SAVINGS & CURRENT ACCOUNT CHARGES

Here are the charges which apply on savings and current accounts from 17 February 2016

There may be other fees and charges (not listed below), which are made by us for providing additional services and these will be notified to customers at the time the service is requested.

It is possible that other taxes or costs may exist that are not paid through us or imposed 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.

CHARGE AMOUNT
Stopping payment of a cheque £5
Copy of a paid cheque or payee details £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.

Please note that 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.

Depending on your account type, a charge may apply for transactions made in a foreign currency. 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

CHARGE AMOUNT
Transfer of Euros to another European country (transfer should arrive the next bank working day) £12
Transfers 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. We regret we cannot confi rm in advance the amount of any such charge.

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 cannot confirm in advance the rate of exchange 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 rate of exchange 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

CHARGE AMOUNT
Unpaid Item Charge £15
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. Applies to all accounts which can process cheques/Direct Debits/standing orders.
Paid Item Charge £15
Payments made when there are insufficient available funds to cover the payment being made on a current account where no formal overdraft has been agreed, or an agreed overdraft limit has been exceeded (charge per item). If we honour a payment request on your account in these circumstances and the debit balance on your account is either no more than £15 or no more than £15 in excess of any agreed overdraft limit, we will not make this charge (charge free buffer). Applies to Personal Current and Non-Personal Non- Business, Money Management, 24/7 and Cumberland Day2Day accounts.
Daily Unauthorised Overdraft Fee £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 three 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 or charge more than £90 (in paid and/or unpaid item charges and overdraft management charge per month).

PERSONAL ACCOUNTS - OVERDRAFT INTEREST

Authorised Overdrafts Unauthorised Overdrafts
Current Account 3.04% per quarter (EAR 12.73%*) Representative Example: If you are overdrawn by £250 for 17 days you will pay interest at 12.73% variable. The total charge for this credit would be £1.51 Representative Example: No interest will be charged however, if you go overdrawn beyond your agreed limit for 5 days in a single calendar month you will incur a £5 daily unauthorised overdraft fee. The total charge for this credit would be £25.
Reward, Cumberland Plus and Cumberland Offset Current Accounts 2.408% per quarter (EAR 9.99%*) Representative Example: If you are overdrawn by £550 for 15 days you will pay interest at 9.99% variable. The total charge for this credit would be £2.75. Representative Example: No interest will be charged however, if you go overdrawn beyond your agreed limit for 5 days in a single calendar month you will incur a £5 daily unauthorised overdraft fee. The total charge for this credit would be £25.
Current Account Plus and Offset Current Accounts 2.069% per quarter (EAR 8.54%*). If you are overdrawn by £950 for 18 days you wil pay interest at 8.54% variable. The total charge for this credit would be £3.94 Representative Example: No interest will be charged however, if you go overdrawn beyond your agreed limit for 5 days in a single calendar month you will incur a £5 daily unauthorised overdraft fee. The total charge for this credit would be £25.

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 way of your transactions statement or by personal notice, before we deduct overdraft interest from your account.

PERSONAL ACCOUNT CHARGES

CHARGE AMOUNT 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 request for a chequebook*, including those generated automatically based on your cheque book usage. Applies to Cumberland Day2Day, Money Management and 24/7 accounts.
£5 This charge will be debited on or around the time of the request.
Account Transactions List Print (ATLP) Charge
Each request for an Account Transactions List Print, either at branch or calling Customer Services Team. Applies to Cumberland Day2Day, Money Management and 24/7 accounts.
£2 This charge will be debited on or around the time of the request.
Counter Cheque Charge
Each request for a Counter Cheque, either at a branch or by contacting our Head Office, and charged per cheque requested. Applies to all accounts except some closed issue accounts.
£1.50 This charge will be debited on or around the time of the request.
Counter Cash Withdrawal Charge
Each request to withdraw cash at a branch counter for an amount of £10 or less (not applicable to customers aged 16 or under). Applies to Cumberland Day2Day, Money Management and 24/7 accounts
50p This charge will be debited on or around the time of the request.
Paper Statement Charge
Each request for a paper statement (not available on accounts registered to receive eStatements). Applies to Cumberland Day2Day accounts only
£2 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.

*Cheque books are only available to customers over 18 years old. In the case of joint accounts, all account holders must be over 18 years of age for a chequebook to be issued.

BUSINESS CURRENT ACCOUNTS

CHARGES RELATING TO OVERDRAFTS

CHARGE AMOUNT
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.

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

BUSINESS CURRENT ACCOUNTS - OVERDRAFT 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 19/02/16

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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.

Further information is available here or visit www.fscs.org.uk.