Cheque clearance announcement
Important announcement - changes to your account to
comply with the UK Banking Code
In accordance with the UK Banking Code, we
would like to inform you of some changes to your account(s) with
us.
Clearance of sterling
cheques
For interest purposes, the clearance time of
sterling cheques, drawn on UK banks and credited to your account
with Fairbairn Private Bank, has been improved. This came into
effect on 13 October 2008 and means you will be paid interest
earlier on the money paid into your account.
The complete sterling cheque clearance process
takes six working days as follows:
Day zero – we receive your cheque deposit and
the cheque proceeds will show on your account as uncleared
funds.
Day two – the cheque proceeds begin to earn
interest within your account.
Day four – the cheque proceeds are available
for withdrawal.
Day six – at the end of Day six, under normal
circumstances, the payee cannot reclaim the funds from your
account.
The above timescales refer only to business
days and exclude public holidays and weekends. When cheques are
received after 12 noon, the next business day will be considered as
Day zero. Please note there may be certain legal or unforeseen
circumstances, beyond our control, that prevent us from applying
these timescales.
Debit interest
If your account with us becomes overdrawn, we
can arrange an unscheduled overdraft facility. In this event, at
the beginning of the following month you will receive formal
notification of the interest due, from the date of becoming
overdrawn to the month end. The resulting debit interest owed will
then be charged to your account 14 days later.
The details will be stated on your account statement or online;
however, we will only notify you separately of the amount of
interest if you have an account with our London office.
Also, we reserve the right to apply a referral fee of £25 (as
per our published tariff of charges) when an overdrawn balance is
created without our prior agreement.
We hope this information is helpful. Should
you require further clarification, please contact our client
services team on +44 (0) 1624 645000.