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How do I open and manage my account?
This product can be opened or managed in branch or by post. Please refer to the Business and Clubs & Charities Society’s Savings Account General Terms and Conditions.
Eligibility Criteria:
- Only one 120 Day Notice Account is permitted per customer.
- Be a Limited Company registered in the UK.
- Have less than 250 employees, annual turnover of less than £35m and a balance sheet total of less than £18m.
- Have an existing UK bank/building society account in the name of the organisation to open the account.
- The maximum number of signatories is four, one of which must be the Company Director.
- All signatories must be aged 18 or over and permanently residing in the UK for tax purposes (excluding Channel Islands and the Isle of Man), at the time of your application.
- Provide a valid business and personal email addresses and a mobile number.
- Have a minimum deposit of £1,000 and a maximum balance of £500,000.
Please Note: Before we can open your account, we will confirm your identity using electronic searches and requesting documentary evidence. We must identify the names of all individuals who own or control 25% of shares, voting rights, capital, or profits, and those who exercise control of the management of the organisation and those who exercise significant influence or control over the organisation. All parties will be verified by an electronic search. The opening investment must be made by cheque in the organisations name or by electronic transfer from the organisations bank account stated on the application form. The account may not be opened with cash.
To manage your account:
- No cash transactions are permitted on this account.
Payments can only be made to and from your nominated bank account. - The maximum balance is £500,000 and the overall maximum holding by any one Limited Company in respect of all Business savings accounts with the Society is £500,000.
- Transfers in from other Chorley Building Society Business Accounts held in the same Limited Company name are permitted.
This is a limited issue and the Society reserves the right to withdraw this product without notice at any time.
Can I withdraw money from this account?
You may withdraw by cheque, next-day electronic payment (up to £50,000) or CHAPs* (*subject to a £25 fee) to your nominated bank account, subject to 120 days written notification being received by the Society.
Please read the following conditions regarding withdrawals:
- No withdrawals or closures are permitted unless notice is given.
Your withdrawal request must be made in branch or via the post and must include the amount you wish to withdraw. - The withdrawal can only be processed on receipt of the completed Business Withdrawal Form which must be signed in accordance with the business mandate (e.g., one or two signatories). The business mandate form can be accessed from our website (include link), or from your local branch.
- Once the notice period expires, you can withdraw an amount equal to or less than the amount specified in the instruction.
A penalty cannot be paid in lieu of 120 days’ notice being given.
Only one notice period can be requested at any one time and the notice period cannot be carried forward. If you do not withdraw the funds within 7 days of the notice expiring, you must make a new withdrawal request. - Recurring notifications of notice will not be accepted by the Society.
- If transferring this account to another Chorley Building Society Business Account with a longer notice period, no notice is required, and no penalty is charged.
- If transferring this account to another Chorley Building Society Business Account with a shorter notice period, 120 days’ notice must be given.
- Cheques requested by post for withdrawals or closures will be issued within 48 hours of the notice period end and posted 1st class to the account holder.
Withdrawal conditions apply; please refer to section 11 of the Business and Clubs & Charity Savings Account General Terms and Conditions for further details.
