Useful Information
Banking Conduct of Business
Banking Conduct of Business
Before the 1st November 2009, the Society subscribed to the Banking Code. From that date, the Code was replaced by a new set of high-level rules and guidance by which the Financial Services Authority seeks to regulate retail banking.
This is known as the Banking Conduct of Business rules and this governs the way in which we do business with you. Because of the change, we have taken the opportunity to review the terms and conditions for savers, which will be forwarded to our savers within the next six months.
Interest on payments into the Society's savings accounts will now be calculated from the day of receipt. Automated bank transfers and receipts of cash will be available for withdrawal from the accounts on the same day, subject to any specific terms and conditions of the particular account. Receipts of cheques will be available for withdrawal subject to the necessary clearance cycle.