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New building society regulation
Due to new legislation, namely the introduction of the Payment Services Regulations 2009 which applies mainly to electronic transfers between accounts; and the Banking Conduct of Business Sourcebook (‘BCOBS’) from the FSA, which replaced the Banking Code on 1st November 2009, we have amended some of our account conditions. An overview of these changes and where to find them in the Important Information section of our site is as follows:
Current investment charges in the Important Information section –
We now require at least 24 hours notice to arrange a CHAPS payment from your account.
7.2 We pay interest on cash and electronic transfers from the date it is received into the account.
6.7 Where cash deposits and electronic transfers are paid into your account before 3.00pm withdrawals may be made the same day.
7.9 If the interest rate on your account is reduced, we will give you written notice of the change within a reasonable time before it comes into effect.
8.6 If we introduce or change a charge relating to your account we will give you at least 30 days written notice before the charge comes into effect.
16.3 We draw your attention to the point 16.3 which explains in full our procedures on dealing with fraudulent withdrawals.
Date posted: 28/01/2010
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Date posted: 12/01/2010
