We know there may be times when you may accidentally go overdrawn on your account without an agreed overdraft or exceed an agreed overdraft limit. If this happens surcharge interest and charges will normally apply as follows:
• Surcharge Interest (additional 9% on top of the overdraft interest rate)
• Unpaid Outwards Charge (€12.70)
• Irregular Account Charge (€4.44)
As part of our response to COVID-19, we announced the temporary waiver of the surcharge interest and related charges detailed above on unarranged overdrafts for Business and Corporate Current Accounts from 17th April 2020 until 17th July 2020. Overdraft interest continues to be applied on all overdrawn balances.
From Friday 17th July 2020 the Unpaid Outwards Charge and the Irregular Account Charge have been applied again, as previously communicated on this website notice. In order to further support you, we will continue to waive surcharge interest for an additional three months. This means that on Friday 23rd October 2020 the existing Surcharge Interest (additional 9% on top of the overdraft interest rate) on your current account will start to apply again. Any unauthorised borrowing outstanding on your account will attract surcharge interest as detailed above, in addition to the standard overdraft interest rate.
Please think carefully about any additional borrowing you take on and consider how you will repay it. If you do not meet the repayments on your credit agreement your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
For further information on unauthorised overdraft interest and charges, please refer to our booklet A Guide to Business Current Account Fees.