Important changes to your savings account terms and conditions
We are making some some important changes to our savings account terms and conditions. These updates are being made following changes in the laws and regulations that apply to UK building society savings accounts.
At the same time we have made some other minor changes to our terms and conditions to provide customers with more information on your and our rights and obligations, and more detail on how some of our processes work. We have also clarified how our savings account terms and conditions apply alongside other important documents relating to your account.
We have summarised the main changes to our terms and conditions below. You don’t have to do anything as a result of these changes but we do recommend you also read the updated terms and conditions in full.
Giving and cancelling payment instructions
Section 9 of the terms and conditions explains how you can make electronic payments from your savings account, the ways in which you can instruct us to make electronic payments, and how long it will take for a payment to reach the recipient’s account. We also explain when we will treat your payment instruction as being received, the circumstances in which we can refuse to process or delay the processing of a payment instruction and how we will inform you if this happens.
Sections 6 and 9 of the terms and conditions explain that money can only be paid into or out of your account in pounds sterling. Also, payments made electronically can only be received from or paid to another building society or bank in the UK.
Section 12 explains that we will send you a payment notification which will set out details of any payments made using the Clearing House Automated Payment System (CHAPS), an automated payment system we use to make same day payments in the UK, in sterling.
Protecting the use of your savings passbook
Section 17 of the terms and conditions explains our right to stop or block the use of a passbook or other similar document relating to your account. We also explain how we will inform you of any such action either in advance, or in the case of suspected fraud or security concerns about your account after we have taken the action.
How we will help resolve problems with payments
Sections 20 and 21 of the terms and conditions explain your rights if an electronic payment is made out of your account without your consent, if there is a mistake or delay in processing a payment instruction, or we do not process your instruction. We also explain the circumstances in which you might be held responsible for any loss. We recommend you read these new sections carefully.
Section 6 of the terms and conditions explains that if a payment is made into your account by mistake we must return the funds to the paying bank. If this is not possible we are required by law to provide your name and contact address to the paying bank so they can share this information with their customer to enable them to try to recover the money from you.
Closing or suspending your account
Section 11 of the terms and conditions explains the circumstances under which we have a right to close your account and how much notice we will give you before we do so.
How we will deal with complaints
The Information Section of the terms and conditions explains the ways in which you can make a complaint if you are unhappy with our service.
You can download or print a copy of the updated savings account terms and conditions. Alternatively you can call us on 0344 481 4444 to ask us to send you a printed copy or you can pick up a copy from your local branch.
Making changes to the terms and conditions of your account
At various points throughout the terms and conditions we explain what notice we will give you of any changes we make to your terms and conditions in future, and what your rights are when we make those changes. Section 7 explains how we can change the interest rate(s) applicable to your savings account(s); section 8 explains how we can update our charges; and section 18 explains how we can change other terms and conditions.
What happens next?
The changes will automatically take effect on 13 January 2018. If you have any questions, please contact us on 0344 481 4444 or visit your local branch. We hope you’ll be happy with the changes. But, if not, then with the exception of fixed rate savings accounts, you can close your account(s) with us within 60 days of 10 January 2018 and we shall waive any account closure notice periods that apply to the account(s). The account(s) will be closed without charge or any loss of interest.
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