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Harrods Bank
 

BUSINESS ACCOUNT CHARGES,  FEES and cut-off times

 

ACTIVITY CHARGES (DEBITED MONTHLY)

  • All payments from and receipts to an account, 90p per item, subject to a minimum monthly charge of £30
  • Please see Credit Interest Rates for Customers for details of any credit interest rates payable.
 
Other Charges  
Stopped Cheque £15 per cheque
Duplicate statement £5 per sheet
CHAPS payment £30 per payment
Single BACS payment £5 per payment
Single Faster Payment or Single Immediate payment (SIP)** £5 per payment
Issue of Sterling Draft £20 per draft
Special Presentation £20 per cheque
Duplicate Interest Certificate £5 per certificate
Payment of Bills £5 per bill by bank giro credit,
£20 per bill by cheque
Cheque, standing order or direct debit returned for lack of funds £35 per item
Cheque returned inwards £8 per item
Automatic transfers between accounts held at Harrods Bank Ltd £20 per month
Replacement of lost Harrods Bank Visa Debit Card £25 per card
List of standing orders and direct debits £15 minimum charge
Hold Mail Fee £30 per quarter
Special Mailing Instructions £4 per month
Status Enquiry (Inwards or Outwards) £25 per enquiry
Home delivery service for Foreign Currency (maximum £2,500) £15 per delivery
Cash banked over our counter 75p per £100 banked
Automated salary payments 50p per item
Audit letter fee £35 per letter
Right of Access request under Data Protection Act 1998 £10 per request
UK transactions using Harrods Bank Visa Debit Card No charge

Overseas transactions using Harrods Bank Visa Debit Card:

A 3% foreign exchange administration fee is included within the exchange rate for every overseas transaction and an additional 1.5% charge (minimum £2.50) is applied to all non UK ATM cash withdrawals.

Visa Wholesale Rate of Exchange - For more information on how Visa calculates its exchange rate, visit the Visa website: http://www.visaeurope.com/en/cardholders/exchange_rates.aspx

** For Faster Payments and SIPs, a maximum value payment limit of £99,999 applies  

 

FOREIGN TRANSACTIONS

International Electronic Transfer  
Currency - 0.25%
Sterling - 0.3%
Subject to a minimum charge of £30 and a maximum charge of £60
 
Foreign cheques paid into your account  
Collection - 0.75% Subject to a minimum charge of £25 and a maximum charge of £100
Foreign drafts £25
Cancellation of foreign draft  £25
 
Sale or purchase of foreign currency no charge to Bank customers
Issue of Travellers cheques - 1.5% subject to a minimum charge of £10
 

Overdraft Fees

Business Current Account / High Value Current Account  
Agreed overdraft facilities 1.1% per month - EAR*14.03%
Arrangement fees 1.5% subject to minimum fee of £75
Unauthorised overdraft 2% per month - EAR* 26.82%
 
Loan Fees  
Secured / Unsecured facilities
Renewal of facilities
1.5% subject to minimum charge of £75
1% subject to minimum charge of £50
 

SAFE CUSTODY FEES (ANNUAL CHARGE)
HISTORIC SERVICE NO LONGER AVAILABLE

   
Sealed envelope deposited £25 each
Box deposited (size restrictions applies) £40 each
Items held in opensafe custody £25 each
Fee (per visit) to access or release any item in safe custody £5  
  

The times set out below are the times after which payments will normally be processed on the next business day
Cut-off times Incoming Outgoing
Cash received over the counter 15:30 (15:30)
Cash received electronically 15:30 14:30
Faster Payments 16:30 16:30
CHAPS 16:30 16:30
International Payments 15:30 14:30
 

Accounts with unusual activity or higher transaction levels may be subject to bespoke costings which will be discussed with the customer.

Business usage over Royal Bank of Scotland branch counters may be subject to further charges which will be advised on assessment of account activity.


Debit interest and service charges are debited from your account between 17th and 23rd of each month relating to the previous calendar monthly charging period. Average cleared credit balances are calculated using business days only. Notification of these charges will be issued at least 14 days before the debit is passed to the account. Debit items for service charges and interest are not included in the calculation of the service charges.

IMPORTANT INFORMATION
Harrods Bank Ltd reserves the right to make specific charges for additional or exceptional services. We will advise you of any additional charge that may be incurred prior to carrying out the service. The charges and information in this leaflet applicable to your account form part of the terms and conditions that apply to your account. These charges are effective from 5th July 2016. If we amend any of these charges or introduce a new charge we will advise you in writing at least two months before the change takes effect.

*EAR stands for Equivalent Annual Rate and illustrates the actual annual interest rate of an Overdraft. It does not take into account other fees and charges.