|
The maximum total balance per investor is £350,000. Details of individual account maximum balances are contained in our savings leaflet and can also be found on this website. Cash withdrawals up to £500 per member can be obtained daily on demand. Interest is calculated on the sum withdrawn up to and including the day before the transaction. Cash withdrawals over £500 up to a maximum of £3,000 require one week's notice. Please note: We are not permitted to send cheques to third parties on your behalf. Cheque withdrawals up to £25,000 can be obtained daily on demand. Cheque withdrawals above £25,000 require one day's notice. No withdrawal will be allowed from a passbook account, unless you produce the passbook at the time of withdrawal. We may refuse to allow a withdrawal if we are not satisfied that we have a proper written authority for the withdrawal, in accordance with the mandate you have given us. Please note: Any circumstances beyond our control may prevent us from actioning your transaction requests. We can restrict at any time the amount which can be withdrawn from any account. We will only do this if: | a) | we reasonably believe that there may be fraudulent activity or other financial crime affecting the account; | | b) | we are required to do so by law, regulation or court order; | | c) | there is a dispute (which we reasonably believe may be genuine) about the ownership of, or entitlement to, the money in the account; |
If a withdrawal is made by cheque in favour of someone other than you, we will not stop payment of the cheque unless we have clear evidence of fraud, or that the cheque has been lost, stolen or destroyed. Telegraphic Transfers (CHAPS) We can arrange for a telegraphic transfer to be processed from your account providing the following criteria is met:- Your request is received by 2pm of the processing day. All beneficiary details are given. You are in agreement to the fee being charged for the transfer. (Please see Charges). If you wish to cancel your instruction, the Society will endeavour to do this, however as these payments are processed by our bankers, this cancellation cannot be guaranteed once consent has been given. The Society offers a monthly interest option on certain savings accounts at the same interest rate as annual. Where monthly interest is offered a minimum balance of £5,000 must be maintained. This minimum balance will be higher if the savings account requires a higher minimum balance. Please note monthly interest cannot be compounded. Income Tax The Society quotes both gross and net interest rates to show the effect of the deduction of income tax. Interest will be paid or credited after deduction of income tax at the lower rate of 20%, unless an appropriate Inland Revenue gross certificate has been registered with the Society (these are available at any of our branches and can be downloaded from the HMRC website by following the link http://www.hmrc.gov.uk/forms/R85.pdf). Higher rate taxpayers are required to pay the extra tax due separately. Individuals that are non-taxpayers and have not registered the appropriate Inland Revenue gross certificate can claim repayment of tax from the Inland Revenue. Cheques made payable to the Society must include details of the account holder(s) or the account number. Cheques will be cleared for withdrawal on the 7th working day. Automated bank credits and cash are cleared for withdrawal on the date the Society receives payment. If a cheque deposit is returned to the Society unpaid it will not attract interest. Interest Calculation Interest is calculated on a daily balance excluding the day of a credit by cheque or a debit transaction. Cash credits receive interest from the date of the transaction. Internal transfer transactions receive interest continuous. Payment interest options available are; compounded, credited to another account within the Society or transferred to an externally nominated bank account. You cannot make payments into an account if this would result in the total credit balances on your accounts going over our customer limit. This limit may vary from time to time. Please ask a member of staff for further details. AER illustrates what the interest would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time. - to respond to Bank of England Base Rate;
| a) | A change which is not to your disadvantage may be made immediately and without prior notice. We will tell you about the change within 30 days. | | b) | A change which is to your disadvantage will be effective only after at least 30 days' notice is given to you. At any time up to 60 days from the date of the notification you may switch your account or close it without having to give any period of notice or pay additional charges. |
The Chorley aim to give the highest level of service to all our members. As a mutual organisation we have experienced some disruption to our normal business caused by speculators opening accounts in the hope of receiving future windfall conversion benefits. This is despite assurances that the Chorley Building Society is fully committed to remaining a mutual organisation. The Society therefore requires all new savers opening a share account to sign a declaration agreeing to assign any future rights to the Charities Aid Foundation for the first seven years of opening an account and becoming a new Chorley Building Society member. The agreement will not apply to anyone who: There are some other types of members who are not affected by the requirement to assign and a list of these are available from any branch of the Society or the Society's Secretary at head office. The above notes are only a summary of the charitable assignment arrangements. The complete terms are in the Account Application Forms. The Charities Aid Foundation is a charity, which channels charitable giving to worthy causes. Obligations It is your responsibility to notify us of any change of address. You should also notify us of any change of name, telephone number, e-mail address (if you have told us you want to be contacted in this way). All notifications must be in writing. You agree to produce evidence of any new name or address (please refer to the Society's Identification criteria, available on request or accessed from this website). You must send your passbook so that we can note the change of details. If you have more than one account with us, you must make sure that the registered address we have for you is the same in respect of each account. You agree to provide us with specimen signatures if we ask for them. You agree to return the passbook to us for updating, or for any other purpose we reasonably require. You agree to keep it safe, and to tell us as soon as you discover it has been lost or stolen. You agree to check your statements regularly. You agree to co-operate with us (or the police) in investigating transactions. You agree that you will never give your account details or security information to anyone unless you know who they are and why they need them. If you lose your passbook and at or about the same time you notify us of a change of address, then we will not issue any cheques from the account payable to anyone other than you for a period of 7 days from the date we receive the notification. This is to protect you against possible fraud. We will issue a replacement for lost or stolen documents but this may be subject to payment of a charge and/or other conditions. These conditions may include:- providing us with reasonable evidence of the loss or theft; notifying and co-operating with the police; restricting withdrawals from the account for 7 days from the date you notify us of the loss or theft and/or signing any form of indemnity that we may require
Data Protection The Society complies with the Data Protection Act 1998; full details are available on request. The Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the Scheme are limited to a maximum 100% of the first £50,000 per investor. Most investor's are covered including individuals and small firms. Although most shares and deposits are denominated in sterling, all other currencies are covered. Full details are available on request. Statements We will cease to issue statements with effect from 1st January 2011 unless requested. Dormant Accounts & Unclaimed Assets Schemes If you have not transacted on your account for a period of two years your account will be considered "Dormant" and the Society is obliged to treat your account differently from a "live" account and requires identification to re-activate. This is to protect you from fraud or identity theft. If your account continues to have no transactions on it for 15 years or more it will be classed as a "lost" account and will be dealt with by the Government Unclaimed Asset Scheme. Further details can be obtained from the Society. If you think you may have had an account with us but have no passbook and cannot remember the account details, contact the Society with your details and we will conduct an investigation to establish if we still have money belonging to you that is waiting to be claimed. Standing Order Details To setup a standing order to your Building Society account, the details you require are:- - Sort Code 16-16-22
- Account Number 11758805
- Reference/Roll No. Please quote your Building Society ten-digit account number, omitting any other characters
e.g. 0123456789
It is your responsibility to ensure all account details are provided correctly. Disclaimer The Society cannot be held responsible for payments lost or returned if the above information is not adhered to. We cannot set up payments by Direct Debit. | Special clearance of cheques | £25.00 | | Telegraphic transfer (CHAPS) | £25.00 | | Foreign transfer (CHAPS) charges available on request | | Stopped cheque | £25.00 | | Duplicate statements | £20.00 | | Replacement passbook | £10.00 |
Member Feedback At the Chorley we do all we can to ensure that our members receive the highest standards of customer care, but we also know that sometimes problems occur. To help us provide the service you expect we welcome any suggestions on the products and services offered by the Society. Complaints Procedure A copy of the Society’s internal complaints procedure is available on request, click here to view the procedure. Financial Ombudsman Service The Society is a member of the Financial Ombudsman Service; full details are available on request. Independent Financial Advice Please note that the Society's contract with Acorn Independent Financial Management has now ceased and we will shortly be announcing our new partnership for Independent Financial Advice.
|
