What is Statement of Fees (SoF) and why is it useful?
The Statement of Fees is a Payment Accounts Regulation (PAR) requirement, which mandates financial institutions to provide customers with a general overview of all fees paid during the time period to which the SoF refers (usually one year), helping you to understand the expenditures to which the fee relates. The first SoF will cover the months from 1 October 2018 to 31 December 2019, and shall subsequently be sent to customers on a yearly basis.
What does the Statement of Fees include?
The Statement of Fees includes:
- the total amount of each fee charged;
- interest, if any, applied to the current/savings account;
- the credit/debit interest rate applied;
- the total amount of interest earned or paid.
What does the Statement of Fees look like?
What is the difference between the SoF and the usual Account Statement?
The SoF is clearly distinguishable from other statements provided to you. These two documents vary not only in format but also in the objectives that they satisfy: the SoF aims to help you to both view and understand the fees through a common format, whilst the account statement aims to give you a full disclosure of all the movements in and out of the account.
How are you going to receive your Statement of Fees?
You will receive it in line with your account statement instructions (i.e. if your account statements are received through Online Banking, the statement of fees will be sent to you via the same method).
How much does it cost to obtain a SoF?
The Statement of Fees is sent to you once a year and is free of charge.
If you need further information on any of the fees/interest listed in the Statement of Fees, where can you refer?
You can refer to our General Tariff where all fees are listed separately on our Website or available on request from our branches.