, depending on when you opened your account.

Why does this Statement not cover a full 12 months?

To ensure all customers receive their first Statement of Fees by the 31st October, this first statement will cover a period of 10 months. In the future the Statement of Fees will cover a full 12 months.

How will you send me my Statement of Fees?

If you get your statements electronically then we’ll send your Statement of Fees to your Online Banking Mailbox. Depending on your preferences, we’ll text or email you when it’s ready to view.

If you get your statements by post, then we’ll post your Statement of Fees to you.

How do I go paperless?

What happens if I change the type of current account I have with you?

As long as you keep the same account number and sort code, changing the type of current account you have won’t affect your Statement of Fees. You’ll still only get one Statement of Fees every year which will show the changes you’ve made to your account and give you an overview of the fees and interest you’ve paid over the year.

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