| 1. |
INVESTMENTS |
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| (1) |
We can change the rate of interest paid on
your investment as follows- |
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(a) |
Subject to any special condition relating
to interest rate changes which covers a particular account, we may change at any time the
rate of interest to be paid on your investment, if we reasonably believe that the change
is needed for any of the following reasons (which may relate to circumstances existing at
the time or those which are expected to apply in the near future):- |
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(i) |
to reflect general market conditions (including
interest rates generally or the terms on which similar accounts are offered by other
building societies, banks or anyone else providing financial services); |
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(ii) |
so that we can compete more effectively with other
building societies, banks and anyone else providing financial services; |
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(iii) |
our costs have increased or are expected to do so; |
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(iv) |
to maintain our financial strength for the benefit of
all our customers; |
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(v) |
to take account of changes in the law, decisions of an
Ombudsman, regulator or similar person, or any code of practice with which we intend to
comply. |
|
(b) |
We can also change the rate of interest for
any other valid reason where we reasonably believe change is appropriate. |
|
(c) |
The Society links all gross interest rates
on savings to the Bank of England base rate. The interest rate on any savings account will
never be lower than 3% below the base rate up and including a base rate of 10%. Should the
base rate be more than 10%, then the rate on savings will never be lower than 4.5% below
the base rate. Changes to interest rates relating to Bank of England base rate changes,
will be within 30 days of any base rate change. This linking will commence from the 1st
November. |
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(d) |
We will tell you about rate changes at the
earliest opportunity (and where practicable on or before the date the change takes effect)
as follows:- |
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(i) |
within 30 days by letter or other personal notice; or |
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(ii) |
within 3 working days by general notice in our
principal office, together with advertisements in at least two newspapers from time to
time selected by the Board. You can find out which are the relevant newspapers by
contacting the principal office. |
| (2) |
We can change the terms on which your
investment is held (other than the rate of interest and charges) as follows - |
|
(a) |
We can change these conditions and any
special conditions applying to particular accounts at any time. Changes may include the
removal of or amendment to conditions or the inclusion of new conditions, and may be made
if we reasonably believe that the change is needed for any of the following reasons (which
may relate to circumstances existing at the time or those which are expected to apply in
the near future) - |
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(i) |
to reflect general market conditions and standards
(including the terms on which similar accounts are offered by other building societies,
banks or anyone else providing financial services); |
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(ii) |
so that we can compete more effectively with other
building societies, banks and anyone else providing financial services; |
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(iii) |
to improve efficiency and/or reduce costs; |
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(iv) |
to give extra benefit to investors (including making
the terms of accounts easier to understand); |
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(v) |
to take account of changes in the law, decisions of an
Ombudsman, regulator, or similar person, or any code of practice with which we intend to
comply; |
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(vi) |
to correct errors; |
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(vii) |
you agree; |
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(viii) |
the needs of the business justify a change. |
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(b) |
We may also change these conditions and any
special conditions applying to particular accounts for any other valid reason where we
reasonably believe change is appropriate. |
|
(c) |
A change which in our reasonable opinion
improves a service, or provides for additional services, or which otherwise benefits you
or does not materially alter the nature of our contract with you, may be introduced with
immediate effect and without notice. |
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(d) |
Any other change will apply only after we
have given you notice in at least one of the following ways:- |
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(i) |
by letter or other personal notice; or |
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(ii) |
by general notice in our principal office, together
with advertisements in at least two newspapers from time to time selected by the Board.
You can find out which are the relevant newspapers by contacting the principal office. |
|
(e) |
Any change which, in our reasonable
opinion, materially alters the nature of our contract with you will not take effect unless
we give you at least 30 days' advance notice in writing. An investment account which has
its conditions changed under 2 above may be closed by you within 60 days' of the change
taking effect without the need for you to give notice or pay any charge that would
otherwise be due. |
| (3) |
We can limit at any time without notice the
amount which may be withdrawn in respect of any account, if we reasonably consider it
necessary in order to protect the interests of our membership as a whole. |
| (4) |
We do not have to recognise the interest or
claim of any person other than the account holder(s) in respect of money held in any
account, nor will we be liable in any way for failing to recognise such interest or claim,
except as required by law. |
| (5) |
On proof of the death of any joint account
holder, we will recognise only the survivor(s) as having any ownership of or interest in
the account and the survivor(s) shall be entitled to operate the account on the same
terms. |
| (6) |
We can repay to you all
or part of your
investment at any time, without giving any reason, after giving you at least one month's
notice, except where the investment has been accepted for a fixed term which has not
expired. You can close your account at any time, without giving any reason, after giving
any notice required by the special conditions applying to the account, except where the
investment has been accepted for a fixed term which has not expired. |
| (7) |
You can transfer your investment to another
person, subject to the conditions applying to your account, our prior approval and the
payment of any necessary fee. No transfer will be valid unless made in a form approved by
us and until registered in our records. We may refuse to permit such a transfer without
giving any reason. |
| (8) |
We may make charges for items relating to
the operation of your account and deduct those charges from the amount in the account. The
charges will reflect expenses we incur and the cost of staff time and the use of our
office and computer facilities. We will tell you about our current charges in our savings
and investment literature and can change our charges as follows - |
|
(a) |
We can change the charges we make at any
time. Changes may include the abolition of, or amendment to, existing charges, or the
introduction of new charges and may be made if we reasonably believe that the change is
needed for any of the following reasons (which may relate to circumstances existing at the
time or those which are expected to apply in the near future) - |
|
|
(i) |
to reflect general market conditions and standards
(including the levels of charges of other building societies, banks or anyone else
providing financial services); |
|
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(ii) |
so that we can compete more effectively with other
building societies, banks and anyone else providing financial services; |
|
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(iii) |
our costs have increased or are expected to do so; |
|
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(iv) |
to maintain our financial strength for the benefit of
all our customers; |
|
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(v) |
to take account of changes in the law, decisions of an
Ombudsman, regulator or similar person, or any code of practice with which we intend to
comply. |
|
(b) |
We can also change the charges for any
other valid reason where we reasonably believe change is appropriate. |
|
(c) |
Where we introduce new charges, or increase
existing charges, we will tell you about the change, not less than 30 days' before it
takes effect, as follows - |
|
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(i) |
by letter or other personal notice; or |
|
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(ii) |
by general notice in our principal office, together
with advertisements in at least two newspapers from time to time selected by the Board.
You can find out which are the relevant newspapers by contacting the principal office. |
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A change which abolishes a charge, or
reduces the amount of an existing charge, may be introduced with immediate effect and
without notice. |
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| 2. |
DORMANT & LOST ACCOUNTS AND UNCLAIMED
ASSETS |
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If either: |
|
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(i) |
for a period of 5 years you have made no payment into
or withdrawal from your account(s), or |
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(ii) |
you cannot be traced after reasonable enquiry, |
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we may decide to make dormant, or close, your account. If you have
money in a dormant or closed account, it will remain your property (or if you die it will become part of your estate); this is the case no matter how many years pass (subject to Governement legislation).
To reopen a dormant or closed account, evidence of your identity will be required in accordance with the Society's procedures at that time. |
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| 3. |
ACCOUNT
DOCUMENTS |
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| (1) |
An "Account Document" means a
passbook, certificate, card or any similar item, which we designate to be an Account
Document. We will give you an Account Document, but it will remain our property and must
be returned to us whenever we ask, to be brought up to date or for such other purposes as
we may reasonably require. |
| (2) |
You must produce the relevant Account
Document before making a withdrawal. |
| (3) |
You must immediately notify us in writing
at our principal office if you discover that any Account Document is missing. After you
have - |
|
(a) |
provided such evidence regarding the loss
and |
|
(b) |
given any indemnity, and |
|
(c) |
paid any fee |
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which we may reasonably require, we will
transfer the amount in the account in our records to a new account and afterwards shall
issue you with a new Account Document. |
| (4) |
If someone other than you produces your
Account Document to us, pretends to be you or to be authorised by you, and is therefore
able to withdraw money from your account, you will be liable for the amount of any
withdrawals made if you have acted fraudulently or with gross negligence. |
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| 4. |
RETENTION
AND SET-OFF |
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We have the right to retain and set-off all
money in any account you hold with us against any money you may owe to us (whether under a
mortgage, loan, guarantee or otherwise) which is due for payment but which has not been
paid. We will give you notice in writing when we have done this. Interest or bonuses will
not be paid on any money after it has been used in this way. |
