Fee Information Document
The fee information document [‘FID’] is a document provided to you by the payment service provider before you open a payment account. The Fee information document should be a short and stand-alone document and should contain the title ‘Fee Information Document’ so that you can distinguish it from other documents.
What is normally included in the fee information document?
The payment service provider should include the main fees for each service they offer in relation to the payment account. The FID should include the fees related to general account services; payments; cards and cash and overdrafts.
How can I obtain the fee information document?
The fee information document shall be given to you by the bank when they request information about accounts. The document should also be available on the website of the bank and at the branches. Furthermore, banks are required to inform you every time they amend the fee information document, with sufficient notice period.
Annual Statements
A bank statement is a document that the bank sends to all account holders at specific times of the year and reports details of information for each transaction for the relevant period. It is mandatory to provide clients with the bank statement for payments account at least once a year (annual statement) free of charge.
The bank statement is different from the statement of fee, that provides the client, at least annually and free of charge, an overview of all fees incurred as well as information regarding the interest rates incurred in relation to the use of the payment account.
Is the bank statement always offered free of charge?
You as a consumer have to be provided with a bank statement at least annually and free of charge. However, if you request to receive it on a more frequent basis, the bank may charge a fee for those extra statement. The cost of the extra statement is usually included in the fee information document.
What information can I find in the bank statement?
You can keep track of the balance on your account by means of a statement. This document provides clear and complete information on the account such as:
- transactions (deposit, payments, transfers, withdrawals, etc.)
- fees, charges and interest paid or received by you
- balance of the account, that is the amount of money left in the account after all transactions have been recorded
How can I receive a bank statement?
Bank statements are provided as a hard copy such as a printed copy) via mail. However, if you have access to internet banking, you can also view it and/or download a copy as well.
