Bank Charge


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Bank Charge

Any fee that a bank assesses on an account. An example of a bank charge is a monthly or annual fee for the privilege of maintaining an account. Other bank charges include overdraft fees (which are placed on a checking account when a holder withdraws more money than he/she has) and inactivity fees (which occur when a holder does not conduct a transaction for a certain period of time). Bank charges form a significant portion of banks' revenue.
References in periodicals archive ?
Bank charges are a hot topic and the Office of Fair Trading won the right to investigate them.
Chief executive Sean Gardner said: "Bank charges may be a hot topic in the media but many people's idea of how much they are being charged for their overdrafts is horribly wide of the mark.
There was a near ten-fold increase in bank charge complaints in April to July last year alone - at nearly 32,000 - amid the Office of Fair Trading's High Court test case.
We sent three messages to UPI (UK) Limited, which claims to help reclaim unfair bank charges, and received no reply at all.
All you need to know about bank charges, over-charging and the errors that they make which cost you cash can be found on this site.
Currently, bank charges range from P10 to P15 for interbank withdrawals and P2 for interbank balance inquiry.
(So why is there a demand for the bank charge to be increased when the current cost is already high for each transaction?)," she added.
The finance ministry on Wednesday officially launched its new webpage where the public can compare bank charges relating to current accounts and other services, in line with a 2014 EU directive.
A mandated taxpayer who misses the "one day prior" deadline for initiating payment should weigh the potential late deposit penalty against the bank charge. Regardless of method, there must be adequate funds in the account on the transfer date or the transfer will fail.
NEARLY one million consumers have had claims for bank charge refunds worth an estimated pounds 713m frozen while a test case goes through the courts.