The following Terms and Conditions cover savings accounts with Manchester Building Society. These Terms and Conditions along with the Society’s Rules and your Application comprise the agreement between us. This information should be read in conjunction with the “Key Product Features”. Where there is a difference between the Key Product Features and the information provided here, the Key Product Features will apply.

1.0 General

1.1 The Terms and Conditions apply to all savings accounts operated by Manchester Building Society

1.2 It is important that you read and understand these Terms and Conditions. Should you have any queries please contact us on 0161 923 8065, or call into our branch or one of our agencies.

1.3 The Terms and Conditions may be varied from time to time at the Society’s discretion. We will notify you of any changes by writing to you.

2.0 About Us

2.1 Manchester Building Society is authorised by the Financial Services Authority. We are entered in their register under number 206048.

2.2 The Society’s Head Office and Registered address is, 125 Portland Street, Manchester, M1 4QD.

2.3 The Society is a member of the Building Societies Association, Council of Mortgage Lenders and the Financial Services Compensation Scheme.

2.4 The Society subscribes to the Banking Code and is committed to treating customers fairly. Copies of the Banking Code are available on request.

2.5 All correspondence between the Society and you will be communicated in English.

3.1 Manchester Building Society only offers savings accounts to individuals who are permanently resident in the UK. Please note that we will not open an account for you if you do not reside permanently in the UK, or if you are applying for or on behalf of a company.

3.2 You can apply to open an account in person at our branch or one of our agencies, online at http://www.themanchester.co.uk/ or by post.

3.3 When you apply to open an account you will need to provide us with your initial deposit and a fully completed application form.

3.4 Your initial deposit to open your account must be a personal cheque drawn directly from a Bank or Building Society account held in your name. Cheques must be made payable to the intended account holder(s).

4.0 Identification Requirements

4.1 When you apply to open an account, we are required by law to verify your identity and address. This helps to protect our customers and members of the public against fraud and misuse of the UK banking system. We will not open an account for you until we have verified your identity and address.

4.2 The Society also has an obligation to maintain up to date identification for all its customers. This means that we may require additional identification from time to time, even for customers who have had accounts with the Society for some time.

4.3 We will carry out an electronic search to verify the identity of the account holder(s). If we are unable to verify your identity through an electronic search, we will contact you and ask you to provide documents to verify your name and address.

4.4 A separate leaflet is available on request which explains our identification requirements in more detail.

4.5 An electronic search involves checking the details you supply against those held on any database the credit reference agency we use has access to. This includes information from the electoral register and fraud prevention agencies to protect ourselves and our customers from theft and fraud. We will use scoring methods to verify your identity. We may also pass information to financial and other organisations involved in fraund prevention. If you give false information and we suspect fraud, we will record this and share this information with other organisations.

 

5.0 Joint Accounts

5.1 A joint account can be opened in the names of two or more people. You should only open a joint account if you understand the commitment you are entering into. The Terms and Conditions of the account apply to each of you separately as well as both of you together.

5.2 You may choose the order in which your names are registered on the account. Only the first named account holder will be a member of the Society which means that they alone will have the benefit of membership rights.

5.3 Unless you indicate differently on the application form, you should be aware that any one account holder can withdraw the entire balance of the account. Please note that where the account can be operated on the basis of “Any One” signature, any one signatory can request the account be transferred to an “All” signatories basis.

5.4 If one account holder dies, the Society will treat the survivor as the only person entitled to the balance held on the account.

6.0 Account Document

6.1 An Account Document means a passbook, certificate or any similar item which the Society decides to be an Account Document.

6.2 Where we provide an Account Document, it will remain our property and must be returned to us on request.

6.3 The Account Document is a valuable document and should be kept in a safe place to help prevent fraud and protect your account.

6.4 Should you lose your Account Document you should notify the Society immediately by telephone on 0161 923 8065.

6.5 If you report an Account Document missing, the Society will transfer the amount in the existing account to a new account and issue you with a new Account Document. There may be a charge for this service.

6.6 Where you have been issued with a passbook, you must produce this for each withdrawal or closure. We recommend you check your passbook on a regular basis and if there is an entry which appears to be incorrect, you should notify the Society immediately by phoning us on 0161 923 8065.

6.7 Entries on the Account Document can only be made by the Society or its agents.

7.1 Interest accrues on a daily basis and is paid either monthly or annually as detailed in the Key Product Features. Interest is paid either monthly on the last working day of the month, or annually on the date specified in the Key Product Features.

7.2 Usually interest can be credited to the savings account or paid out to your bank account. The Key Product Features will specify how interest can be paid on an account.

7.3 Interest will normally be paid after deduction of tax at the appropriate rate required by legislation. However interest can be paid gross subject to receipt of the completed relevant HM Revenue & Customs form. These forms are available on request from the Society or from HM Revenue & Customs.

7.4 For deposits made by cheque, interest is earned from the second working day after the day of deposit. Please note that for cheque deposits made at an agency, or for cheques received after 4.00pm, the day of deposit is treated as the following working day.

7.5 If you deposit funds by cash, bank transfer or standing order, interest is earned from the day after receipt.

7.6 Interest is earned up to and including the day prior to withdrawal or closure.

7.7 Interest rates are variable unless otherwise indicated in the Key Product Features. Where interest rates are variable they will be altered at the Society’s discretion and you will be notified personally in writing of any change.

7.8 Details about our current interest rates can be obtained by telephone on 0161 923 8065, by visiting our website at http://www.themanchester.co.uk/, or by calling in to our branch or one of our agencies.

7.9 An explanation of how interest is calculated on your account will be supplied on request.

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8.0 Deposits

8.1 The initial deposit to your account must be a personal cheque drawn directly on a Bank or Building Society account held in your name. Other deposits to your account can be made by cheque, cash, electronic transfer or standing order.

8.2 The maximum amount that can be deposited in cash in any one day is limited to £250.

8.3 Deposits made by cheque must be made from a Bank or Building Society account held in your name, or a joint account where you are one of the account holders. All cheques must be made payable to the account holder(s).

8.4 Cheques paid into your account can be drawn against from the sixth working day after the day of deposit. Please note that for cheque deposits made at an agency, or for cheques received after 4.00pm, the day of deposit is treated as the following working day.

8.5 Post dated cheques and cheques issued more than 6 months ago will not be accepted.

9.1 Withdrawals can be made by cash, cheque or same day electronic transfer subject to the withdrawal conditions detailed in the Key Product Features.

9.2 You are not permitted to make a withdrawal from your account if your account would be overdrawn following the withdrawal.

9.3 If your account goes overdrawn, you will be required to repay the amount that you owe us immediately.

9.4 Cash withdrawals can only be made in person and are limited to £250 per day.

9.5 Cheque withdrawals of up to £10,000 can be made from any of our agencies. Withdrawals of more than £10,000 must be processed at Head Office.

9.6 Same day electronic transfers can be made to another Bank or Building Society account held in your name by the Clearing House Automated Payment System (CHAPS) subject to a charge in accordance with our Tariff of Charges (see section 19). These can only be requested at our Head Office. CHAPS withdrawals will be carried out on the working day requested providing the request is received prior to 12pm on that day. The minimum withdrawal by CHAPS is £1,000.

9.7 All withdrawal requests must be made in writing and be accompanied by the passbook where you have been issued with one. Faxed, emailed, or photocopied requests cannot be accepted.

9.8 Withdrawal or closure requests on accounts where there is a notice period will automatically be deferred until the notice period has expired, unless the withdrawal request specifies that an immediate withdrawal is required. Where an immediate withdrawal is requested there may be a loss of interest as detailed in the Key Product Features.

9.9 Withdrawals are subject to cleared funds being available in your account .

9.10 Cheques paid into your account will not be available for withdrawal for 6 working days after the day of deposit. The clearing cycle normally takes 3 working days, however the Society adds extra days to this as the Society is not a clearing bank. A leaflet is available from APACS (www.apacs.org.uk) which provides more information about cheque clearing. Please note that for cheque deposits made at an agency, or for cheque deposits received after 4.00pm, the day of deposit is treated as the following working day.

9.11 Where a cheque is returned unpaid, the value of the cheque will be debited from your account and a charge will be made in accordance with our Tariff of Charges (see section 19).

9.12 The Society will not issue a payment to a third party from your account. Payments issued will only be made payable to the account holder(s) or authorised signatories.

10.1 You have the right to close your account at any time subject to any notice or penalty period which may apply.

10.2 The Society can repay to you part or all of your monies at any time without giving reason. However, we will not close your account until we have given you 30 days written notice, except in exceptional circumstances.

11.0 Transfers of Account

11.1 You may transfer the balance of your account in part or in full to another in our range, subject to fulfilling the conditions of your existing account with regards to any notice or penalty due and meeting the conditions of the new account.

11.2 Condition 11.1 may be waived where you are transferring to an account with a longer notice period than your existing account.

11.3 Interest is not credited to the account on transfer. Interest will be credited as specified in the Key Product Features of the new account.

12.1 We may make charges for items relating to the operation of your account and deduct these charges from the balance in the account. We will inform you of any charges before we provide such a service.

12.2 A current Tariff of Charges is included in section 19.0 of these Terms and Conditions and will be sent to you on request.

12.3 Charges may be changed from time to time at the Society’s discretion. We will notify you in writing, in advance of any changes.

13.0 Security

13.1 You should take all reasonable attempts to protect your accounts. If you change any of your personal details such as your name, address or telephone number, please let us know immediately in writing. We may require evidence of a change of address or name.

13.2 A statement will be sent to you annually. You should check this statement carefully and let us know immediately if anything appears to be incorrect.

13.3 If you act fraudulently or without reasonable care, you will be responsible for any losses on your account. If we need to investigate a transaction on your account, you must cooperate with us, our professional advisers and the police if they are involved.

14.0Confidentiality

14.1 The Data Protection Act 1998 protects individuals from improper use of information held about them. All the personal information that you provide to us will be treated as private and confidential even when you cease to be a customer.

14.2 The Data Protection Act entitles you to receive details about the information the Society holds about you and to have any inaccurate details amended. If you wish to receive this information, you should put your request in writing. Please note that there is a charge for this service as detailed in section 19.0.

15.0 Complaints Procedure

15.1 Although we are committed to quality of service, mistakes are occasionally made. A leaflet is available which provides details of our customer complaints procedure, this will be sent to you on request or if you make a complaint.

15.2 If you wish to make a complaint please contact our Savings Department either by phone on 0161 923 8065, in writing, or by email to savings@themanchester.co.uk.

17.1 If you open a share account with Manchester Building Society you become an investing member of the Society and therefore benefit from membership rights.

17.2 If you open an account in joint names, only the first named account holder will be entitled to membership rights. You may choose the order in which your names appear on the Society’s records.

18.1 From 1^st June 2000, Manchester Building Society introduced a new condition as part of the Declaration for new customers applying to open a savings account. We introduced this condition to prevent speculators disrupting our normal business activities. Speculators hope that in the future the Society will become a public limited company resulting in windfall payments. Manchester Building Society believes that better service and interest rates can be offered to investors by remaining mutual.

18.2 This condition means that any investors joining the Society after 1^st June 2000 must agree to donate any potential windfall payments resulting from conversion to the Charities Aid Foundation. This condition does not affect any of your other membership rights.

19.0 Tariff of Charges

Charges are made for the provision of certain services in connection with your account. These charges are applied to accounts at the time the service is provided.

Account Administration

CHAPS transfer (minimum £1000) A charge will be made for a transfer that is issued direct to an account in your own name with another Bank or Building Society. (Requests in writing must be received by first post on the day the transfer is requested. Transfers cannot be arranged after 12pm each day).	£35.00
Uncleared cheque after crediting to customers account If a cheque is returned unpaid we will charge on each occasion	£20.00
Provision of duplicate 352 tax certificate On request you will be issued with a 352 tax certificate free of charge each year. A charge is made where a duplicate statement is provided.	£10.00
Lost Passbooks A charge will be made for the replacement of a lost or destroyed passbook. If the passbook has been stolen and reported to the police this will be replaced free of charge (crime number required).	£15.00
Excess transaction charge (more than 36 per calendar year) Large volume transaction accounts will be subject to a charge.	£2.50ea
Data Protection Act Subject Access request	£10.00

Other services On Application