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What is a Statement of Fees?

Due to new Payment Account Directive regulations, which aim to improve comparability and transparency of the most common fees for current accounts between Banks across the EU, we are introducing a new annual Statement of Fees (SoF) for personal current account customers. The statement details the fees and interest that has been charged/earned or paid in the period shown on the SoF.

For more detail, please see the Frequently Asked Questions below.

What is a Statement of Fees?

A Statement of Fees is a document that gives you an overview of the fees you’ve paid on your current account over the year. This includes things like your account and overdraft fees or interest you’ve paid or earned. You’ll continue to receive your regular bank statements, Pre-Notifications of Charges (PNCs) and Pre-Notifications of Interest (PNIs), if applicable to your account.

Why have you sent me a Statement of Fees?

To comply with EU and Irish regulations (The Payment Accounts Directive and the European Union (Payment Accounts) Regulations 2016), all payment service providers need to send a Statement of Fees to their current account customers at least once a year. So, we’ll send you a yearly Statement of Fees. This should also make it easier to compare current accounts.

What is included in the Statement of Fees?

Your Statement of Fees will include a summary of the fees and interest you’ve paid or earned over the year. It also has some extra sections to explain what you’ve paid fees for. This includes ‘Cash and Cards’, ‘Payments Excluding Cards’ such as standing orders, ‘Other Services’ like stopping a cheque, and ‘Overdraft and related services’. You’ll notice columns which explain the number of times a specific service was used, the unit fee for that service, the number of times the fee was charged and the total cost.

When will I receive my Statement of Fees?

We’ll send your first Statement of Fees in November 2019. After your first Statement of Fees is issued, we’ll send you a Statement of Fees once a year around the date you opened your current account. This could mean you get a new Statement of Fees soon, depending on when you opened your account.

How will you send me my Statement of Fees?

If you get your statements electronically then we’ll send your Statement of Fees to your Online Banking inbox. Depending on your preferences, we’ll contact you when it’s ready to view

If you get your statements by post, then we’ll post your Statement of Fees to you. To get your statements instantly and help reduce paper waste you can switch to paperless banking. Find out how to switch here.

What happens if I change the type of current account I have with you?

As long as you keep the same account number and sort code, changing the type of current account you have won’t affect your Statement of Fees. You’ll still only get one Statement of Fees every year which will show the changes you’ve made to your account and give you an overview of the fees and interest you’ve paid or earned over the year.

Will I still receive my regular bank statements?

Yes, you’ll keep getting your bank statements as usual.

Why have I received two Statements of Fees so close to each other within one year?

Your very first Statement of Fees will be sent in November 2019. After that you’ll receive a Statement of Fees annually around the date you opened your current account. It is possible that the date you opened your current account may fall just after your first SoF was issued. This means that you would receive two Statements of Fees in a short timeframe.

Will I get a Statement of Fees for my savings/loan/credit cards?

No, the regulations cover most of our current accounts, but not other products. Please refer to your bank statements for details of your other products.

Not all my fees seem to be detailed on my Statement of Fees. Where can I find more information?

There are certain types of transactions which will not show up on a Statement of Fees, for example, bank draft fees. Details of these fees can be found on your regular bank statements.

Why does the Statement of Fees Additional Information section mention Transaction Fees?

Some Ulster Bank accounts, not all, get charged transaction fees. If your account type does not get charged transaction fees then you’ll not be impacted. The information in the Additional Information section is only there to provide extra details.

I was expecting to see a refund for a charge that I paid. Why am I not able to see this on the Statement of Fees?

The Statement of Fees does not show fee/charge refunds at all. If a refund has been made, this will show up on your regular bank statements. As long as you can see the refund on your bank statement, please rest assured that it has taken place. This is noted in the Additional Information box on your Statement of Fees.

Who can I contact for more information?

Should you need further information, you can contact the Anytime banking team on the number on the back of your debit card or contact us by webchat via the Ulster Bank website. You can also speak to a member of staff in your local branch.

On my Statement of Fees the number of times a service was used does not match the numbers of times the service was charged – why?

The number of times you used a service may differ to the number of times you were charged for the service due to the following reasons:

  1. Waivers have been applied – for example the balance waiver (where you’ve had a balance of €3000 or more Euro in your account for the whole charging period) or age based waiver (where you or the other account holder on a joint account is 66 years old or over or turned 66 years old during the period covered by the Statement of Fees).
  2. Some charges aren’t applied until the month after they have been used. Therefore, you may see charges within your Statement of Fees for services you’ve used before the stated period. Similarly, a charge for a service that was recently used may not be applied until your next Statement of Fees is issued.

For more details about charging periods, please refer to ‘A Guide to Personal Accounts Fees and Interest’ (opens in a new window)