FCA has published the final list of the most representative services linked to a payment account and subject to a fee for the purposes of the Payment Accounts Regulations. Firms will have to use the terminology from 31 October.
There are 15 defined services:
- maintaining the account
- arranged overdraft
- unarranged overdraft
- refusing a payment due to lack of funds
- allowing a payment despite lack of funds
- direct debit
- standing order
- sending money within the UK
- sending money outside the UK
- receiving money from outside the UK
- cash withdrawal in pounds in the UK
- cash withdrawal in foreign currency outside the UK
- debit card payment in pounds
- debit card payment in foreign currency
- cancelling a cheque