Payment Accounts Regulation

A new way of talking about fees and charges

On 31 October 2018, new regulations are coming into force called the Payment Accounts Regulations. These regulations aim to make it easier for you to compare personal current accounts throughout the marketplace and help you with your choice.

What will be different?

1. There's changes to the terminology used;
2. a glossary of terms;
3. a Fee Information Document; and
4. a Statement of Fees

Changes to terminology

Don't worry, we're not making changes to the services we provide, just the way we describe them.

Personal current account providers are required to be consistent when they refer to certain services. If you would like to see a full list of all the terms, you can find this in the glossary of terms.

Here are a few examples:

Old	New
Planned overdraft	Arranged overdraft
Unplanned overdraft	Unarranged overdraft
Stop a cheque	Cancel a cheque
Taking out cash using your card in the UK	Cash withdrawal in pounds in the UK

Glossary of terms

This document provides a list of 15 terms for common services relevant to personal current accounts along with what the terms mean. All account providers will use these terms.

Fee Information Document

If you open a current account with us, add a party to your existing current account or convert your current account you will receive a Fee Information Document. This breaks down the fees and charges for common services on your account, such as overdrafts and international payments. It doesn't cover all fees and charges so you'll still need to look at our Banking Charges Guide for that. There is one Fee Information Document for each product. You can also get a copy from our website or by popping in to a local branch.

Statement of fees

You will usually receive a Statement of Fees annually. It provides you with a summary of all the interest, fees and charges you have incurred so you can clearly see how much the account has cost or earnt you between two given dates. The fees and charges will reflect what you see in the Fee Information Document.