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Our current charges are listed below and in our Savings Terms.

You can ask us for a copy of our current charges at any time.
We make these charges automatically, even if it means you go overdrawn.

These charges are inclusive of taxes (if applicable)
Charge 
When we make the charge 

Insufficient funds charge

We apply this charge if you have insufficient available funds to pay a Direct Debit, standing order or one-off electronic payment.

£5

On 1 December 2017, we’re removing the charge for  ‘Insufficient funds’

The day of the unpaid item.
Withdrawals from LINK cash machines

Free
We don't charge for this but you may be charged by other organisations when you use their cash machines.

Monthly authorised overdraft usage fee

This fee only applies to Coventry First accounts. We charge this fee if your account exceeds your interest free overdraft but remains within your authorised overdraft limit.

£5

On 1 December 2017, we’re removing the charge for ‘monthly unauthorised overdraft’

14 calendar days after the statement date. 

Statements are sent monthly from the date your account was opened unless you've changed your settings to 'paperless'.
Monthly unauthorised overdraft usage fee

This fee only applies to Coventry First accounts. We charge this fee if your account exceeds your authorised overdraft limit. 

£10
14 calendar days after the statement date. 

Statements are sent monthly from the date your account was opened unless you've changed your settings to 'paperless'.
Charge for making withdrawals from Visa and PLUS cash machines abroad

2% of sterling transaction value

We convert the amount of the withdrawal to pounds sterling on the date we take it out of your account at the wholesale rate of exchange applied by Visa. We then charge 2% of the sterling transaction value.
We normally deduct this charge from your account within 14 business banking days of you making the withdrawal. 
Charge for Debit Card purchases abroad 

2% of sterling transaction value

We convert the amount of the transaction to pounds sterling on the date we take it out of your account at the wholesale rate of exchange applied by Visa. We then charge 2% of the sterling transaction value.
We normally deduct this charge from your account within 14 business banking days of the transaction.

If we charge you for unpaid standing orders and Direct Debits...
These charges will appear automatically in your statement or passbook, if you have one. We’ll take the full amount of the charge from your account even if there isn’t enough in your available balance to cover this charge. This may result in your account going overdrawn. All account holders are responsible for the overdraft and you must pay back the amount in full.

If we increase any of our charges...
We'll notify you at least two months before the change comes into effect. If we make a charge as a result of our error, we will of course cancel, waive or refund the charge.

If you have any of our MoneyManager accounts

For insufficient funds charges and unauthorised overdraft usage fees, there's a monthly cap of £135

This means that in any one month, this is the maximum total we can charge you for these fees. If you have a MoneyManager (Coventry First) account, ‘month’ means your statement period.

The law requires all UK banks and building societies to set a monthly cap and we have to use this standard definition:

Each current account will set a monthly maximum charge for:

a) going overdrawn when you have not arranged an overdraft or

b) going over/past your arranged overdraft limit (if you have one).

This cap covers any:

a) interest* and fees for going over/past your arranged overdraft limit

b) fees for each payment your bank allows despite lack of funds, and

c) fees for each payment your bank refuses due to lack of funds.

* We don't charge you interest if you go into an overdraft, whether it's authorised ('arranged') or unauthorised ('unarranged').

MoneyManager (Coventry First): Example of charges

Below are examples of charges if you make payments from your MoneyManager (Coventry First) account and you have insufficient available funds to meet them.

Even if you have an authorised overdraft with us, you should avoid going overdrawn wherever possible and you should contact us if you need help to manage your account.

  • The examples have been developed between the British Banking Association, the Office of Fair Trading, consumer groups and the banking industry

  • They’re designed to show how different actions may result in different charges.

  • They’re only examples so you shouldn't see them as actions you might take and charges you might have to pay.

  • They should help you to understand some of the reasons you may have to pay charges on your MoneyManager (Coventry First) account and we hope that this will help you avoid charges in the future.

Please note: as of 1 April 2014 the responsibility for consumer credit regulation transferred to the Financial Conduct Authority (FCA) from the Office of Fair Trading.

We may not allow you to use your account in the ways shown in the scenarios. All scenarios assume the payments are made in the UK.

Reasons you might be charged

1

We're unable to make a payment from your account because you have insufficient available funds.

You'll be charged a £5 unpaid item fee. Depending on the amount of available funds in your account there may be an additional charge as explained below.

£5
1A

If your account remains within your authorised overdraft following the £5 charge, there will be no further charges relating to this payment.

For example, if you're £240 into your £250 interest-free overdraft, a Direct Debit of £50 would be refused as you only have £10 available. After the £5 charge has been applied, your account balance of £245 overdrawn would be within your £250 interest-free overdraft.

£5
1B

If the £5 charge causes your account to go beyond your £250 interest-free overdraft you'll be charged a £10 monthly unauthorised overdraft usage fee in addition to the £5.

For example, if you're £248 into your £250 interest-free overdraft, a Direct Debit of £50 would be refused as you only have £2 available. The £5 unpaid item fee will cause your account to be £253 overdrawn, £3 beyond your interest-free overdraft and so the £10 monthly unauthorised overdraft usage fee would also be charged.

£15
2

You make a payment from your account which takes you into an unauthorised overdraft by less than £10, and you're overdrawn for one day during the month.

For example, if you have a £250 interest-free overdraft and you make a payment which takes you beyond this authorised overdraft you'll be charged the £10 monthly unauthorised overdraft usage fee.

£10
3

You make a payment from your account that takes you beyond your authorised overdraft. You then make another payment from the account before bringing your account back into your authorised overdraft. Your account remains in an unauthorised overdraft for 2 days in a row during the month.

In this example you'll be charged the £10 unauthorised overdraft usage fee for the initial payment which has taken you beyond your authorised overdraft. There will be no additional charge for making the second payment as there is only one overdraft usage fee per month.

£10
4

A payment from your account takes you beyond your authorised overdraft, and you make nine more payments from the account while you are in the unauthorised overdraft. Your account remains within the unauthorised overdraft for 10 days in a row.

In this case you'll be charged a £10 monthly unauthorised overdraft usage fee. This fee covers a statement month, so if the 10 days of unauthorised overdraft are contained within the same statement month, there will be no additional charge for remaining in an unauthorised overdraft.

£10

If the 10 days your account remains in an unauthorised overdraft crosses a statement month you will be charged once for each statement month.

The example assumes that all the payments while in an unauthorised overdraft are paid. Where payments are unpaid, a £5 unpaid item fee applies in each case an item is returned.

£20
5

A payment from your account takes you into an unauthorised overdraft for one day. On three more occasions during the month, a payment takes you back into an unauthorised overdraft. On each of these occasions you're overdrawn for three days in a row.

In this example you'll be charged the £10 unauthorised overdraft usage fee. This fee covers a statement month, so if each of the periods of unauthorised overdraft are contained within the same statement month, there will be no additional charge.

£10

If the periods of unauthorised overdraft cross a statement month you'll be charged once for each statement month.

The example assumes that all the payments while in an unauthorised overdraft are paid. Where payments are unpaid, a £5 unpaid item fee applies in each case an item is returned.

£20
6

A payment from your account takes you into an unauthorised overdraft. You remain in an unauthorised overdraft for 21 days in a row during the month and you make 12 more payments from the account while in an unauthorised overdraft.

In this scenario you'll be charged the £10 monthly unauthorised overdraft usage fee. As long as the 21 days you're in an unauthorised overdraft remains within one statement month, the charge will be limited to £10.

£10

If the 21 days your account remains in an unauthorised overdraft crosses a statement month you'll be charged once for each statement month.

The example assumes that all the payments while in an unauthorised overdraft are paid. Where payments are unpaid, a £5 unpaid item fee applies in each case an item is returned.

£20