Regulation 20 Fees
Subject to paragraph (2), a credit institution must not charge any fee for F1a service set out in regulation 19(1) when that service is provided in sterling as part of a payment account with basic features.
Where a credit institution provides any service set out in regulation 19(1) to a consumer in a currency other than sterling, the credit institution may charge a fee for that service provided that the fee charged is reasonable.
In determining whether a fee charged pursuant to paragraph (2) is reasonable, regard shall be given to the following criteria—
national income levels;
average fees charged by UK credit institutions in respect of the service.
Where a consumer holding a payment account with basic features—
authorises a payment transaction from the account; and
the payment transaction is not executed as a result of there being insufficient funds available,
the credit institution must not charge the consumer any fee.
Where there has been overrunning on a payment account with basic features, a credit institution must not charge the consumer any fee or any interest.
Annotations
Textual amendments
- F1
Words in reg. 20(1) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 11 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Notes on the whole SI
Textual amendments
- F1
Regulations revoked (14.12.2023 for the revocation of reg. 44) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xiv)