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14th December 2021

Dear Client,

Corporate Terms & Conditions – March 2022

Please be advised that we have taken the opportunity to review our Corporate Terms & Conditions to improve their clarity and ensure compliance with applicable laws and regulations.

The updated Corporate Terms & Conditions will take effect from 1 March 2022.

The new set of Corporate Terms & Conditions are available for you to read and download on our website They can also can be found in our Document Library on under the Real Estate Finance section as “T&Cs_Corporate_2022”.

We draw to your attention, in summary format in the table below, the key changes that we have made to the Corporate Terms & Conditions:

Clause No

Clause Heading



Definitions & Interpretation

In order to provide additional clarity, we have updated and amended the following definitions: Definitions of Account; Account Holder(s); Base Rate; CHAPS; Data Retention Policy; Faster Payments; KYC; Privacy Notice; Rent Deposit Account; SWIFT; Unarranged overdraft; and Unauthorised Act.



We articulated our current Know your Customer (KYC) requirements. These are also further explained on our website in our “About Us – Identification Requirements” page.


Arranged and Unarranged Overdrafts

We added information on when we may allow unarranged overdrafts and the circumstances under which an Unarranged Overdraft Fee may arise.
For the applicable Interest rate, please refer to our Corporate Tariff.


Account Management

We have added new clauses to clarify our policies and practices in relation to the following:
Death of Account Holder; Borrowing money in joint names and the joint liability for repayment that arises, Actions that we will take when disputes between parties to an account come to our attention; Client statements being sent to the business address included in the mandate and a reminder that account holders may access account history for periods where another person may have been the account holder.

4.2 & 4.3

Debit Interest & Credit Interest

We have further clarified when and how both debit and credit interest may be applied to an account (including the possibility of a negative interest rate), the circumstances under which the Bank may vary the rate of interest applicable to an account and the notice period that will apply to any such changes.
We clarified the maturity notification, renewals and rate of interest for Fixed Deposit Accounts.
We clarified the interest and the interest accrual calculation period for Notice Accounts.


Bank Charges

We have explained how tariff amendments are communicated, where to find our current tariff and any applicable notice periods.



We have amended the frequency that our Bank Statements are sent, and we have added clauses on the correction of entries, provision of additional statements and statement messages.


Accounts operated by more than one person

We have added clauses on Instructions, Borrowing and Removing a person from an account.


Refunds of Payment Transactions initiated by or through the Recipient

According to industry guidance, we have amended our Terms regarding refunds of payment transactions initiated by or through the Recipient.



We clarified the language used and the use of the Bank’s portal for confidential email information.


Set–off of balances

We have clarified our right of set-off and when this will apply including an explanation of the process for jointly owed liabilities, different currencies and the applicable notice periods.


Inactive Accounts

We have amended our inactive account definition and we clarified that we do not apply charges for inactive accounts.
We clarified that any applicable interest would continue to accrue, and those annual statements will be sent to the last known address.
We clarified the application of the above in case of more than one account per account holder.


Data Protection

We referred to our Privacy Notice which is available on our website.


Tax Reporting

We have added information on sharing information for Tax Reporting in line with our legal and regulatory obligations and the consequences of us not receiving requested information from you to allow us to comply with those obligations.


Paying Cheques into your Account

Following the closure of our tills, we have made it clear that you can only pay in GBP cheques into your account which are drawn on a UK Bank.
We have also provided more information on interest, funds’ availability and cheque images which have replaced the paper cheque.


Payments made into your Account by mistake or Fraud

We have provided additional clarity and information around Return funds’ periods, the sharing of personal information, fraud and payment reversals.


Deadline for the Bank to receive your Payment Instruction that Business Day (Table)

We amended the deadline for the Bank to receive your instructions for SWIFT US dollar payments.


Refusal of Payment Instructions

We have expanded upon the reasons for the Bank not following a payment instruction you may have issued.


Specific conditions applicable to the Payment Services

We will no longer send monthly advice for outward payments.


Revocation of a Payment Instruction

We have added a clause on amendments to a standing orders and direct debits and appropriate cut off times for their revocation.


Ending the agreement

We have sought to clarify the reasons and circumstances under which the Bank may decide to close an account.
We have added a clause that the Bank may cancel the signing authority as stated in the mandate in cases of disputes between account holders that are brought to our attention.


Right to cancel an Account or a service

We have expanded the list of accounts that you can cancel to include Notice Accounts and Margin Accounts.
We have clarified that early termination of Fixed Deposit Accounts is not permitted.


Exceptional Circumstances

We have updated the definition of exceptional circumstances.


Contact Details

We have added Email as a means that the Bank can use to contact you, along with information on encrypted emails and on the way the Bank may leave voice messages for you and draw your attention to the fact that the Bank may record and monitor telephone calls.



We have added a clause to advise you that the Bank will send you a written acknowledgment in the case of a complaint and we updated the Financial Ombudsman Service contact details.



We have added a clause on the ways the Bank can serve you with any notices.


How Alpha Bank London is regulated

We have updated the Financial Conduct Authority’s address


Deposit Protection

We have added information on deposit protection for companies, LLPs and sole traders.


Variations to the Terms

We have amended the Notice Period for variation to these Terms to 60 days when the terms may be to your disadvantage.



We have added a clause about assignment of rights under this agreement.


Law applying to these Terms

We have updated the jurisdiction to the courts in England and Wales.

All other Terms and Conditions of your account will remain unchanged.

Should you have any questions in relation to these new Corporate Terms & Conditions, which come to effect on 1st March 2022, please do not hesitate to contact your Relationship Manager.

If you are not happy with any of these changes, you can close your account without incurring any charges. 

Yours sincerely,

Joseph Neophitou

General Manager