Designated Deposit II Account

Transcription

1 Designated Deposit II Account Effective 14th August 2015 An instant access deposit account with a competitive rate of interest, specifically designed for solicitors who manage client funds, who wish to operate the account via the internet. KEY FEATURES For solicitors who manage client funds which need to be held separately Account operated via the internet only Invest funds via electronic transfer Online withdrawals only Interest paid net, on an annual basis (or on closure of account) Account only available to invited professional organisations MAKING A DEPOSIT Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds. Funds can only be added to your account by electronic transfer from your bank account. MAKING A WITHDRAWAL Withdrawals can only be made via electronic transfer to a nominated bank account. Withdrawal requests received by 2.00pm on each working day are processed the same day. Withdrawal requests made after 2.00pm are processed the following working day. PAYMENT OF INTEREST Interest on this account is paid annually on March 31st or upon closure whichever is sooner. The interest rate(s) payable can be found in our Interest Rates leaflet. Please contact Clare Brown, Regional Team Manager on for further information. PAYING TAX ON YOUR INTEREST Interest will be paid or credited after deduction of income tax at the appropriate rate, or gross subject to the required certification. FINANCIAL SERVICES COMPENSATION SCHEME The Society is part of the Financial Services Compensation Scheme (FSCS). Details of the Scheme and who is covered by it can be found at More important information overleaf >>>

2 OPENING AND MANAGING YOUR ACCOUNT The application form provided must be completed. When you apply to open an account with us, you will need to provide identification of both name and permanent address for all of the signatories authorised to operate the account, and an electronic check of each signatory's identity will also be undertaken. This is required by law to verify the true identity of all new and existing customers. Also, we require some form of correspondence on your firm s official letterhead. IDENTIFICATION DOCUMENTS For full details please refer to our Proving Your Identity leaflet available from any branch and agency office, or our website Identity checks are an important part in the fight against terrorism and other criminal activities. TERMS AND CONDITIONS Specific Terms and Conditions for the Designated Deposit II Account 1 - Account Holder Criteria This deposit account can only be opened and operated by a Solicitor, not a private individual. 2 - Investment Limits There is no minimum investment limit on this account. A maximum of 5 million in total client balances can be held by any one firm unless agreed otherwise. 3 - Account Operation The account can only be operated via the internet and is not a passbook account. The professional firm will be registered as a user within our 'My Accounts' system and this user alone may operate the account. Use of the 'My Accounts' system is subject to further terms and conditions which are available at Further Investment Payments into the account can only be made by electronic transfer. 5 - Withdrawals Withdrawals can only be made via electronic transfer using the 'My Accounts' system. Withdrawal instructions received by 2.00pm are processed the same working day and instructions received after 2.00pm are processed the following working day. All withdrawals are made by CHAPS to your nominated bank account. 6 - Interest The interest rate payable will be the Bank of England Base Rate (BBR), or its successor, plus or less an interest rate margin set by the Society, dependent on your account balance. The rate payable applies throughout the whole of the month, except when the BBR changes. In this event, the interest rate payable will change in line with any changes to the BBR, within 30 days. Interest is paid net of any income tax. 7 - Account Closure Closure of the account can only be made via the 'My Accounts' system. 8 - Membership Rights This account is not a share account and therefore has no Society membership rights. 9 - Terms and Conditions These Specific Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts and our 'My Accounts' Terms and Conditions. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply. The Specific Terms and Conditions must be read in conjunction with our General Terms & Conditions for Savings Account leaflet, Savings Services Tariff Leaflet and our 'My Accounts' Terms and Conditions. This leaflet is important and we recommend that you retain it for future reference. Monmouthshire House, John Frost Square, Newport, South Wales, NP20 1PX. Telephone: Fax: Telephone calls may be monitored and/or recorded for security and training purposes. Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration Number: SL020a(09/15-2)

3 Addendum to Corporate Savings Accounts Application Form Effective 3 July, 2015 We require the following information regarding your eligibility under the Financial Services Compensation Scheme (FSCS) cover. 1. Is your firm a private/public limited company? Yes No If you answered No to question 1, you do not need to answer any further questions. If you answered Yes to question one, please note that although limited companies are covered by the FSCS scheme, the Society must establish whether the limited company is a small or large limited company for FSCS purposes. Please complete the following information along with the main application form for the corporate account you are applying to open with the Monmouthshire Building Society. 2. Is your turnover not more (ie less) than 6.5m? Yes No 3. Is your balance sheet total less than 3.26m? Yes No 4. Do you employ 50 or less employees? Yes No (The Society is part of the Financial Services Compensation Scheme (FSCS). Details of the Scheme and who is covered by it can be found at Head Office: Monmouthshire House, John Frost Square, Newport, South Wales, NP20 1PX. Telephone calls may be monitored and/or recorded for security and training purposes. Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: AD014(07/15-1)

4 Financial Services Compensation Scheme - Information Sheet Basic information about the protection of your eligible deposits Eligible deposits in Monmouthshire Building Society are protected by: The Financial Services Compensation Scheme ( FSCS ) 1 Limit of protection: 75,000 per depositor per bank / building society / credit union 2 The following trading names are part of your bank / building society / credit union: Monmouthshire Building Society If you have more eligible deposits at the same bank / building society / credit union: All your eligible deposits at the same bank / building society / credit union are aggregated and the total is subject to the limit of 75, If you have a joint account with other person(s): The limit of 75,000 applies to each depositor separately. 3 Reimbursement period in case of bank / building society or credit union s failure: 20 working days. 4 Currency of reimbursement: Pound sterling (, GBP) or, for branches of UK banks operating in other EEA Member States, the currency of that State. To contact Monmouthshire Building Society for enquiries relating to your account: To contact the FSCS for further information on compensation: More information: Monmouthshire Building Society Monmouthshire House, John Frost Square, Newport, South Wales, NP20 1PX. Telephone: Financial Services Compensation Scheme 10th Floor Beaufort House, 15 St Botolph Street, London EC3A 7QU Tel: or ICT@fscs.org.uk Additional information can be found overleaf or at Acknowledgement of receipt by the depositor(s): Additional information Overleaf >>> Signature of Applicant 1 Signature of Applicant 2 Signature of Applicant 3 Signature of Applicant 4 FSCSSIG(12/15-1)

5 Additional Information (all or some of the below) 1. Scheme responsible for the protection of your eligible deposit Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to 75,000 by the Deposit Guarantee Scheme. 2. General limit of protection If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum 75,000 per bank, building society or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with 80,000 and a current account with 20,000, he or she will only be repaid 75,000. In some cases eligible deposits which are categorised as temporary high balances are protected above 75,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including: (a) certain transactions relating to the depositor s current or prospective only or main residence or dwelling; (b) a death, or the depositor s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity; (c) the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction. More information can be obtained under 3. Limit of protection for joint accounts In the case of joint accounts, the limit of 75,000 applies to each depositor. However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of 75, Reimbursement The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: or , ICT@fscs.org.uk. It will repay your eligible deposits (up to 75,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply. Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses (in the case of a depositor which is not an individual or a large company) within 5 working days of a request. Again, there are specific exceptions to this obligation. In the case of a depositor which is a large company, where the FSCS cannot make the repayable amount available within 7 working days, it will, from the 3 July 2015 until 1 December 2016, ensure that you have access to your covered deposits within 15 working days of a request containing sufficient information to enable it to make a payment, save where specific exceptions apply. If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained at Other important information In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account. Exclusion list A deposit is excluded from protection if: (1) The holder and any beneficiary owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union. (2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering. (3) It is a deposit made by a depositor which is one of the following: Credit institution Financial institution Investment firm Insurance undertaking Reinsurance undertaking Collective investment undertaking Pension or retirement fund 4 Public authority, other than a small local authority. The following deposits, categories of deposits or other instruments are no longer protected from 3 July 2015: deposits of a credit union to which the credit union itself is entitled deposits which can only be proven by a financial instrument 5 unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014 deposits of a collective investment scheme which qualifies as a small company 6 deposits of an overseas financial services institution which qualifies as a small company 7 deposits of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company 8 refer to the FSCS for further information on this category. 4 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded 5 Listed in Section C of Annex 1 of Directive 2014/65/EU 6 Under the Companies Act 1985 or Companies Act See footnote above 8 See footnote above