Changes to Overdraft Facilities

A communication was recently issued to a number of our Personal customers who enjoy the benefits of overdraft facilities on their current account.   This detailed the changes we have made to the way we provide overdraft facilities.  Attached is a list of questions and answers which may assist with any queries you have.

Why have I got a letter regarding my overdraft?

We have changed the way we provide overdraft facilities to our customers and have written to you to advise you of this.

The changes mean we will no longer apply an expiry date and the requirement for a formal review in order to move to a more flexible and customer friendly approach.

Are you changing the terms and conditions of my overdraft agreement?

While we are waiving our right to apply an expiry date and the requirements for a formal review, all the other terms and conditions documented in your existing facility letter will remain unchanged.

Can I make changes to my facility if my circumstances change?

Yes.

If you find that the current arrangements do not meet your needs then you can contact us to discuss your requirements whenever you need to e.g. additional borrowing or removal or repayment of the existing facility.

How can you ensure my overdraft facility is right for me?

We will continually monitor your account to ensure that your overdraft facility matches your requirements, as opposed to only carrying out an annual review.

If we need to review your overdraft we will contact you directly.  We will not amend your overdraft limit without giving you appropriate notice or discussing the changes with you. 

This supports our aim to Treat Customers Fairly by being proactive and working with you as early as possible to help find the right solution for your borrowing requirements.

Will the interest rate I’m paying for my overdraft facility be affected?

No. 

There will be no change to any interest rates or fees you are presently paying on your overdraft facility as a result of this change. We are simply waiving our right to an annual review. 

Are you changing the charges I pay on the account ?

No. 

There will be no changes to either the amount or frequency of charges  applicable to your account.

I currently have a temporary limit on my account but this is due to reduce next month.  Has that agreement changed?

No. 

Any temporary limit facilities which you have agreed with us will continue unaffected.  Your limit will be reduced on the agreed date.

I currently have a reducing limit on my account with monthly repayments.  Has that agreement changed?

No. 

Any reducing facilities which you have agreed with us will continue unaffected and will reduce each month as planned.  

Are you changing the amount of my overdraft limit?

No. 

While we are waiving our right to apply an expiry date and the requirements for a formal review, all other terms and conditions documented in your existing facility letter, including the value of your overdraft limit, will remain unchanged.