If you set up your account before 29th January 2021 these terms will not apply until 30th March 2021. We’ve emailed all company controllers to explain the change.
If you set up your Equals Spend account from the 29th January 2021 the terms will apply immediately, although it will not be possible for the fee to apply for at least 2 years.
A dormancy fee will be brought into effect for Equals Spend accounts. This only affects accounts in which none of the Equals Spend cards have been used in 2 years.
If you do not use any of the cards on your Equals Spend account for any merchant transaction for 24 months, your account balance will begin to be charged. You will be charged up to £50 from your sterling balance, €50 from your euro balance and $50 from your dollar balance every month.
You will only be charged for the currency balances you have in your account. You will not go into a negative balance. If you do not hold any funds in a particular balance, you will not get a charge to that balance.
Example: You have €10 remaining in your account balance and you haven’t used any of your cards in a full 24 months. You have no money in a Sterling or US dollar account balance. The fee will debit the €10 in the 25th month of the dormancy, and no further fee will apply after that.
If you want to talk to us about this fee, please get in touch and we’ll be happy to discuss your account with you.