Minimum Customer Balance Requirement
This is to inform you that we are making a change to the minimum customer balance on our accounts.
The new minimum account balance requirement will now be £50,000 or its equivalent in USD or Euro. Therefore, in order to continue accessing our banking service, the minimum level of £50,000 or equivalent in other currencies has to be maintained in your deposit, savings or current accounts. A combined total of £50,000 in all your accounts with the bank will be acceptable.
What are your options?
- If your balance is currently below £50,000. you may top up your balance to a minimum of £50,000 to continue to enjoy banking with us; or
- You may close your account(s) and transfer your monies to another provider without We will not charge you to transfer your asset but you may incur third-party costs if, for example, you chose to transfer your assets to another provider.
What you need to do next?
Should you wish to maintain your banking relationship with us, you will need to hold an aggregate balance of over £50, 000 in your accounts with us.
If you are not comfortable with the change, you have the right to close your account(s) at any time without charge, although we hope you will chose to continue banking with us because your relationship means a lot to us.
However, should you decide to close your account(s), please advise us in writing and in accordance with the mandate that we hold for you as to how we should dispose of any funds in your accounts. We can do this either by transferring the funds to another bank or by providing you with a cheque, either to be sent to an address nominated by you, or for you to collect from our offices.
In the event that you do not send us the account closure letter before the end of the notice period your account will be closed and a cheque will be sent to you for the balance on the account at the closure date.
What this means for you
We are giving you 60 days’ notice from the date of this letter to meet the new minimum balance requirement.
If, as of 2nd July 2018, the total balance of your accounts are below this minimum level, you will no longer have access to our banking services and your accounts will be closed.
For the future:
Should your aggregate balance fall below £ 50,000 you will be advised by e-mail and will be charged a fee (currently 15% per annum but subject to change) on the difference between £50,000 and your account balance (the “Shortfall”), for the period that the aggregate balance is below GBP 50,000. In the event that the aggregate account balance remains below GBP 50,000, then the account will be closed 60 days after it initially fell below the permitted minimum.
In the event that you already have a mortgage or a fixed deposit with Guaranty Trust Bank (UK) Ltd, we will not insist that you maintain a minimum balance of £50,000 during the life of your mortgage or deposit, nor will we charge you for the Shortfall. However if the aggregate of the balances on your account remains below the permitted minimum, then your account will be restricted to servicing the mortgage, or to receiving the maturing funds from the deposit, which will then be transferred to you, and no other transactions such as transfers, cash withdrawals or debit card purchases will be permitted.
We are committed to supporting you through this change. Please contact your Relationship Manager as soon as possible once you have made your decision on what you would like to do with your account(s).