CHANGES TO THE WAY WE DESCRIBE OUR BANKING SERVICES

The words we use to describe some of our banking services and their associated fees have changed. For example, where we have previously said 'international payment' or 'foreign payment', we will now say 'sending money outside the UK' or 'receiving money from outside the UK', additionally a payment that is unpaid due to insufficient funds  will now be stated as 'refusing a payment due to lack of funds'. The full list of the terms and their definitions we will now use can be found in the table below.

Please note that although the names of these services may have changed, we have not changed the nature of the services being provided to you. You should check the Account Terms and the CAF Bank General Terms and Conditions on a regular basis to confirm you are happy with the services being provided to you.

Term Definition

maintaining the account

The account provider operates the account for use by the customer.

arranged overdraft

The account provider and the customer agree in advance that the customer may borrow money when there is no money left in the account. The agreement determines a maximum amount that can be borrowed, and whether fees and interest will be charged to the customer.

unarranged overdraft

The customer borrows money when there is no money left in the account (or when the customer has gone past their arranged overdraft limit) and this has not been agreed with the account provider in advance.

refusing a payment due to lack of funds

The account provider refuses a payment from the customer’s account because there is not enough money in it (or it would take the customer past their arranged overdraft limit).

allowing a payment due to lack of funds

The account provider allows a payment to be made from the customer’s account although there is not enough money in it (or it would take the customer past their arranged overdraft limit).

direct debit

The customer permits someone else (recipient) to instruct the account provider to transfer money from the customer’s account to that recipient. The account provider then transfers money to the recipient on a date or dates agreed by the customer and the recipient. The amount may vary.

standing order

The account provider makes regular transfers, on the instruction of the customer, of a fixed amount of money from the customer’s account to another account.

sending money within the UK

The account provider transfers money, on the instruction of the customer, from the customer’s account to another account in the UK.

sending money outside the UK

The account provider transfers money, on the instruction of the customer, from the customer’s account to another account outside the UK.

receiving money from outside the UK

When money is sent to the customer’s account from an account outside the UK.

cash withdrawal in pounds in the UK

The customer takes cash out of the customer’s account in pounds at a cash machine, bank or Post Office in the UK.

cash withdrawal in foreign currency outside the UK

The customer takes cash out of the customer’s account in foreign currency at a cash machine or, where available, at a bank outside the UK.

debit card payment in pounds

The customer uses their debit card to make a payment in pounds. This can be in a shop, online or over the phone.

debit card payment in a foreign currency

The customer uses their debit card to make a payment in foreign currency. This can be in a shop, online or over the phone.

business card payment in pounds

The customer uses their business card to make a payment in pounds. This can be in a shop, online or over the phone.

business card payment in a foreign currency

The customer uses their business card to make a payment in foreign currency. This can be in a shop, online or over the phone.
cancelling a cheque

The customer asks the account provider to cancel a cheque that the customer has written.

OUR TARIFFS OF CHARGES ARE NOW FEE INFORMATION DOCUMENTS

As well as changing the terms for services we are providing to you, our Tariff of Charges is now separated into three Fee Information Documents, one for each payment account we offer; CAF Cash Account, CAF Personal Account and CAF Company Development Account.

We have made these changes because our regulators, the Financial Conduct Authority, require us to do so. This is to make it easier for you to compare the fees associated with the most common banking services with other payment account providers and helps you make an informed choice about which provider best suits your needs.

A Fee Information Document for each payment account is available on request, or can be found here for CAF Cash customers or here for CAF Bank Personal Account customers. A Fee Information Document for CAF Company Development Account customers is available on request.

FIND OUT MORE ABOUT THESE CHANGES

The meaning of the words and phrases used by CAF Bank are further detailed in Section 1 of the CAF Bank General Terms and Conditions, 'Meaning of words and phrases'.