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Bank charge

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The term bank charge covers all charges and fees made by a bank to their customers. In common parlance, the term often relates to charges in respect of personal current accounts or checking account. These charges may take many forms, including:

  • monthly charges for the provision of an account
  • charges for specific transactions (other than overdraft limit excesses)
  • interest in respect of overdrafts (whether authorized or unauthorized by the bank)
  • overdraft fees: charges for exceeding authorized overdraft limits, or making payments (or attempting to make payments) where no authorized overdraft exists.

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References

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