The definition of insolvent
We’ve included a definition of “insolvent”, so that it’s clear that where we set out the consequences of your being insolvent (such as our right to close your account), you know when this will happen.
Removal of cancellation rights
We’ve removed your right to cancel an account within 14 days of account opening. This is not normally a right given to customers with a turnover of more than £6.5million.
Consequences of negative interest rates being introduced
Our Terms and Conditions already give us the right to introduce negative interest rates or fees or charges if interest rates (including any External Reference rate) turn negative. However we’ve now set out how we may debit any interest charged at a negative rate or other fee or charge should we introduce this.
Charges for transactions on the last day of the charging period
We’ve clarified that when there are transactions on your account on the last day of a charging period and that day is a Sunday, you’ll be invoiced for any transaction charges relating to those transactions on the invoice for the next charging period. You’ll still continue to earn interest on payments made into your account on that day.
Debit card transactions in a foreign currency
We’ve explained how you can find out the exchange rate used to convert foreign currency transactions into sterling when you use your debit card and how the costs compare to exchange rates used by the European Central Bank where transactions are in an EEA currency.
Changing definitions and other consequences of the UK leaving the European Union (“EU”).
We’ve updated the definitions of “EEA payment”, “International payment” and “SEPA” so that it’s clear that the UK is now outside of the EEA. The Regulations governing payments processing between banks have changed now that the UK has left the EU but we are not changing our payments processing in any way. However other banks in the EEA may treat some payments received from or made to us differently, for example the other bank (or any intermediary bank) may charge or deduct a fee for receiving or sending a payment. So the amount received by you might be less than you thought you would receive or amount received by the beneficiary may be less than you send. Even when we have complied with our obligations under the Regulations in making a payment to an EEA beneficiary bank, that beneficiary bank may in future treat the payment differently, for example in how quickly it makes the payment available to the beneficiary and how much assistance it provides if there are any issues with the payment.
Your account is not transferable
We’ve clarified what this Condition means where it appears in the Terms and Conditions.
Governing law and jurisdiction
Your Terms and Conditions are governed by English law. Previously if you had applied for a product or service in Scotland or Northern Ireland the courts of Scotland or Northern Ireland respectively would have had jurisdiction to hear any disputes relating to your Terms and Conditions. In future only the courts of England and Wales will have jurisdiction to hear disputes, wherever you had applied for your product or service.