Scarborough Building Society

General Investment Terms and Conditions

The General Investment Terms and Conditions set out the general terms and conditions of Scarborough Building Society Savings and Investment accounts.

This page contains a lot of important information, therefore, we have provided a PDF document that you can download and read at your leisure.

1 INTRODUCTION

1.1 Scarborough Building Society’s main business is providing savings accounts and loans secured on dwelling houses.

1.2 This is a guide to the Terms and Conditions that apply to Scarborough Building Society savings accounts.

1.3 In these Terms and Conditions:

1.3.1 When we use the word ‘we’, we mean Scarborough Building Society and where we use words such as ‘our’, ‘us’ or other similar words, these should be read in the same way;

1.3.2 When we use the word ‘you’ we mean the person in whose name the account is held and words such as ‘your’, ‘yours’ and other similar words used should be read in the same way.

1.4 Please remember that accounts will often have Terms and Conditions which apply only to those accounts and if there are any differences between them and these Conditions, the individual product Terms and Conditions shall have priority.

1.5 If you would like further details regarding any particular account, please see the relevant product leaflet.

1.6 If you are not already a member of Scarborough Building Society, you will automatically become a member if you are eligible for membership and open an eligible account with us. You will then be bound by our Memorandum and Rules. Copies of this document can be obtained from our Head Office at Prospect House PO Box 6 Scarborough North Yorkshire, YO11 3WZ.

1.7 These General Investment Conditions and individual product Terms and Conditions (and for members our Memorandum and Rules for the time being in force) set out the contractual relationship between us and you in respect of your account.

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2 OPENING YOUR ACCOUNT

2.1 Accounts are only available for the personal use of permanent UK residents over the age of sixteen, subject to tax legislation (Channel Islands, Isle of Man and Eire addresses are not accepted).

2.2 We will only accept applications where all appropriate sections of the application form have been completed, including date of birth.

2.3 The opening of parental (or such other persons as we may specify in individual product Terms and Conditions) trust accounts is permitted. However, no other types of trust accounts can be opened.

2.4 The initial investment will be accepted in the form of either a cheque or cash, where allowed.We do not accept Telegraphic Transfers/CHAPS payments for initial investments, but we may accept them subsequently.

2.5 The maximum total investment holding within Scarborough Building Society, upon opening and during the life of the total investment, is £1,250,000. This includes any interest which is credited to the total investments.

2.6 When your account is opened, and at any time upon request, you will be required to provide personal identification. Please see the relevant product leaflet for details of the form of identification documents required. We reserve the right to decline any application.

2.7 A specimen of your signature (and, if applicable, the signature(s) of any individual(s) you have authorised, for example by executing a Power of Attorney to operate your account) must be provided when the account is opened and at any other time on request.

2.8 We do not accept or issue post dated cheques. We will not accept cheques that are over six months old.We may refuse to accept a cheque which is not payable to you.

2.9 We will not accept applications to open or operate accounts with either c/o or PO Box addresses.

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3 14 DAY COOLING OFF PERIOD

3.1 If within 14 days after the day you open your account, or (if later) the day you receive the account Terms and Conditions on paper or electronically, you are unhappy about your choice of account we will, on receiving your instructions as mentioned below, transfer (if there is a suitable alternative account) or, without loss of interest close, your account. If you decide to transfer your account, the Terms and Conditions applicable to the new account will apply with effect from the date your account was opened.

3.2 Your instructions must be received by the end of the 14th day:

  • At the branch where you opened your account (if you operate your account through a branch); or
  • At our Head Office (if you operate your account through Investments Direct); or
  • In the form of authorised instructions (if you operate your account by telephone).

4 JOINT APPLICATIONS

4.1 For an account that is held in the names of more than one of you any transaction or amendment made by the authorised signatories will be fully binding on ALL parties to the account. Accounts may be held by several people jointly, unless the terms of the account do not allow it to be a joint account, on condition that:

(a) a maximum of four persons may jointly hold an account with us:

(b) you may only register one address for a joint account and we will send all communications to that address;

(c)

(i) any order, request or authorisation for a payment or transfer of money from the account and/or any receipt for the money paid out of the account must be signed by all joint account holders;

(ii) however, all joint account holders may authorise us, either on the application form or later in writing, that one or more of you can sign on behalf of you all;

(iii) any such authority may be revoked by any joint account holder by written notice to our Head Office or any of our branches;

(iv) if we are notified of any dispute, the interest mandate instructions, if any, on any account will be revoked and any interest accrued but not yet paid in accordance with the mandate will, when due, be credited to the account.

(d) joint account holders are jointly and severally liable to us; this means that joint account holders are liable to us, not only together, but also separately for the full amount which is due to us;

(e) if a joint account holder dies, we will treat the surviving joint account holder(s) as absolutely entitled to all money in the joint account (except in the case of trustees);

(f) all joint account holders will be treated as being entitled to all money in the account (even if the relationship between joint account holders has broken down). We will not recognise or be concerned about division of ownership of the money between the account holders and/or other persons (unless we are required to do so by law).

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5 WITHDRAWING FROM YOUR ACCOUNT

5.1 Daily withdrawals of up to £500 in cash, £100,000 by cheque (or over £100,000 by cheque providing 24 hours notice is given) are permitted from accounts operated at any of our branches. For those accounts operated through Investments Direct, cheques will only be issued through the post or withdrawals by BACS transfer and are limited to the maximum balance held in the account. Withdrawals by Telegraphic Transfer/CHAPS are not permitted.

5.2 Cheques will only be issued through the post if your account is operated through Investments Direct, and will be sent to the last address on our records. If a cheque is requested made payable to a third party (where available), this cannot be stopped or cancelled once it has been issued by us.

5.3 When we receive withdrawal instructions which reduce the balance of your account below the minimum investment, we may take those instructions to be a request to close your account.

5.4 You may not withdraw funds against a cheque, or an automated payment such as an internet payment or standing order, until the money has reached your account (cleared) in accordance with the central clearing cycle operated by banks. Between banks this normally takes three working days but as we are not a clearing bank the cheque or other payment will not be cleared until 10 days after we receive it. Working days means Monday to Friday not including Bank Holidays. Cheques and other payments received after 3.30pm will normally be treated as received on the next working day.

5.5 A cheque you pay into your account may be returned by the bank on which it is drawn for a number of reasons, for example lack of funds, the cheque being stopped or irregularities in the way it is drawn. If this happens, we will advise you and the unpaid cheque will be debited to your account. A fee may be charged. Any interest which has been allowed on a cheque will be adjusted.

5.6 If a cheque is paid in more than six months after its date, the bank on which it is drawn will normally treat it as out of date and refuse payment on it.

5.7 If you set up a standing order to make payments into your account, it usually takes three working days for the funds to be available in your account with us i.e. for a standing order initiated on a Monday, the earliest it could arrive with us would be the Wednesday.

5.8 Notwithstanding provisions 5.1 to 5.7 above, we can restrict at any time the amount which can be withdrawn from any account.We will only do this if:

5.8.1 we reasonably believe that there may be fraudulent activity or other financial crime affecting the account;

5.8.2 we are required to so by any law, regulation or court order;

5.8.3 there is a dispute (which we reasonably believe may be genuine) about the ownership of, or entitlement to, the money in the account.

5.8.4 circumstances beyond our reasonable control prevent us from offering a normal service (such as in the event of terrorist threat, computer systems failure or strikes); or

5.8.5 circumstances exist which lead us reasonably to believe our financial stability is under threat (such as where rumours cause actual or potential abnormal levels of cash withdrawals).
In the case of 5.8.4 and 5.8.5 above:

(i) we will act proportionately to the circumstances in question;

(ii) we will take all reasonable steps to ensure that the restrictions are lifted as soon as practical and to minimise the inconvenience to you;

(iii) we will take into account the interests of the Society’s membership as a whole;

(iv) we will, if practical, give advance notice; and

(v) we may consider exceptions to the restrictions if we are reasonably satisfied that substantial hardship would otherwise be caused.

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6 INTEREST

6.1 Interest is calculated on a daily basis using the gross interest rate applicable to the balance of the account, and is paid according to the tax status of the individual account. In any leap year interest is calculated on a daily basis based on a 366 day year. Where required by legislation, interest will be paid or credited after deduction of Income Tax at the appropriate rate. We do not pay part net and part gross interest on any account.

6.2 We will pay interest on cheques paid into your account from the third working day following the date of receipt. Cash and other methods of payment into your account, where allowed, will earn interest from the day following receipt. Interest will be earned up to and including the day before the day of withdrawal.

6.3 Funds transferred from one of our accounts to another will earn interest up to the day before the date of transfer on the account being debited and from the date of transfer on the account being credited.

6.4 Withdrawals or investments made after interest payments have been prepared for payment to a bank or building society account may require a capital adjustment to offset any overpayments of interest.

6.5 We have a variable base savings rate. Rates offered on our accounts may exceed, but will never fall below, the current variable base savings rate. For example, if the balance of an account falls below the minimum amount required for that particular account, then the interest rate payable for the period that the balance remains below the minimum amount will be our variable base savings rate applicable at the time. Details are available on request.

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7 CHARGES

7.1 We may make charges on your account and these may be debited from your account. Details of our account charges are listed in our published Investment Account Tariff. These may include charges for our costs in looking after your account and charges for any services or facilities we make available to you. We may change the amounts of charges, may make new or different charges and change the way in which you have to pay charges at any time if it is to your advantage (for example to reduce or remove a charge) or is needed for any one or more of the following reasons:-

  • to reflect changes we may reasonably make in the service or activity we are providing or undertaking or to provide new services;
  • to reflect, in a proportionate manner, changes in the law or the interpretation of the law, decisions or recommendations of a court, Ombudsman, regulator or similar person, or any code of practice with which we intend to comply;
  • to enable us to harmonise, in a reasonable manner, the charges being paid by our savers following any acquisition of savings accounts or any takeover of, or merger with, another savings provider;
  • to reflect in a proportionate manner changes in technology, or general practice in the consumer savings industry;
  • to reflect, in a proportionate manner, changes in costs (including our own reasonable management and administrative costs) which we reasonably incur in respect of the relevant activity or service;
  • if we have not previously charged, or charged the full cost, for any work or service, to reflect the costs which we reasonably incur in carrying out the activity or service;
  • to maintain our financial strength in the interests of all our customers;
  • to reflect, in a proportionate manner, increases in inflation;
    to correct errors.

7.2 Where we introduce new charges or increase existing charges for any of the reasons mentioned in Condition 7.1 above, you will be informed about the change not less than 30 days before it takes effect, either by letter or other personal notice. A change which abolishes a charge or reduces the amount of an existing charge, may be introduced with immediate effect and without notice.

7.3 We may also change the amounts of charges, make new or different charges and change the way in which you have to pay charges for any valid reason (not being a valid reason mentioned in Condition 7.1 above). If we do so:

  • We will tell you that the change is made under this Condition 7.3.
  • You will be informed about the change not less than 30 days before it takes effect, either by letter or other personal notice;
  • Within the period of 60 days of receiving notice you may close your account without notice or loss of interest.

7.4 In addition to the charges mentioned above, you may have to pay other taxes or costs which are not imposed by, or payable to, us.

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8 INTEREST RATES

8.1 Unless individual product Terms and Conditions state otherwise, we may vary the interest rate upon your account at any time if we reasonably believe that the change is to your advantage or is needed for any one or more of the following reasons (which may relate to circumstances existing at the time or which are expected to apply in the near future):

  • to enable us take account of a general trend to alter interest rates on savings accounts or the cost of funds to us;
  • to enable us take account of the savings rates offered by other institutions;
  • to enable us to maintain the competitiveness of interest rates paid to our borrowers, while having regard to the interests of our savers and our business as a whole;
  • if it is reasonable to make a change following a decision or recommendation by a court, regulatory body, Ombudsman or other official body or as a result of a change in the law or the interpretation of the law, or any code of practice with which we intend to comply;
  • to reflect changes in the products or services we provide or the way we provide them;
  • to reflect, in an proportionate manner, any increase or reduction in costs reasonably incurred by the Society in operating your account;
  • to enable us to harmonise, in a reasonable manner, the interest rates being paid to savers following any acquisition or transfer of deposit or savings accounts or any takeover of, or merger with another deposit taker;
  • if it is necessary to maintain our financial strength in the interests of all our customers.

8.2 We will tell you about the changes in the rate of interest we pay on your account in the following manner:

  • for branch accounts by putting a notice in two or more national daily newspapers and in our branches or by writing to you within 30 days of the changes taking effect. You can find out which are the relevant newspapers by contacting our Head Office. We will publish notices in the newspapers and in our branches within 3 days of the change taking effect. In any event, you will be personally notified within 30 days of the change taking effect if the interest rate on your account falls by more than 0.25 percentage points on a rate change compared to the Bank of England Repo Rate (base rate).
  • for postal accounts you will be personally notified within 30 days of the changes taking effect. Any such notification will be binding upon all affected members.

8.3 Unless individual product Terms and Conditions state otherwise, we may also change the rate of interest we pay on your account for any valid reason (not being a valid reason contained in Condition 8.1 above). If we do so:

  • we will give you personal notice of the change before, or as soon as reasonably practicable after, the change is to take effect we will tell you that the change is made under this Condition 8.3; and
  • at any time up to 60 days from the date of this notice, you may, without notice, switch your account or close it without having to pay any extra charges or interest for doing so.

8.4 We will inform you of current and previous rates of interest which apply or have applied on your account, throughout the previous financial year, in the Annual Investors’ Statement. This Statement is issued in May after our financial year end. Up to date details on all our rates are available from Investments Direct at Head Office, on our website or from any of our branches.

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9 CHANGES TO GENERAL INVESTMENT CONDITIONS

9.1 Changes to charges and interest rates are dealt with under Conditions 7 and 8 above.

9.2 We may change any of the other General Investment Conditions, or the Terms and Conditions which apply to any services or facilities on your account, if we reasonably believe that the change is to your advantage or is needed for any one or more of the following reasons:

  • where it is reasonable to do so because of changes in technology, market conditions or general commercial practice;
  • to enable us to improve efficiency or reduce costs;
  • where for administrative reasons we make a change in the way we look after accounts generally;
  • to reflect any change in the products or services we provide, the way we provide them or the costs of providing them;
  • to amalgamate accounts or savings books in a reasonable manner following any merger or the acquisition of any business;
  • if we reasonably believe the change is necessary for commercial reasons in the interests of our business as a whole;
  • if it is reasonable to make the change following a decision or recommendation made by a court, regulatory body, Ombudsman or other official body or as a result of a change (or anticipated change) in the law or interpretation of the law;
  • to correct errors.

9.3 Unless individual product Terms and Conditions state otherwise we may also change the General Investment Conditions or the Terms and Conditions for any valid reason (not being a valid reason contained in Condition 9.2 above). If we do so:

  • we will give you personal notice of the change before, or as soon as reasonably practicable after, the change is to take effect; and
  • we will tell you that the change is made under this Condition 9.3.

9.4 Where any change we make under Condition 9.2 or 9.3 is to your disadvantage, we will tell you about it personally at least 30 days before we make the change; at any time up to 60 days from the date of this notice you may, without notice, switch your account or close it without having to pay any extra charges or interest for doing this. We may make any other change under Condition 9.2 or 9.3 immediately and tell you about it within 30 days.

9.5 We may repay your investment by giving you 30 days written notice where we have good reasons.

9.6 We reserve the right to discontinue, or suspend temporarily, accounts without notice.

9.7 We may close your account and retain the balance if we are unable to trace your whereabouts after reasonable enquiry; and

  • the amount in your account does not exceed £100 and you have made no withdrawals or investments for three years; or
  • the amount in your account exceeds £100 and you have made no withdrawals or investments for five years.

If you, or anyone claiming on your behalf, subsequently request, we will, if we consider it reasonable, reinstate the account with the closing balance and the interest that would have been due up to the date of reinstatement, or change the account, and pay such balance and interest, to a different type of account. However, this will not give you continuous membership. Alternatively we will repay the balance of the account and interest to you.

9.8 We may, for one or more of the reasons mentioned in Condition 9.2, without notice, change, suspend or withdraw any of the services or facilities that we make available on your account.

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10 ACCOUNT OPERATION

10.1 GENERAL

10.1.1 We must be notified in writing of any change of name or address. In the case of joint accounts, such requests must be signed by you in accordance with the prevailing instructions.

10.1.2 In the event of the death of a sole account holder your Personal Representative may, upon proof of this status, operate the account. This does not apply to a trust account.

10.1.3 We are entitled to treat you as the owner of the money held in your account and we are not obliged to recognise the claim of any other person except as required by law. These General Investment Conditions shall not confer or purport to confer on any third party any benefits or the right to enforce any General Investment Conditions or other Terms or Conditions in respect of any account(s) with us.

10.1.4 Where you are mentally impaired, we will allow your account to be operated by anyone who is authorised by law to do so. Where no such authority exists but we regard it as reasonable, we may, upon the provision of an indemnity, allow any person appearing to have charge of your affairs to make a withdrawal from your account.

10.1.5 You may be supplied with an Account Document (being a passbook, certificate or other written record of transactions), which will remain our property and must be returned upon request. You may be required to produce this document to make a withdrawal.

10.1.6 If you lose your Account Document or it is stolen:

10.1.6.1 You must notify us at our Head Office or any of our branches immediately you become aware of this by telephone and, as soon as possible after that time, in writing. If you do this you will not be responsible for any transactions on the account, or resulting losses, which occur after such notification, unless Condition 10.1.7 applies.

10.1.6.2 Subject to Condition 10.1.6.3 you will be responsible for all transactions on the account, and all resulting losses, which occur after you have become aware of the loss or theft of the Account Document but before you notify us; or

10.1.6.3 If a transaction on the account, or any resulting loss, is caused wholly or partly by our negligence then
we will be responsible for the proportion of the transaction or loss attributable to our negligence.

10.1.7 If we can prove that you acted fraudulently or without reasonable care you will be liable for all resulting losses on your account.

10.1.8 We will not cash cheques.

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10.2 OPERATING YOUR ACCOUNT BY TELEPHONE

10.2.1 If you operate your account(s) by telephone (‘Telephone Access’) at any time, the provisions in this Condition 10.2 will apply.Where there is any conflict between Condition 10.2 and any other provisions in these General Investment Conditions, the provisions in Condition 10.2 shall have priority. Where there is any conflict between the provisions in Condition 10.2 and individual product Terms and Conditions, the individual product Terms and Conditions shall have priority.

10.2.2 Telephone Access is only available where not more than one signature is required to operate the account.

10.2.3 Telephone Access may only be operated through Investments Direct (Telephone Access is not available through our branches) and will apply to all your eligible postal accounts with us.

10.2.4 AUTHORITY

10.2.4.1 You authorise us to accept and act on telephone instructions and to carry out the transactions set out in Condition 10.2.6, Services, when the transactions have been authenticated by the telephone identification procedures we require set out in Condition 10.2.5, Security.

10.2.4.2 If you have a joint account, we will act on the instructions of either of you (unless we receive notification to the contrary) providing only one signature is required to operate your account.

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10.2.5 SECURITY

10.2.5.1 Whenever you telephone us you will be taken through a security process to confirm your identity. You
will be asked a random series of questions which are personal to you. Your answers must match exactly the personal information supplied by you. This information will constitute your security details.

10.2.5.2 You must not tell anyone else that your security details are used in relation to Telephone Access. You must also take all reasonable steps to prevent their fraudulent use. You should avoid keeping records of your security details in a way that can be easily accessed and understood by anyone else.

10.2.5.3 You must tell us immediately by calling 0845 634 3760 between the hours of 9.00 a.m. - 5.00 p.m. Monday to Friday (excluding Bank Holidays in England and Wales) if you know, or even suspect, that someone else has your security details. You also agree to help us and the Police in trying to recover any losses.

10.2.5.4 As long as we have followed our security process outlined in paragraph 10.2.5.1, we will act on the instructions to make payments from your account, even if those instructions were not given by you, or with your authority. However, unless you have acted fraudulently or without reasonable care, or failed to observe Conditions 10.2.5.2 or 10.2.5.3, your liability for transactions or instructions which may have not been authorised by you, will be limited as set out in Condition 10.2.5.5. Your liability may also be limited by law.

10.2.5.5 Unless we can prove that you have acted fraudulently or without reasonable care, or failed to observe Conditions 10.2.5.2 or 10.2.5.3, we will be liable for any losses if instructions are not actually given by you, or with your authority. Under these circumstances, we will credit the amount or value of the transaction, including any related interest or charges to your account.We will have no further liability to you. If, however, we can prove that you acted fraudulently or without reasonable care, or failed to observe Conditions 10.2.5.2 or 10.2.5.3, you will be responsible for all resulting losses you have suffered (including the amount of any transactions made without your authority), without limit.

10.2.5.6 For your own protection you should not use a cordless telephone or mobile telephone operating on an analogue network to call us.We are not responsible if anyone else intercepts or overhears any telephone conversation between you and us.

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10.2.6 SERVICES

Upon receipt of your instructions authenticated in accordance with Condition 10.2.5.1, we will verbally:-

10.2.6.1 Provide you with details of the balance on your account(s) which, on your request, will be confirmed in writing;

10.2.6.2 Provide you with recent transactional history up to 12 months on your account(s) which, if requested, will be provided in writing.

10.2.6.3 Transfer monies held on your account to another of our accounts (subject to the individual Terms and Conditions of each account) providing that the account to which funds are to be transferred is in either your sole name, or, if it is a joint account, in the names of you both.Where the account to be debited is in the name of an individual, the account to be credited must include the name of that individual. For joint accounts the account to be credited may be in either both names of the joint account holders or in one of them;

10.2.6.4 On any notice account, accept notice to withdraw or transfer funds or close any account;

10.2.6.5 Arrange withdrawals or account closures. Telephone Access payments may only be made by BACS transmission to your Authorised Account. (Please see Condition 10.2.7);

10.2.6.6 Change the product conditions on any account (to the extent permitted by the individual product conditions of such account) so that the individual product conditions of another of our accounts will apply. Please see Condition 9.2; or

10.2.6.7 Transfer funds from any existing Scarborough Building Society account (to the extent permitted by the product conditions of such account) to open a new account with us so that the individual product conditions of such new account will apply. Please see Conditions 10.2.6.3 and 10.2.12.2.

10.2.7 AUTHORISED ACCOUNT

10.2.7.1 An Authorised Account is an account notified to us as being an account to which interest and funds from withdrawal or closure from one of our accounts may be remitted. The Authorised Account must be in the sole name of the holder of the account to be debited, save that an Authorised Account for a joint account may be either in the joint names of the holders of the account to be debited (and no one else), or in the sole name of one of them. Full details of the Authorised Account, including branch address, sort code and account number must be submitted in writing to us by you when you apply to use Telephone Access, if you wish to change the Authorised Account and at any time we may request.

10.2.7.2 Payment of interest (when not accumulated to the account) and any withdrawal or closure by BACS will only be made to the same Authorised Account.

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10.2.8 ACCOUNT OPERATION

    10.2.8.1 Telephone Access is not available for the following parties and account types, or in the following circumstances:-

    • Children’s investment accounts, i.e. accounts held in the sole name of a child where the child is under the age of 16, and parental trustee accounts;
    • Companies, Clubs and Charities accounts;
    • Accounts in the names of more than two persons;
    • Holders of a Power of Attorney, Trustees in Bankruptcy, or Receivers under the Mental Health Act, which includes accounts originally opened by one or two people where an Attorney, Trustee or Receiver is subsequently appointed on behalf of any account holder;
    • If we are unable to confirm your current address;
    • Where you notify us that there is a dispute on the account; or
    • For our branch accounts.

    10.2.8.2 If you use Telephone Access any passbook previously issued to you by us with regard to any postal account(s) will be cancelled. Transactions will be confirmed by means of a transaction advice or statement only.

10.2.9 TRANSACTIONS

10.2.9.1 Instructions received by 3.30 p.m. on any working day (not being a Saturday, Sunday or a Bank Holiday) will be processed that day. Instructions received at any other time will ordinarily be processed the next working day.

10.2.9.2 Provision of Telephone Access will not give you any right to make withdrawals that are in breach of any individual product conditions or these General Investment Conditions, or withdrawals or transfers of funds that are not regarded as cleared by us (see Condition 5.4).

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10.2.10 UNAUTHORISED TRANSACTIONS

10.2.10.1 We may refuse to act on any instruction, for example, if a transaction exceeds a particular value, or if we know of or suspect a breach of security. We may ask you to provide written confirmation of instructions for certain transactions.

10.2.11 LIMIT OF OUR LIABILITY

10.2.11.1 We will make reasonable efforts to carry out all our services and instructions, but will not be liable to you or anyone else for any costs or losses (including any loss of opportunity) or in any other way whatsoever if despite our reasonable efforts, we are unable to process these.

10.2.12 STATEMENTS

10.2.12.1 Whenever you request us to make a withdrawal or a transfer in respect of your account, we will send you a transaction advice or statement. You must read and check this statement as soon as it is received, and notify us if you do not receive it within seven days. Please contact us as soon as possible if you have any queries on it.

10.2.12.2 Where you open a new account with us, by transferring all your funds or part of your funds from an existing account to a new account type, we will send you written confirmation together with a further copy of the individual Terms and Conditions relating to that new account. If this is not received within seven days of your telephone authorisation, you must notify us.

10.2.13 WITHDRAWAL FROM THE TELEPHONE AUTHORISATION SERVICE

10.2.13.1 If you no longer wish to use Telephone Access, you must notify us by telephone.

10.2.13.2 We reserve the right without notice to discontinue or suspend Telephone Access.

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11 GENERAL INFORMATION

11.1 If we choose not to enforce any term which forms part of these General Investment Conditions or any other Terms and Conditions this will not affect our right to enforce that or any other term subsequently.

11.2 We are not liable to you for any loss which you may suffer as a result of us being unable to provide any services as a result of strikes, postal delays, failure of power supplies, equipment or other causes beyond our control.

11.3 We will observe a strict duty of confidentiality about your personal affairs and will only give details of your account or your name and address to anyone else:-

  • if it is required by law;
  • if we have a public duty to do so;
  • if it is necessary to protect our interests; or
  • if you ask us to give the details to someone else or agree that we can give them to someone else (for example, by signing the application form for your account if it includes an appropriate declaration).

11.4 Where you have a mortgage with us, or owe us money in respect of another account, then we may, having given you written notice, retain the money in respect of this account and apply it against your indebtedness. No interest or bonus will be payable in respect of money used in this way.

11.5 We are not obliged to provide financial references.

11.6 Your accounts, these General Investment Conditions and any other Terms and Conditions which apply to your account or the negotiation of your account, are governed by English law and you and we agree that the English courts will have exclusive jurisdiction on all matters arising out of the same.

11.7 All terms and conditions, and all other communications with you, relating to the account will be in the English language.

11.8 Scarborough Building Society is authorised and regulated by the Financial Services Authority. Our FSA Register Number is 206062 and you can check our registration in the FSA register on the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

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12 THE BANKING CODE

12.1 We fully support the aims of the Banking Code, copies of which are available on request.

12.2 We have a complaints procedure which aims to resolve any complaints to the satisfaction of both parties. Details of the operation of the scheme are available on request from any of our branches, or Investments Direct at Head Office.

12.3 Complaints we cannot settle may be referred to the Financial Ombudsman Service. Details of the operation of the scheme, and where to contact the Ombudsman, are available on request from any of our branches, or Investments Direct at Head Office.

13 DATA PROTECTION ACT

13.1 You may request in writing, upon payment of a fee, a copy of the personal details which we hold about you. You must make your request in writing to our Head Office.

14 FINANCIAL SERVICES COMPENSATION SCHEME

14.1 We are 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 of £31,700, that is 100% of the first £2,000 of an investor’s total shares and/or deposits in a society, and 90% of the next £33,000. Most investors are covered, including individuals and small firms. A small number of categories of shares and deposits are not covered, for example deferred shares - permanent interest bearing shares. Although most shares and deposits are denominated in sterling, all other currencies are covered. Further details are available on request from our Head Office.

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15 TELEPHONE CALLS

15.1 Telephone calls may be recorded and monitored for training purposes, security or your own protection.

16 CHARITABLE ASSIGNMENT

16.1 Any Charitable Assignment previously made by you will continue to apply to any new account and subsequent accounts opened by you.

 
 
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