20.—(1) Subject to paragraph (2), a credit institution must not charge any fee for [F1a service set out in regulation 19(1) when that service is provided in sterling] as part of a payment account with basic features.
(2) Where a credit institution provides any service set out in regulation 19(1) to a consumer in a currency other than sterling, the credit institution may charge a fee for that service provided that the fee charged is reasonable.
(3) In determining whether a fee charged pursuant to paragraph (2) is reasonable, regard shall be given to the following criteria—
(a)national income levels;
(b)average fees charged by UK credit institutions in respect of the service.
(4) Where a consumer holding a payment account with basic features—
(a)authorises a payment transaction from the account; and
(b)the payment transaction is not executed as a result of there being insufficient funds available,
the credit institution must not charge the consumer any fee.
(5) Where there has been overrunning on a payment account with basic features, a credit institution must not charge the consumer any fee or any interest.
Textual Amendments
F1Words in reg. 20(1) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 11 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)