The Payment Accounts Regulations 2015

Mandatory information

3.—(1) The statement of fees must specify at least the following information—

(a) the unit fee charged for each service and the number of times the service was used during the relevant period;

(b) where the services are combined in a package—

(i) the fee charged for the package as a whole;

(ii) the number of times the package fee was charged during the relevant period; and

(iii) the additional fee charged for any service exceeding the quantity covered by the package fee;

(c) the total amount of fees incurred during the relevant period for—

(i) each service;

(ii) each package of services; and

(iii) services exceeding the quantity covered by the package fee;

(d) the overdraft and overunning interest rate or rates applied to the payment account during the relevant period;

(e) the total amount of interest charged relating to the overdraft and overrunning during the relevant period;

(f) the credit interest rate or rates applied to the payment account during the relevant period;

(g) the total amount of interest earned during the relevant period; and

(h) the total amount of fees charged for all services provided during the relevant period.

(2) In this paragraph—

“overrunning” means a tacitly accepted overdraft whereby a payment service provider makes available to a consumer funds which exceed the current balance in the consumer’s payment account or any overdraft facility; and

“relevant period” means the period to which the statement of fees relates.