Important information

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Account Holders - additional information
Investment terms and conditions
Society rules

Account Holders – additional information

This section contains important information about your rights and responsibilities as an account holder. Please take a few minutes to read the information under the headings below. Please also note that all Society matters are governed by English law and all communications and documentation will be conducted/supplied in English.

Calculation of interest

Interest on a deposit is calculated at the prevailing rate, from the day of receipt to the last day of the current charging period. If you make a withdrawal, then an adjustment is calculated from the date of withdrawal to the last day of the current charging period. If interest rates change during a charging period, then an adjustment is made from the date of change to the last day of the current charging period.

Cancellation rights

If within 14 days of opening an account you change your mind for any reason whatsoever, we will allow you to change to another account or close the account completely without notice or charge.

Changes

Information on this site is subject to change without notice.

Cheques

Financial institutions clear cheques through APACS and the normal clearance cycle is 3 working days. SRBS is not a member of APACS and is not a clearing bank which means that it takes longer to clear a cheque through us than it does through a clearing bank – see "Terms and Conditions paragraph 5d.”

When you write a cheque it will help prevent fraud if you write the name of the payee clearly. You should also draw a line through any unused space on the cheque to prevent any unauthorised addition being made. If you are not personally paying the cheque in it can also help to add additional information. Examples are -

- If you are paying a cheque to a business you might write the payee as “ABC Ltd re invoice 1236547”

- If you are paying a cheque to a solicitor you might write the payee as “Smith and Jones solicitors for AB Smith”

- If you are paying a cheque to a financial organisation like SRBS you might write the payee as “SRBS account Fred Smith number 4561201”

Complaints 

There is an internal procedure for dealing with formal complaints, a copy of which is available on request. The Society is covered by the Financial Ombudsman Service (FOS). Complaints we cannot settle can be referred to the FOS. On request, we will tell you how to contact the FOS.

Credit reference agencies

SRBS does not pass any details regarding interest-bearing accounts to credit reference agencies. You will be advised of any future change in this policy.

Data Protection

You have a right to see any personal information about you which SRBS holds. SRBS does not currently charge a fee for this but the legislation does permit a fee to be charged. If SRBS does decide to charge a fee in future, you will be able to find out about it from the current edition of the savings tariff up to date copies of which are available on request.”

Dormant accounts

The Society does not participate in the scheme under the Dormant Bank and Building Society Accounts Act 2008. Instead the Society closes dormant accounts in such a way that the balance continues to earn interest at the same rate and the funds remain the property of the investor and/or of their estate.

 

If you want to trace a dormant or lost account (including the unclaimed assets scheme) you can visit www.mylostaccount.org.uk where you can instigate a search.

 

Financial Services Compensation Scheme

Important information about compensation arrangements

 

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to *€100,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be *€100,000 each making a total of €200,000. The €100,000 limit relates to the combined amount in all the eligible depositor's accounts with the building society, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please contact the Society, refer to the FSCS website www.FSCS.org.uk or call the FSCS on 0800 678 1100.

 

*This limit has now been converted to a fixed sum of £85,000 for the time being. 

Joint accounts

 

If you have a joint account and instruct us to accept one signature only, this means either party is free to withdraw the entire balance or close the account without the other knowing.

If the relationship between joint account holders breaks down for any reason, you must inform us immediately, in writing, that the “single signature instruction” is cancelled. Once you have done this further withdrawals will only be allowed against both signatures.

Marketing material

It is not the current policy of SRBS to send third party marketing material of any kind, but on rare occasions we may send you information about our products where we think these will be of benefit to you. You have a right to opt not to receive such information which you can exercise at any time, by simply informing us in writing.

Responsibilities

Yours: If your passbook contains an entry which is wrong, you must tell us as soon as possible. You must take care of your passbook at all times and return it to the Society periodically to be brought up to date. Please read notices and leaflets in the banking hall which will reflect changes to accounts and interest rates as they occur.

Ours : We will keep all information about you and your account confidential except where the law directs otherwise. We will allow you access to any information about youwhich we hold. We will not give a bankers reference about you except with your prior written permission

Taxation

ISA accounts are free of all tax and interest is paid gross. For all other accounts Interest can be paid gross if you are not liable to tax, subject to completion of the appropriate HMRC forms which are available on request. Except in the circumstances above, interest is paid net of tax at the applicable rate which is currently 20% . Non-taxpayers may be able to reclaim tax which they have previously paid by application to the HMRC. Other taxes or costs may exist that are not paid through SRBS or imposed by it.

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Investment terms and conditions – effective date 1st December 2009

1. GENERAL TERMS.

A. CHANGES TO TERMS AND CONDITIONS

(excluding Interest Rates)

(a) Changes to accounts may be made at any time. These may include the removal of, or amendment to, existing conditions or the inclusion of new conditions, and may be made if we believe that the change is needed for any of the following reasons.

(i) to take account of changes to the law, decisions of an Ombudsman, regulator or similar person, or any code of practice with which we intend to comply;

(ii) to reflect general market conditions and standards and / or to enable us to compete more effectively and/or the needs of the business justify a change;

(iii) to improve efficiency and / or reduce costs;

(iv) to give extra benefit to investors;

(v) to correct errors;

(vi) for any other reason where we believe change is appropriate.

(b) Any change which in our opinion is not to your disadvantage will be made with immediate effect. You will be notified by means of a notice displayed in our banking hall. Members with designated postal accounts will be notified of changes personally.

(c) Any other change will only apply, after we have given you at least 30 days notice by post to the current address which is registered in our records, and we will allow you 60 days from the date of notice to switch accounts or close your account without notice or penalty.

B. INTEREST RATES

The interest rate applying to your account may change from time to time. When we change the interest rate we will, within 3 working days of the change,

(a) place a notice in our banking hall and;

(b) notify holders of postal accounts of the changes by means of a notice sent to the current address in our records.

2. ACCOUNT OPENING, HOLDERS & MEMBERSHIP

(a) Current money laundering regulations require SRBS to obtain proof of identity and address from each applicant before an account may be opened. If it is unable to obtain such verifications by electronic means you will be asked to provide documentary evidence in a form which will be advised to you at the appropriate time

(b) When you open a share account you become a member of The Stafford Railway Building Society. You are entitled to vote at the Annual General Meeting provided your account was open at SRBS’s previous year end (31 October) and had a balance of at least £100 at that date and remains open at the date of the meeting. Full details of your rights as a member and the procedure for the Annual General Meeting are in the Society’s rules. You can obtain a copy of these by requesting them from the Society in Stafford.When you open an account you will be given a copy of the Society’s latest Summary Financial Statement.

(c) The first named on a joint account is called the RepresentativeJoint Holder, who is the only person entitled to cast a vote in respect of the account. Any other parties to the account do not have voting rights. You are entitled to choose the order in which the holders are named on your account.

(d) When you open a joint account you will be asked to give SRBS instructions as to which signature/s are required to operate the account. Once this instruction has been given it will continue to operate for all purposes until we receive contrary instructions.

(e) Upon receipt of proof of death of any joint account holder, we will recognise only the survivor(s), as having ownership of or interest in the account and the survivor(s) shall be allowed to continue to operate the account as before.

(f) You can transfer your account into the name of another person subject to the conditions applying to the account and to our approval. No transfer will be valid unless made in a form approved by us and until registered in our records. We may refuse to permit a transfer without giving any reason.

(g) 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.

(h) The operation of any account with SRBS is subject to the Society’s Rules.

(i) Special conditions may apply to people residing outside of the local area. Full details are available upon request.

3. ACCOUNT DOCUMENTS

(a) An “Account Document” means a passbook or 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.

(b) You must produce the relevant Account Document at the time of making a withdrawal.

(c) You must immediately notify us in writing if you discover that any Account Document is missing. After you have completed the appropriate documentation we will transfer the amount shown in our records to a new account and afterwards shall issue you with a new Account Document.

(d) If you have acted fraudulently or with gross negligence and someone other than you produces your Account Document to us, pretends to be you or to be someone authorised by you, and withdraws money from your account you will be liable for the amount of any withdrawals made.

4. PAYMENT OF INTEREST

(a) Details of how interest is calculated, the way it is paid and the dates on which it is paid can be found in the account opening pack.

(b) SRBS pays interest on investments from the day of receipt of funds to the day prior to withdrawal. If a payment by cheque is not honoured then the funds will be removed from your account and no interest will be earned on the amount of the cheque.

5. INVESTMENT WITHDRAWALS & ACCOUNT CLOSURES

(a) Withdrawals can be made of up to £500 in cash and £50,000 by cheque. For any withdrawals in excess of £50,000 one working day’s notice may be required.

(b) If you ask SRBS to issue a cheque in favour of a third party, SRBS will not subsequently accept an instruction to stop payment of that cheque. Your account will be debited when the cheque is issued and you will be responsible for safe delivery of the cheque to the intended payee. If an error is discovered on a third party cheque issued by SRBS, or the cheque is out of date (i.e. has not been presented within 6 months of date of issue) then we will amend or replace it on request without charge.

(c) All cheques drawn from SRBS’s accounts are valid for 6 months from the date of the cheque and are “Account Payee Only” which means that they cannot be endorsed to the benefit of a third party.

(d) Funds invested by cheque are normally available for withdrawal six working days after deposit

(e) 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 is for a fixed term which has not expired.

(f) SRBS can at any time restrict the amount which can be withdrawn from any account. It will only do this if

(i) SRBS has reason to believe that the account is being affected by fraudulent activity or other financial crime.

(ii) SRBS is required to do so by law, regulation or court order.

(iii) There is a dispute which SRBS believes to be genuine about the ownership of, or entitlement to, the account.

(iv) SRBS is unable to offer a normal service due to circumstances beyond its control (exx terrorist threat, computer failure etc.)

(v) SRBS has reasonable grounds to believe that its financial stability is under threat (eg rumours causing actual or potential abnormal levels of cash withdrawals).

(g) In the case of (iv) and (v) above

(i) SRBS will act proportionately to the circumstances in question.

(ii) SRBS will take reasonable steps to ensure that the restrictions are lifted as soon as practicable and to minimise inconvenience to members.

(iii) SRBS will take into account the interests of the membership as a whole.

(iv) SRBS will give advance notice where practical.

(v) SRBS may consider making exceptions to any restrictions if it is reasonably satisfied that EXTREME/SUBSTANTIAL hardship would otherwise be caused.

6. UNCLAIMED BALANCES

If:-

(a) For a period of 6 years any person holding a share who has not received an advance from SRBS shall make no payment to SRBS and shall not claim any money standing to the credit of their account with SRBS and

(b) The amount standing to the credit of such account shall be less than £25 and

(c) Such person cannot be traced after reasonable enquiry the Board may resolve that such account be closed and that such moneys be forfeited to SRBS but the Board may thereafter reopen such account and re-credit such moneys therein.

7. LIEN

Where a person:-

(a) executes a mortgage or guarantee in favour of SRBS or

(b) otherwise owes money to SRBS,

SRBS shall have a first and paramount lien upon all moneys in respect of shares or deposits or other moneys standing to the credit of such person with SRBS, and in respect of any sum due and owing under such mortgage or such guarantee or otherwise, SRBS may at any time appropriate and use such share moneys and deposits and other moneys:-

(i) for the credit and in reduction of the mortgage or guaranteed account or

(ii) in full or partial settlement of the debt arising otherwise than under a mortgage or guarantee as the case may be, and thereafter no interest or bonus shall be payable upon any money so appropriated.

8. CHARITABLE ASSIGNMENT

To avoid any possible speculative disruption to its business, The Society has introduced a requirement for new investing members to ensure continuation of the level of service which genuine members expect and deserve. All new members opening share accounts must sign a declaration agreeing to assign any future windfall rights to the Charities Aid Foundation for 10 years from the date of opening the account. This agreement will not apply to anyone who has held and continues to hold a share account with SRBS since before 1st August 2000 or has a mortgage with SRBS at the time their investment account is opened. There are some other categories of investor which are not affected by the requirement to assign and a list of these is available from SRBS at 4 Market Square, Stafford, ST16 2JH.

The notes above are only a summary of the charitable assignment arrangements. The complete terms can be found in The Stafford Railway Building Society’s share account application forms. The Charities Aid Foundation is a charity, which channels charitable giving to worthy causes.

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Society rules

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Stafford Railway Building Societies Rules

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