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Dear NBKI Retail Banking Customers,
Changes to Accounts
To continue to improve our services and given increased costs to maintain non-resident accounts in UK, the National Bank of Kuwait (International) PLC, (the Bank, NBKI, we, us,) we are introducing a new minimum balance and monthly minimum balance charge that will be applied to Retail Banking Accounts with the Bank. These changes will take effect on 1 January 2023.
Minimum Balance (Threshold)
To continue to benefit from fee-free banking on your accounts, the new minimum balance requirement for existing Retail Banking Customers with accounts opened on 1 May 2022 or before it will be £50,000. This will be applied on 1 January 2023, and will be assessed on the aggregate balances in your NBK Current Account and Term Deposit. Please note the minimum balance requirement will not be applied to customers who have any loan(s) or investment funds with the Bank.
Minimum Balance Charge (Monthly)
In addition to the above, we will be introducing a new monthly minimum balance charge of £50 per month, applicable as of 1 January 2023. The minimum balance charge is only payable if the customer fails during a calendar month to maintain an average aggregate balance of £50,000 as a minimum balance or above.
Please note, if you have more than one account, the minimum balance requirement will be applied to the aggregate balances across your sub accounts.
Action by You
If you are currently meeting the minimum balance requirement set out above, or have a loan or investment funds with us, then no action is required. You will need to maintain at least the minimum balance across your accounts, your loan or investment funds with the Bank to avoid incurring the minimum balance charge.
However, if your account is currently below the minimum balance threshold, we kindly ask you to increase the balance over the remainder of 2022 no later than 29 December 2022, to avoid the monthly minimum balance charge applying from 1 January 2023.
Alternatively, you can maintain the aggregate balances on your accounts below the minimum balance and pay the minimum balance charge of £50 per month. Nonetheless, if you wish to close your account because of these changes, please write to us and let us know.
We will be providing further details in relation to the minimum balance and minimum balance charge in October 2022, along with updated account terms and conditions and fee tariffs. For further information, please visit our website.
In the meantime, if you have any questions regarding the contents of this letter, please contact your Relationship Manager in London.
Thank you for your trust in NBKI.
Yours sincerely,
Khaled Al Omar
Head of Retail Banking
FAQs
What is the new minimum balance threshold?
It is dependent upon whether you are a Private or Retail Banking Customer. The expected minimum balance of your account(s) will be communicated to each customer individually.
How much is the minimum balance charge?
It is dependent upon whether you are a Private or Retail Banking Customer. The expected minimum balance charge will be communicated to each customer individually.
What is the frequency of the minimum balance charge?
If applicable, the minimum balance charge is paid monthly in arrears and will be debited to your account during the first week of every month.
When will the first minimum balance charge be paid?
The first month of assessment of averages balances on your accounts will be January 2023, and the first minimum balance charge will be debited from your account, where payable, during the first week of February 2023.
I hold a local mortgage loan with the NBKI. Will the minimum balance threshold and minimum balance charge be applicable to my account?
No, the minimum balance threshold and charge will not be applied as long as you continue to hold a local mortgage loan with NBKI.
I hold an investment with the NBKI (NBK Nominees). Will the minimum balance threshold and balance charge be applicable to my account?
No, the minimum balance threshold and charge will not be applied as long as you continue to hold an investment with NBKI (NBK Nominees).
How can I pay UK travel expenses if I do not want to top-up my balance or pay the minimum balance charge?
If you are unable to, or do not wish to top up your balance with NBKI London, to meet the minimum balance requirements, and do not wish to incur the minimum balance charge, you must close your UK account(s) with NBKI. If you are an NBK - Kuwait Account Holder you can use your NBK - Kuwait issued cards which are compatible across the UK.
I am not a NBK - Kuwait Cardholder, how can I pay my UK travel expenses if I do not want to top-up my balance or pay the minimum balance charge?
After closing your UK account with NBKI, the alternatives to pay for UK travel expenses include using your local bank issued cards. Please verify with your local bank that their cards are operational overseas.
How are the average balances computed?
The end of day cleared balances in your current and fixed deposit accounts will be aggregated into GBP and divided by the number of calendar days during the month to arrive at the average balances.
Will my account be charged if I hold average monthly balances of more than the minimum balance but at times, the balances fall below the minimum balance for a few days in the month?
Charges will be based on average balances during the month. Your account will be debited with the minimum balance charge only if the average balance falls below the minimum balance requirement.
I hold an NBK Fixed Term Deposit with NBKI of over the minimum balance. Do I also need to maintain a minimum balance in my NBK Current Account?
Aggregate average balances of NBK Current Account and NBK Fixed Term Deposit will be taken into consideration. You do not need to maintain an average balance of the minimum balance in each of these accounts.
I hold an NBK Current Account in other foreign currency (US Dollars). Is the minimum balance requirement applicable to my NBK Current Account in USD?
The minimum balance requirement will be applicable on other currency accounts as well. The equivalent average balances of the minimum balance should be held. The exchange rates used to calculate average balances for other currencies will be based on the rates determined by NBKI. If you hold your balances in foreign currencies and they are below the equivalent amount of minimum balance, the minimum balance charge will be debited from your current account in foreign currency on a monthly basis (the exchange rates used to calculate the charge for other currencies will be based on the rates determined by NBKI).
Will the balances in other foreign currencies be taken into consideration for computing the average balance at NBKI?
Yes, these balances in other currencies will be included at the exchange rates determined by NBKI.
Will my balances in other NBK Locations count when calculating will be taken into consideration for computing the average balance?
No, NBKI is a UK subsidiary, subject to its own local regulatory and operating environments. The average balance is computed based on aggregate balances held with NBKI only.
What happens if I have no available balances in my NBK Current Account?
If the minimum balance charge is applicable and your current account balance is below the applicable minimum balance charge, we will contact you to topup your account to cover the charge. If you do not top up your account balance in a timely manner or fail to hold enough funds in your account to meet the monthly minimum balance charge on an ongoing basis, we will close your account in accordance with our terms and conditions.
If I am not able to meet the minimum balance requirement and do not wish to incur the minimum balance charge, how do I close my account?
We will be sorry to have you exit your relationship with us. We can, however, assist you in closing your account if you choose to do so. You will be required to provide us with signed authorisation to close your account and transfer the balance to your specified bank account.
Dear NBKI Private Banking customer,
Changes to Accounts
To continue to improve our services and given increased costs to maintain non-resident accounts in UK, the National Bank of Kuwait (International) PLC, (the Bank, NBKI, we, us,) are introducing a new minimum balance and monthly minimum balance charge that will apply to all existing and new Private Banking accounts with the Bank. These changes take effect on 1 January 2023.
Minimum Balance (Threshold)
In order to continue to benefit from fee-free banking on your accounts, the new Minimum Balance requirement for Private Banking customers will be £300,000. This will apply from 1 January 2023, and will be assessed on the aggregate balances in your current and deposit accounts with the Bank. Please note the Minimum Balance requirement will not apply to those customers who have any loan(s) or investment funds with the Bank, and/or for direct related family accounts provided that the main account meets the Minimum Balance requirement.
Minimum Balance Charge (Monthly)
In addition to the above we will be introducing a new monthly Minimum Balance Charge, at £100 per month, also applicable from 1 January 2023. The Minimum Balance Charge is only payable if a customer fails during a calendar month to maintain an average aggregate balance at or above the Minimum Balance of £300,000.
Please note, if you have more than one account with us the Minimum Balance requirement will apply to the aggregate balances across your accounts with us.
Action by You
If you are currently meeting the Minimum Balance requirement set out above, or have a loan or investment funds held with us, then no action is required by you. You will need to maintain at least the Minimum Balance across your accounts with the Bank, or your loan or investment funds to avoid incurring the Minimum Balance Charge.
However, if your account is currently below the Minimum Balance threshold, we kindly ask that you increase the balance over the remainder of 2022, and no later than 29 December 2022, to avoid the monthly Minimum Balance Charge applying from 1 January 2023.
Alternatively, you can undertake any of the following:
1. You can close your account with Private Banking and open an account in the Retail Branch located on George Street, London. The branch’s Minimum Balance for existing clients is £50,000, with a monthly Minimum Balance charge of £50 when the average balance drops below that £50,000. As with other banks, Retail Banking compared to Private Banking does not benefit from the same level of personalised support, but shares similar current and saving account products. Additionally, transactional and cash services in Retail Banking have lower limits compared to Private Banking.
2. Maintain the aggregate balances on your accounts below the Minimum Balance and pay the Minimum Balance Charge of £100 per month.
3. In the unfortunate event you wish to close your account because of these changes please contact us and let us know.
We will be writing to customers again in October 2022 to provide further details in relation to the Minimum Balance and Minimum Balance Charge, along with updated account terms and conditions and fee tariffs. Please visit our website for further information from 1 July 2022.
In the meantime, if you have any questions regarding the contents of this letter please contact your Relationship Manager in London. We thank you for your trust in NBKI.
Yours sincerely,
Sami Labban
Head of Private Banking
FAQs
I hold a mortgage loan with the NBKI London. Will the minimum balance charge be applicable to my account?
The minimum balance charge will not be applied so long as you continue to hold a mortgage loan with NBKI London.
I hold an investment with the NBKI London (NBK Nominees). Will the minimum balance charge be applicable to my account?
The minimum balance charge will not be applied so long as you continue to hold an investment with NBKI London (NBK Nominees).
What is the frequency of the Minimum Balance Charge?
If applicable, the charge of £100 will be debited to your current account during the first week of every month, if the average balances on your accounts for the preceding month was below £300,000.
When will the first Minimum Balance Charge be payable?
The first month of assessment of averages balances on your accounts will be January 2023, and the first Minimum Balance Charge will be debited to your account, where payable, during the first week of February 2023.
How can I pay UK travel expenses if I do not want to top-up my balance or pay the Minimum Balance Charge?
If you are unable to, or do not wish to top up your balance with NBKI to £300,000, and do not wish to incur the Minimum Balance Charge, you must close your UK account(s) with NBKI. If you are an NBK Kuwait account holder you can use your NBK Kuwait issued cards which are compatible across the UK.
I am not a NBK Kuwait card holder, how can I pay my UK travel expenses if I do not want to top-up my balance or pay the Minimum Balance Charge?
After closing your UK account with NBKI, the alternatives to pay for UK travel expenses include using your local bank issued cards. Please verify with your local bank if their cards are operational overseas.
How are the average balances computed?
The end of day cleared balances in your current and fixed deposit accounts will be aggregated into GBP and divided by the number of calendar days during the month to arrive at the average balances.
Will my account be charged if I hold average monthly balances of more than £300,000 but at times, the balances fall below £300,000 for a few days in the month?
Charges will be based on average balances during the month. Your account will be debited with the Minimum Balance Charge only if the average balance falls below the Minimum Balance requirement.
I hold fixed deposits with NBKI London of over £300,000. Do I also need to maintain a minimum of £300,000 in my current account?
Aggregate average balances of Current and Fixed Deposit Accounts will be taken into consideration. You do not need to maintain an average balance of £300,000 in each of these accounts.
I hold a Current Account in other foreign currency (US Dollars). Is the Minimum Balance requirement applicable on my USD current account?
The Minimum Balance requirement will also be applicable on other non-GBP currency accounts. The equivalent average balances of £300,000 in the relevant currency should be held. If you hold your balances in foreign currencies and they are below the GBP equivalent amount of £300,000, the charge equivalent to £100 will be debited to your current account in foreign currency on a monthly basis. The exchange rates used to calculate average balances for other non-GBP currencies and the monthly charge will be based on the rates determined by NBKI London.
Will the balances in other foreign currencies in NBKI be taken into consideration for computing the average balance?
Yes. These balances in other currencies will be included at the exchange rates determined by NBKI.
Will my balances in other NBK locations be taken into consideration for computing the average balance?
No. NBKI is a UK subsidiary subject to its own local regulatory and operating environments. The average balance is computed based on aggregate balances held with NBKI only.
What happens if I have no available balances in my current account?
If the Minimum Balance Charge is applicable and your current account balance is below the applicable Minimum Balance Charge, we will contact you to top-up your account to cover the charge. If you do not top up your account balance in a timely manner, or fail to hold enough funds in your account to meet the monthly Minimum Balance Charge on an ongoing basis, we will close your account.
If I am not able to meet the Minimum Balance requirement and do not wish to incur the Minimum Balance Charge, how do I close my account?
We will be sorry to have you exit your relationship with us. We can however assist you in closing your account if you choose to do so. You will be required to provide us with your signed authorisation to close your account and transfer the balance to your specified bank account.