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1 NOTICE OF VARIATION

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3 Notice of Variation 1 Notice of Variation From 1 December 2014, in line with many other Banks and financial institutions, our Current Accounts (Private Current Account, Student Account, Business Current Account) will no longer track the Bank of England s base rate and will become non-interest bearing. To reflect this, the following changes have been made to the Terms and Conditions. Changes to your Terms and Conditions Existing wording Opening An Account 2.1 Cooling Off If you cancel your Account, we will return all the money in your Account to you and any interest it has earned, and we will not impose any extra charges. If, at your request, we have supplied you with any services before you cancel your Account, you will have to pay our charges for supplying those services. Payments Into Your Account Cash (a) if the cash is paid in over any Adam Banking Hall Counter, the money will be added to your balance and credited to your Account for interest purposes (where applicable) immediately; or Cheques (c) the money will be credited to your Account for interest purposes no later than two business days after it is added to your balance. New wording If you cancel your Account, we will return all the money in your Account to you and, where applicable, any interest it has earned, and we will not impose any extra charges. If, at your request, we have supplied you with any services before you cancel your Account, you will have to pay our charges for supplying those services (a) if the cash is paid in over any Adam Banking Hall Counter, the money will be added to your balance immediately; or (c) the money will be credited to your Account for interest purposes, where interest is payable, no later than two business days after it is added to your balance.

4 2 Notice of Variation Interest Subject to our interest tiers, we will pay interest on the daily cleared credit balance in your Account unless the Account Specific Conditions for your Account provide otherwise, your Account is in a currency other than Sterling or you instruct us not to. Interest will be calculated and paid in the manner and at the rates set out in our Interest Rate Notice which can be obtained from your Private Banker or at any branch. You can also call us using the contact information on the back cover of this booklet or look on our website Overdrafts And Unpaid Items Calculating your overdraft We may disregard any credits which have not cleared when we calculate the amount of your overdraft outstanding (and any interest payable). If we make a payment against credits which have not cleared, this does not mean that we are bound to do so at other times Subject to our interest tiers, we will pay interest on the daily cleared credit balance in your Account. We will not pay interest on the daily cleared balance for Current Accounts; Student Accounts; or, accounts in a currency other than Sterling. Interest will be calculated and paid in the manner and at the rates set out in our 'Interest Rate Notice' which can be obtained from your Private Banker or at any branch. You can also call us using the contact information on the back cover of this booklet or look on our website We may disregard any credits which have not cleared when we calculate the amount of your overdraft outstanding and any interest that may be payable. If we make a payment against credits which have not cleared, this does not mean that we are bound to do so at other times.

5 Notice of Variation 3 Section B: Adam Select Card Conditions 14.7 Passing information to third parties New Section Should you choose to use your Card to take advantage of the currency delivery service which may be offered to you, details about you, your Card and a delivery address supplied by you will be passed to International Currency Exchange plc, or any supplier which we may appoint in their place, who will use the information to debit your Account and fulfil the order. Account Specific Conditions Non-Sterling Current Account (Payment Account) 8. If your Adam Sterling Current Account is closed, or under notice of closure, we may close your Non-Sterling Current Account and any balance and applicable accumulated interest will be repaid to you. 8. If your Adam Sterling Current Account is closed, or under notice of closure, we may close your Non-Sterling Current Account and any balance will be repaid to you.

6 4 Notice of Variation Changes to A Guide to Using a Bank Account Existing wording New wording Page 5 Cash and Cheques Cash and Cheques If a Sterling cheque issued by a If a Sterling cheque issued by a UK bank is UK bank is paid into your account by paid into your account by 3.30pm on a 3.30pm on a business day over the counter business day over the counter at the branch at the branch where the account is held, where the account is held, then as a general then as a general rule, T will be the same rule, T will be the same day. For example, if day. For example, if T is a Monday, by T is a Monday, by Wednesday (T+2), we Wednesday (T+2), we will start paying will start paying interest on the amount of interest on the amount of the cheque (or the cheque where interest is payable (or stop charging overdraft interest if your stop charging overdraft interest if your account is overdrawn). account is overdrawn). Page 6 Automated Payments Clearance Automated Payments Clearance Where appropriate, we will pay interest on the amount of the credit from the date your account is credited. Where appropriate, we will pay interest on the amount of the credit from the date your account is credited. See the Interest Rate Notice for applicable interest rates. Page 11 Payment of Credit Interest Credit interest will be paid on cleared credit balances in accordance with bands and rates which are available in our branches and on our website Interest is calculated daily on the balance at our end of day. The accrued interest is accumulated and paid to your account quarterly. The rates paid depend upon the balance of your account and general levels of interest rates. Payment of Credit Interest Credit interest is not available on Current Accounts including Student Account, Private Current Account, Business Current Account and Non-Sterling Current Account. On other accounts, credit interest will be paid on cleared credit balances in accordance with bands and rates which are available in our branches and on our website Interest is calculated daily on the balance at our end of day. The accrued interest is accumulated and paid to your account quarterly. The rates paid depend upon the balance of your account and general levels of interest rates.

7 Notice of Variation 5 The Adam Select Card New Section. 5. Obtaining Travel Money through the Currency Delivery Service We can deliver most currencies, including Sterling direct to your UK home address by Royal Mail Special Delivery. Order through Adam 24 before 2.30pm on a Business Day and your order will be delivered, in most cases, on the next Business Day. When you call to give us your instruction, we will tell you the rate that will apply (unless you request a future-dated order when we will tell you our current daily rate as a reference rate). 5. Adam Select Card Payment for Bills 6. Adam Select Card Payment for Bills 6. Adam Select Card Convenience and Security 7. Adam Select Card Convenience and Security 7. Chip and PIN Security 8. Chip and PIN Security 7.1 PIN Changes 8.1 PIN Changes 7.2 Alternatives to Chip and PIN 8.2 Alternatives to Chip and PIN 8. Lost/Stolen Adam Select Card 9. Lost/Stolen Adam Select Card 9. Contact Details 10. Contact Details

8 6 Notice of Variation Page 31 Cleared/Uncleared Funds When a bank has received settlement of a cheque on behalf of a client the funds become part of the client s cleared balance for interest calculation purposes. Until the bank has received payment the funds are regarded as uncleared. Clients should not confuse cleared funds with the cheque having been paid (see section on Cash and Cheques). Cleared/Uncleared Funds When a bank has received settlement of a cheque on behalf of a client the funds become part of the client s cleared balance. Until the bank has received payment the funds are regarded as uncleared. Clients should not confuse cleared funds with the cheque having been paid (see section on Cash and Cheques). Savings Accounts Rates for Private Clients leaflet Existing Wording New Wording Current Account and Student Account* Interest paid quarterly * Credit interest rates for Adam Current and Student Accounts for Private Clients track the Bank of England (BoE) Base Rate as follows: For balances over 5,000 to 10,000 BoE Base -3.85%, for balances over 10,000 BoE Base -3.15% (Minimum 0.00%). Current Account and Student Account Credit Interest is not available on these accounts. This wording has now been removed.

9 Notice of Variation 7 Interest Rate Notice for Private Clients Existing Wording Accounts for Private Clients Current Account and Student Account1 Credit Balances Interest paid quarterly 1 Credit interest rates for Adam Current and Student Accounts for Private Clients track the Bank of England (BoE) Base Rate as follows: For balances over 5,000 to 10,000 BoE Base -3.85%, for balances over 10,000 BoE Base -3.15%. (Minimum 0.00%.) New Wording Accounts for Private Clients Current Account and Student Account Credit Balances Credit Interest is not available on these accounts. This wording has now been removed. Interest Rate Notice for Adam & Company Clients Existing Wording New Wording Accounts for Business Clients Current Account1 1 Credit interest rates for Adam Current Accounts for Business Clients track the Bank of England Base rate (the Base Rate ). For balances over 1: Base Rate 3.75%. Minimum applicable rate 0.00%. Accounts for Business Clients Current Account This wording has now been removed.

10 8 Notice of Variation Scale of Charges Banking Services for Private Clients Scale of Charges Banking Services for Business Clients Existing Wording New Wording International Banking Services New service. International Banking Services Currency Delivery Service Currency no fee. Sterling 1%, min 5, no maximum. If payment made using the Adam Black Card 2% cash advance fee.

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12 Adam & Company subscribes to the Lending Code. The code can be found at Adam & Company plc registered in Scotland Number Financial Services Firm Reference Number Adam & Company plc registered office: 25 St Andrew Square, Edinburgh EH2 1AF. Adam & Company plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Calls may be recorded. adambank.com ADAM95552 (09/14)