ARK Change Account charges

Dec 29th, 2016

What does it cost?

For every feature on Your Change Account there is always a cost to us which is why, unfortunately, there are costs associated with The Change Account. You only pay for the features you use; your finances will never have to subsidise other customers.

Many of us are familiar with the cost of a bounced (returned) Direct Debit and paying over-limit fees on overdrafts.
Most basic bank account and current account providers charge for this.

With The Change Account you’ll never pay any penalty charges.

Costs table

Our Cost Table below outlines all of the costs associated with Your Change Account. Over time, we intend to reduce these costs to as little as possible.

Have a question relating to the costs of Your Change Account? Contact us on 0800 999 4 275

COST SUMMARY CARD HOLDER COSTS TIMINGS
SET COSTS
Online or Call Centre registration FREE
Card Cost FREE
Card Cost for Joint Change Accounts FREE
Monthly Cost (per Change Account not per card) £4.25 You will be charged this fee at the beginning of the following month upon agreeing to the terms and conditions
UK WITHDRAWALS
ATM withdrawals £1
Retailers who provide cashback at POS FREE 
Bureaux de Change £5 or 1.5% of the transaction value (whichever is greater) When transaction occurs this cost will be taken out immediately
PAYING IN FEES 
Single Payments onto Your Change Account FREE 
Regular Payments In (i.e. Salary and Benefits) FREE
PAYMENTS AND TRANSFERS
Transferring within Your Change Account FREE
Faster Payment from Card account £0.50 (per payment) When transaction occurs this cost will be taken out immediately
Scheduled Payment from Wallet £0.50 (per payment) When transaction occurs this cost will be taken out immediately
Purchase Transactions (in store or online) FREE
ATM Declined Transaction FREE 
DIRECT DEBITS 
Direct Debit £0.50 (per payment) When Direct Debit has been paid this cost will be taken out immediately
Unpaid Direct Debit FREE
VIEWING BALANCE
Online and Mobile App Balance FREE
ATM Balance FREE
ATM Balance Abroad FREE
INFORMATION AND ALERTS 
Payment Alerts Online and via Mobile App FREE 
Payment Alerts by email FREE
Payment Alerts by SMS £0.05 When you receive the SMS this cost will be taken out immediately
SERVICE COSTS 
Administration Cost FREE
ABROAD – INTERNATIONAL
Purchase transactions (in store or online) 2.75% [5] This depends on the retailers standards
ATM withdrawals £1 plus 2.75% FX currency fee [6] When transaction occurs this cost will be taken out immediately
ATM Declined Transaction FREE 
SECURITY 
Replacement Card £4.95
Replacement Card (When damaged and You are not responsible) FREE
ACCOUNT CLOSURE 
Cancellation FREE
CUSTOMER SERVICES 
Customer Services Call +44(0) 1753 778613. This line is open 24 hours a day, 7 days a week. Calls are charged at your standard network rate, calls from mobiles may be higher.
Lost/Stolen Card Call +44(0) 1753 778613. This line is open 24 hours a day, 7 days a week. Calls are charged at your standard network rate, calls from mobiles may be higher.
Activate Card and PIN Retrieval Line Call +44(0) 1244 779612. This is an automated line open 24/7. Calls are charged at your standard network rate, calls from mobiles may be higher.
  1. Opinium Survey of 2,015 UK adults, 31.01.13, retrieved 13.05.14. Costs verified at 05.07.13.
  2. Bacs “Direct Debit overtakes cash payments for the first time”, released 02.07.13, retrieved 13.05.14.
  3. http://www.moneysavingexpert.com/reclaim/bank-charges, released 28.04.14, retrieved 13.05.14.
  4. Merchant transactions and ATM withdrawals in a currency other than the currency of the Card will be exchanged to the currency on the Card at an exchange rate determined by MasterCard on the day the transaction is processed, increased by 2.75%”.
  5. Merchant transactions and ATM withdrawals in a currency other than the currency of the Card will be exchanged to the currency on the Card at an exchange rate determined by MasterCard on the day the transaction is processed, increased by 2.75%”.
  6. Some ATM operators may charge an additional ATM withdrawal fee or set their own withdrawal limits.

Account usage limits

Our Usage Table below shows all of the limits associated with Your Change Account.

VALUE OF MAXIMUM BALANCE
Maximum Balance on Account £7,500
VALUE OF FASTER PAYMENTS & SCHEDULED PAYMENTS
Per Day £5,000
Per Month £10,000
VALUE OF PAYING IN LIMITS
Per Day £5,000
Per Month £10,000
NUMBER OF PAYING IN TRANSACTIONS
Per Day 10
Per Month 30
VALUE OF CARD PURCHASES
Per Day £5,000
NUMBER OF CARD PUCHASES
Per Day 20
VALUE OF ATM WITHDRAWALS
Per Day £500
NUMBER OF ATM WITHDRAWALS
Per Day 3