Private Client Banking Fee TarifF
Private Client Core Terms
| What is changing? | Where can I find these changes? |
Providing clarity on account ownership and what may happen if someone is added or removed from an existing account.
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New Clause 2.3 Subsequent clauses have been re-numbered.
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Providing clarity on account ownership in the event of a deceased client.
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Clause 2.4
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Clarification of when a refund will be made to you when making a payment from an account and adding in changes following Britain’s exit from the European Union.
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Clause 5.11 – Payments from an account
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We are introducing a guaranteed foreign exchange rate for the majority of payments made online or through the mobile app.
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Clause 7.1 – Exchange rates
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We have updated our terms to allow us to issue cards with the Visa or Mastercard payment scheme in future.
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Clause 8.3 and Schedule Account Operations – Debit Cards
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We have updated the instances in which we can close or convert an account to include if we suspect an account is being used to abusively avoid tax, a client’s actions include racist or discriminatory conduct, or if we are exposed to action or censure by any government, regulator or law enforcement agency, including those outside the UK.
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Clause 12.4 – Cancelling, closing or converting an account
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Confirming the instances in which we will not be liable for losses when there is a delay, failure or refusal to carry out a payment instruction. |
Clause 14 – Our liability
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Confirmation that you can use the Post Office® to deposit cash using your debit card.
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Schedule Account Operations – Clause 1.1
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In the event of any future industry or internal changes to the Faster Payments limit increase, we are removing references to the existing £250,000 limit.
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Schedule Account Operations – Payments to your account – Faster Payments (sterling only) and Standing Orders |
Following Britain’s exit from the European Union we have clarified that in certain circumstances where currency conversions are required payments may take longer than indicated, except when converting between Euro and Sterling for SEPA payments.
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Schedule Account Operations – Clause 2 – Payments from your account
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Following Britain’s exit from the European Union we have clarified that when an International Payment is cancelled transfer times for non-SEPA payments will vary.
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Schedule Account Operations – Clause 5 – Cancelling an international payment
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Coutts Travel Protection Insurance Guide
| What is changing? | Where can I find these changes? |
From 21 August 2021, we are adding an exclusion to the existing policy for future epidemics/pandemics. Clients will still benefit for future epidemics/pandemics in the same way as the cover introduced for Covid-19.
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New General exclusion 19 added – Page 48
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A new definition has been added to the loss damage waiver section of the policy around essential travel and travelling against Foreign Commonwealth and Development Office advice.
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New paragraph added - Page 58
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THANK YOU FROM COUTTS TERMS AND CONDITIONS
| What is changing? | Where can I find these changes? |
Qualifying investments for the calculation of a client’s earn rate for THANK YOU FROM COUTTS Crowns will now include Coutts Invest SIPPs.
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Crown Earn Rate – Clause 6
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Clarifying that rewards can change at any time and to not wait until the end of expiry to redeem.
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Rewards - Clause 14
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We have clarified the programme annual calendar and 6 month expiry date.
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Rewards - Clause 16
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Crowns of Deceased THANK YOU FROM COUTTS Members.
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Rewards - Clause 20
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Online Service Terms
| What is changing? | Where can I find these changes? |
We have added that we can suspend, terminate or restrict access to your account or to certain services (such as online banking) if continued access means we could breach a law or regulation we have to comply with.
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Clause 10.3 – Termination and suspension
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Money Market Deposit Account Terms
| What is changing? | Where can I find these changes? |
Updated terms to make it clear how and when we can change interest rates and also provide clarity on interest rates for Fixed Term Deposits.
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Clause 5 – Changes to interest rates
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Advice and Investment Services Terms
| What is changing? | Where can I find these changes? |
We are clarifying in our Advice & Investment Services Terms and Conditions that we or any Nominee may decide to take the following courses of action in our absolute discretion only, and we reserve the right to recover any applicable amounts from you: — instruct a broker to buy securities in order to account to you for a purchase of those securities following a counterparty’s failure to settle; — credit any of your settlement accounts with the anticipated proceeds of sale or disposal prior to receipt of the relevant cleared funds; — instruct a broker to buy or borrow securities on your behalf to fulfil your obligations to deliver where we do not have possession of the particular investments to which a sale relates on the settlement date; — pre fund a purchase where we do not have possession of cleared and sufficient funds of the appropriate currency to which a purchase relates on the settlement date. |
Section 1 – Core Terms – Clauses 6.1 to 6.4
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We are confirming that any negative interest rates on investment capital and income accounts are available on our website.
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Section 1 – Clause 8.7
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| Advice and Investment Services Fee Tariff | Where can I find these changes? |
We are adding to our fee tariff to inform clients that credit cash balances may be charged interest to reflect costs reasonably incurred by us. |
Additional information – Other additional charges
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| Investment Backed Lending Terms | Where can I find these changes? |
Investment Backed Lending terms have been updated to reflect the correct interest repayment schedule for the Fixed Advance Facility as follows: Interest on each drawing under the Fixed Advance Facility shall be calculated on the basis of a 360 or a 365 day year, as determined by us at the prevailing market practice for the currency borrowed, accrue daily and shall be payable by you on the earlier of:- (a) the expiry of its Fixture Period; (b) earlier termination or repayment of the Fixed Advance Facility or the drawing; and (c) if the Fixture Period is longer than three months, on the dates falling at three monthly intervals after the first day of the Fixture Period, and shall be debited from the Overdraft Facility Account as a drawing under the Overdraft Facility. This may result in interest being charged on interest.
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Investment Backed Lending Agreement - new sub-clause 12.2.3 (c)
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CHANGES TO OUR CARD TERMS
We are making changes to our card terms, including some which will enable us to introduce new functionality in the future, such as being able to authenticate online card purchases with Touch ID or Face ID and using Apple Pay and Google Pay via your debit card. Details of the changes to our terms can be found here
CHANGES TO OUR INVESTMENT TERMS
We’re changing our investment terms to require clients to hold a minimum of £100,000 in our discretionary portfolios and we’re removing all references to LIBOR and other inter-bank rates which are expected to be replaced with new risk-free rates by the end of 2021. Issuers of any investment assets currently linked to these rates are responsible for reviewing them and updating the market accordingly. How this impacts you will depend on the investment services you use:
- where we manage your investments via our Discretionary Portfolio Service, we’ll take all necessary action
- where you use the Coutts Advisory Portfolio Service, you may wish to review any LIBOR-linked investments that you hold with your portfolio manager
- where you use our Dealing and Custody service, you may wish to review any LIBOR-linked investments and seek independent advice if you’re unsure how these may be impacted.
CHANGES TO MAKING PAYMENT INSTRUCTIONS
With our ongoing commitment to reducing fraud and protecting your account, and as the overwhelming majority of payments are now being made securely using our digital services or Coutts 24, we are no longer accepting payment instructions via paper. Further details about this can be found here.
A series of ‘how to’ guides are also available at coutts.com/online to help you get the most out of Coutts Online.
CHANGES TO LIBOR
The Financial Conduct Authority is expecting LIBOR (London Interbank Offered Rate) to be replaced with new risk-free-rates, such as SONIA (Sterling Overnight Index Average) and the Bank of England Base Rate, by the end of 2021. This means that we’ll need to move all existing LIBOR-linked lending facilities to a suitable alternative rate. We’ll therefore be in touch with clients who hold these facilities over the coming months to discuss the options available. In the meantime, further information about this industry-wide change can be found at coutts.com/libor.
POST OFFICE® SERVICES
As a Coutts Current Account holder, you can now access a range of counter services at thousands of Post Office® branches across the UK, including:
- checking your balance using your debit or cash card and PIN
- withdrawing cash using your debit or cash card and PIN (your usual cash withdrawal limits will apply)
- paying-in cash with your debit or cash card and PIN
- making cheque deposits with a pre-printed paying-in slip
LOCATE YOUR NEAREST POST OFFICE
Please note:
- Cash paid in at a Post Office using your debit or cash card will be credited to your Coutts Current Account immediately. Please note, as deposit limits may vary, we recommend that you contact the Post Office you wish to visit beforehand.
- Cheques paid in at a Post Office will be added to your Coutts Current Account when we receive them from the Post Office – this normally takes two working days. Once we receive them, cheques will follow the normal cheque clearing cycle. Please note, different Post Offices can have different cut-off times for cheque depositing. Please check with the Post Office you wish to use, as this can affect when the cheque will credit your account.
- You can’t mix cash and cheque payments – you’ll need to make two separate transactions.
- There’s no additional charge for Coutts Private Current Account holders to use Post Office services.
REDEEMING YOUR COUTTS CROWNS
Where you’ve earned any Coutts Crowns from our THANK YOU FROM COUTTS reward programme between 1 October 2019 and 30 September 2020, these will need to be redeemed by 31 March 2021 (and annually thereafter) or they’ll expire. Gifts can be redeemed from as little as 25,000 Crowns as follows:
- via Coutts Online or Coutts Mobile, where you can also see the full range of gifts that are available. If you're not yet registered for Coutts Online, please call us on 020 7770 0000 and we can set you up in a few minutes.
- by calling us on 020 7309 0045.
OTHER MINOR CHANGES TO OUR TERMS
We’re also making some minor updates to our terms for housekeeping purposes or to reflect new regulation and we’re updating our online banking terms so that we can make future improvements to our service. Full details of all the changes to our terms can be found here.
