We are making some changes to our General Terms and Conditions…
We regularly review our General Terms and conditions to ensure they remain clear, fair and up to date. As part of a recent review, here are some changes to our Terms and Conditions which come into effect on Friday 17th May 2024.
Summary of changes:
Section 2: Membership of the Society
We have updated and clarified our wording on Charitable Assignment to make this easier to understand.
Section 7: Interest
We have removed references to “material” reductions in interest rates. This means that from 17th May 2024, providing that your account has a balance of £100 or more, we will communicate all rate reductions to you rather than this being at our discretion.
From 17th May, you will have a period of 30 days (regardless of any special conditions of your account) from the date of notification to close or switch your product without loss of interest or additional charges.
Unless there are special conditions for your account which specify a longer notice period, from 17th May, we will notify you at least 14 days before a reduction comes into effect.
Section 9: Withdrawals
We have provided clarification on why some transactions may be delayed, and included specific reasons and clearer information about why we may restrict the amount which can be withdrawn, or refuse a withdrawal. We have added information about what notice period you will be given before we refuse a withdrawal.
We have added information about your liability to make a payment in the event we cannot collect money from your account under circumstances stated in 9.7.
New conditions have been added to clarify our approach in relation to nominated accounts.
Section 15: How to check transactions on your account
We have added further information about how to check transactions on your account.
Section 16: Taxes
We have clarified the circumstances under which we would be obliged to share information about you and your account(s) with HMRC, who may in turn share these details with tax authorities in other countries.
Section 21: Changing these conditions
From 17th May, if we provide notice of a change in our terms and conditions which is to your disadvantage, you will have 30 days from the date of notice to switch or close your account without having to lose any interest or pay additional charges.
Section 26: What happens if an account holder dies?
We have provided information about what happens if an account holder dies.
Section 30: Severance
We have moved information about Severance into its own separate section.
Section 31: Complaints
We have clarified what to do in the event of a complaint.
What do you need to do?
You do not need to do anything – as your account number and how you operate your account will remain unchanged.
According to our current terms and conditions, for a period of 60 days from the date of this notice, you have the right to switch the account or close it without loss of interest or additional charges.
Where can I find a copy of the new Terms and Conditions?
These are now available on our website harpendenbs.co.uk/savings
A copy can be requested by visiting one of our friendly branches, or by calling us on 01582 765 411 Monday to Friday between 9am and 5pm.
Thank you for saving with Harpenden Building Society.