I have been informed that the current overdraft interest rate for an authorised borrowing on personal current accounts at the institution in question is 11.85%. Surcharge interest (currently 12% per annum) applies to unscheduled or unauthorised borrowings by a customer on their account(s). It is charged on out of order accounts and is based on the amount by which the account is in excess. This interest rate is charged as a result of the increased costs associated with funding these unauthorised debit balances and associated credit management activities.
Bank customers can avoid incurring surcharge interest by ensuring their account operates in credit or within their sanctioned limit, if any. Further details on the institution's fees and charges and on how to avoid incurring surcharge interest can be found in the institution's Fees and Charges brochure available at any branch, on the institution's website or by contacting customer services by phone.