SAVINGS & CURRENT ACCOUNT CHARGES

Here are the charges which apply on savings and current accounts from 13 August 2018

There may be other fees and charges (not listed below), which are made by us for providing additional services and we'll let you know about these when you ask for these services.

Other taxes or costs may exist that are not paid through us or charged by us. Fees, charges and overdraft interest rates may vary from time to time. Unless otherwise stated, all charges for services are payable when the service, or processing of a payment, is requested.

Service Charge
Stopping payment of a cheque £5
Replacement for a lost card and personal identification number (PIN) £7.50
Replacement for a card or personal identification number (PIN) £5
Duplicate statements of account transactions £2 per statement
Replacement for a lost passbook £10
Processing same day CHAPS payments to other UK banks or building societies £25
Commission charge on sale of sterling travellers cheques 1.5%

Foreign Currency Transactions

You can use your Cumberland Visa Debit Card to pay for goods and services, or to withdraw cash at a cash machine, wherever you see the Visa sign. When you use your Cumberland Visa Debit Card to carry out a transaction in a currency other than sterling, unless you are offered and accept a currency conversion rate at the time, transactions will be converted into sterling at the exchange rate on the date they are received by Visa in the UK. To get an idea of the exchange rate that would be used, you can view the Visa wholesale rate of exchange here.

This rate is indicative only, because such transactions are processed and converted when the retailer sends them to Visa. This is not always on the same day as the transaction itself.

If your 16-digit Visa Debit Card number starts with 4658 5520 or 490971, we will not charge you to use your card for transactions in a foreign currency. However, if your 16-digit Visa Debit Card number starts 4658 5550 or 475148, we will make a charge of 2.5% of the transaction amount. In addition, the retailer or cash machine provider may apply a charge, regardless of your account type.

Transferring Money Abroad

Service Charge
Transferring Euros to another European country (transfer should arrive the next bank working day) £12
Transferring in currencies other than Euros and/or to non European countries (transfer should arrive within a maximum of 5 working days) £20

The recipient of the funds will also be subject to a charge, although we can't confirm in advance how much this will be.

If an investigation is required into an overseas transfer, for example, if there is a delay in the funds being received by the beneficiary, if the funds are returned, or if further information is required to place the funds, a £25 charge is payable.

Accepting foreign denomination cheques and sterling cheques drawn on a foreign bank account

Charges are payable for these services and are made both by our bankers and the bank on which the cheque is drawn (the drawing banker). We can't confirm in advance the exchange rate which will apply or the amount of the charges, but for guidance they could be as high as £60. All charges will be deducted from the amount converted and the net amount will be credited to your account. Please allow at least eight weeks for these cheques to be paid by the drawing banker. The exchange rate which will apply will be the rate applicable on the date the cheque is paid by the drawing banker. We will normally not accept such cheques for amounts less than £100.

Personal Accounts - Charges Relating to Overdrafts

Service Charge
Unpaid Item Charge £10
Applied when we consider and return a request to process a payment because you do not have sufficient available funds in your account. For cheques this is when they are presented for payment (typically before 9am), and for Direct Debits and standing orders, by 3.30pm on the day they are due to be paid. Applies to all accounts which can process cheques/Direct Debits/standing orders.
Daily Unauthorised Overdraft Charge £5
If the debit balance on your account exceeds £15 or exceeds your agreed overdraft limit by more than £15 at close of business on a bank working day, a daily £5 fee will be incurred. This fee will continue to be incurred on each subsequent bank working day until the balance of your account is brought back into credit or within the agreed overdraft limit. Applies to Personal Current and Non-Personal Non-Business accounts.

These charges will be debited on the last bank working day (ie excluding Saturdays, Sundays and Bank Holidays) of the calendar month following the month in which the charge is incurred. Eg a charge incurred in June would be debited on the last bank working day of July.

We won't charge you more than 2 unpaid item charges per day or charge more than £90 (in unpaid item charges and overdraft management charge per month).

Personal Accounts - Overdraft Interest

Authorised Overdrafts Unauthorised Overdrafts
Current Account, Reward, Cumberland Plus and Cumberland Offset Current Accounts 14.99% EAR* (variable). 3.553% per quarter. Representative Example: If you use an arranged overdraft of £250 the interest we will charge you is 14.99% EAR (variable). Representative Example: No interest will be charged (please see Daily Unauthorised Overdraft Charge above).
Cumberland Account Plus and Offset Current Accounts 13.54% EAR* (variable). 3.225% per quarter. Representative Example: If you use an arranged overdraft of £950 the interest we will charge you is 13.54% EAR (variable). Representative Example: No interest will be charged (please see Daily Unauthorised Overdraft Charge above).

The overdraft interest rates shown are variable. *EAR stands for Effective Annual Rate. Interest is charged on current account overdrafts for the period of time the account is overdrawn. The interest charged for each of the quarters ending 30 June, 30 September, 31 December and 31 March will be deducted from current account balances around the 25th day of the month following the dates shown. We will give you at least 14 days’ notice, by personal notice, before we deduct overdraft interest from your account.

Personal Account Charges

Service Charge Charge debited
Underfunding Charge
Incurred for any full calendar month when your account is not funded in accordance with the conditions of the account. Applies to Cumberland Plus, Cumberland Day2Day, Money Management and 24/7 accounts.
£2 This charge will be debited on or around the 25th day of the following month.
Chequebook Charge
Each chequebook* issued. Applies to Freedom Apprentice, Cumberland Day2Day, Money Management and 24/7 accounts.
£5 This charge will be debited on or around the time of the request.
Counter Cheque Charge
Each Counter Cheque requested, either at a branch or by contacting our Head Office. Applies to Cumberland Plus, Freedom Apprentice, Offset, Standard Current, Reward, Plus, Cumberland Day2Day, Money Management, Cashcard and 24/7 accounts.
£1.50 This charge will be debited on or around the time of the request.

These charges also apply to some of our closed issue accounts. Please contact us to find out more information.

Business Current Accounts

Overdraft Charges

Service Charge
Unpaid Item Charge
Applied when we consider and return a request to process a payment because you do not have sufficient available funds in your account. For cheques this is when they are presented for payment (typically before 9am), and for Direct Debits and standing orders, by 3.30pm on the day they are due to be paid. This charge is per item and we will inform you in writing when we are unable to make payments because of insufficient available funds.
£27.50
Paid Item Charge
Payment made on an overdrawn Current Account where no formal overdraft has been agreed, or an agreed overdraft limit has been exceeded (charge per item).
£20

These two charges will be debited on the last bank working day (i.e. excluding Saturdays, Sundays and Bank Holidays) of the calendar month following the month in which the charge is incurred. e.g. a charge incurred in June would be debited on the last bank working day of July. We will not charge you more than 2 paid and/or unpaid item charges per day. Overdraft arrangement fees and renewal fees will be confirmed to you prior to your overdraft being agreed.

Service Charge
Cash Exchange Charge 1.5% of value exchanged at branch counters.

Business Current Accounts - Overdrafts Interest

Authorised Overdrafts Unauthorised Overdrafts
Business Current Accounts Individually agreed. Typical rate is 3.04% per quarter (EAR 12.73%*) Individually agreed. Typical rate is 5.659% per quarter (EAR 24.63%*)

The overdraft interest rates shown are variable. *EAR stands for Effective Annual Rate

Updated 28/02/18

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Your eligible deposits with Cumberland Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk.