General conditions
savings and investments
Maximum investment
Interest
Joint accounts
Payments and withdrawals
Closure
Minimum investment
Charges
Changes to Conditions
Transfer
Passbooks
Lien
Unclaimed balances
Third party interests (share accounts only)
Marketing of Products and Services
Business use of a personal account
Recording of telephone calls
Notices
Conditions relating to the use of a card
Customer service
About these General Conditions
These general conditions apply to each of the Society’s savings and investment accounts. In the event of a difference between any of these general conditions and any specific condition set out on our websites or in the application form for the particular type of account, the specific condition will apply.
Please read the conditions carefully and keep them safe for future reference. If you have any queries, please contact your local branch or telephone our Contact Centre (the telephone number of which is +44 (0) 1733 362636.
Some accounts are known as "share" accounts. If you open a share account, you will become a member of the Society (if you are not already a member) and will, for example, be entitled to attend and vote at its general meetings if you are the sole or first named account holder with the required investment in accordance with the Rules. You will also become bound by the Rules.
Some accounts are known as "deposit" accounts. If you open a deposit account, you will not become a member of the Society. You will, however, still be bound by the Rules, but only insofar as they apply to depositors.
Our website will say whether or not the account is either a share or a deposit account. Copies of the Rules are available from any branch of the Society (or Contact Centre).
These general conditions and any specific conditions may be changed in accordance with Condition 8.
The Society may, at its absolute discretion and without giving any reason, refuse to open an account for any person or body.
In these general conditions:
“Account” means the type of account or, where the context is appropriate, the actual account which you have opened or wish to open
“Card” means any card issued for use with the Account
“Passbook” means a passbook or such other record of transactions or means of identification as may be issued in respect of an Account for the purpose of conducting transactions upon it
“PIN” means the personal identification number issued or used in relation to a Card
“Rules” means the Rules of the Society as varied from time to time
“Society” and “we” or “us” or any related expression means Norwich and Peterborough Building Society and includes any successors and assigns
“Working Day” means any day when our Principal Office is open for business ie. any day excluding a Saturday, Sunday and any bank and public holidays
“you” means you the account holder or all account holders if the Account is held jointly by two or more persons.
The total amount which you may invest or deposit with the Society must not exceed £1 million.
2.1 Unless the specific conditions of the Account provide otherwise, we may, from time to time, vary the rate or rates of interest payable on money invested or deposited in the Account for one or more of the following reasons:
2.1.1 if it is reasonable to do so in order to reflect a change or changes which has or have occurred, or which we reasonably expect to occur, in interest rates;
2.1.2 to preserve, increase or reduce margins between interest rates paid to our investing and saving customers or the providers of funds to us, and interest rates charged to borrowers from us, in the interests of our business as a whole;
2.1.3 if we consider it necessary for the prudent or efficient operation of our business;
2.1.4 because of any change in the way the Account is used or held;
2.1.5 to reflect a decision or recommendation made by a court, regulatory body or Ombudsman or other official body or as a result of any change (or anticipated change) in the law;
2.1.6 by agreement with you.
2.2 When we change the rate or rates of interest payable on money invested or deposited in the Account, we will tell you about the change or changes as follows:
2.2.1 if the Account is of a type that we do not mainly run through our branches (for example, because it is a postal or an Internet account), by letter, electronic mail or other personal notice to you within 30 days of the change or changes;
2.2.2 if the Account is of a type that we mainly run through our branches;
2.2.2.1 by letter, electronic mail or other personal notice to you within 30 days of the change or changes;
or
2.2.2.2 by notices in our branches and in one or more national newspapers and in two local newspapers circulating in East Anglia within three Working Days of the change or changes.
To help you compare interest rates more easily, the notices that we put in the newspapers we use will clearly show the old and the new rates.
You can find out about our interest rates by telephoning our Contact Centre (the telephone number of which is +44 (0)1733 362636), by looking at the posters in our branches or by asking our branch staff.
2.3 We may vary the selection of newspapers we use from time to time for the purposes of 2.2.2.2 above if we wish. We will tell you the names of the newspapers currently used by us at any time on request and in the summary we send you each year under condition 2.4 below.
2.4 To help you compare the interest rates on all of our savings and investment accounts more easily, we will send you, at least once a year, a summary of these accounts and the rates of interest currently payable unless your Account has less than £100 in it. We will also tell you the different interest rates which applied to the Account during the year (unless your Account has less than £100 in it or if we have already given you personal notice about these as they have happened).
2.5 Money paid into the Account by cheque will earn interest from the third day following the day of receipt of the cheque by us.
2.6 Money paid into the Account in cash or by Bankers’ Automated Credit will earn interest from the day we receive it.
2.7 Interest is not payable on money withdrawn in respect of the day of withdrawal.
2.8 Subject to 2.5, 2.6 and 2.7 above, interest will be paid for each full day that your money is invested or deposited with us.
2.9 If the interest earned on the money in the Account is less than £2 in any interest payment period, the interest will not be credited to an account outside of the Society.
3.1 If the Account is held in joint names, we will accept the authority of any one of you to make withdrawals and for any other purpose in connection with the Account (including an agreement with us to waive any of these general conditions or any specific conditions relating to the Account). Any one of you may instruct us in writing at any time that we should only accept the authority of all account holders in relation to the operation of a joint Account.
3.2 All agreements, indemnities, obligations, liabilities and authorities given by one or more of the joint account holders will be joint and several. In other words, each of you will be fully liable in respect of the operation of the Account, both together and individually.
4.1 We will debit the Account with:
4.1.1 withdrawals and payments made from the Account through the use of any Card at cash dispensers and other devices or elsewhere; and
4.1.2 transactions authorised by you;
4.1.3 the amount of any cheque paid into the Account, which is not subsequently cleared, with effect from the date the cheque was received by the Society;
4.1.4 any charges, fees or interest due to the Society in respect of the Account. Please refer to the specific conditions of the Account and to a copy of the Society’s current scale of charges and fees (which is available from any of our branches and Contact Centre).
4.2 Unless the specific conditions of the Account state otherwise, you may withdraw at one of our branches up to £500 in cash or any amount by cheque each day from the Account, provided that there is a sufficient balance of cleared funds in the Account to meet the withdrawal. We may require proof of identity before permitting any withdrawal.
Where a Card is available in respect of the Account and is used for a withdrawal, the daily limit on the Card is £250 provided that there is a sufficient balance of cleared funds in the Account to meet the withdrawal.
4.3 The Account will be credited with the amount of the cheques paid into it on receipt.
4.4 A period of at least four full Working Days, excluding the day you paid a cheque into your Account, must be allowed for that cheque to clear.
5.1 We may at any time decide to close a particular type or issue of Account to new investment. If we do so, we may also decide not to accept any further money into the particular type or issue of Account (apart from interest credited). If we decide not to accept any further money into a particular type or issue of Account that you hold (and unless the specific conditions of the Account provide otherwise), we will give you at least 30 days’ notice of our decision by letter, electronic mail or other personal notice.
5.2 We may at any time and without giving you any reason decide to close the Account (unless the Account has been opened for a fixed term). If we decide to exercise this right, we will give you at least 30 days’ notice by letter, electronic mail or other personal notice to you. When the notice expires, we will pay to you the whole of the money in the Account together with interest on it at the rate or rates currently being paid less any charges or other sums due to us. We will pay interest up to and including the date of payment. If you cannot be traced, we may deal with the money in the Account in accordance with Condition 12.
5.3 You may close the Account at any time by giving us written notice of the appropriate period (if any) which applies to the Account. Please refer to the specific conditions of the Account. Except where Condition 8.4 applies, if you give us less notice, you will forfeit an amount equal to the interest which would have been earned on the money in the Account in the appropriate notice period. Interest will be paid only up to and including the day before the Account is closed. If the interest earned upon the Account is insufficient to cover the amount forfeited, the shortfall will be debited to the Account thereby reducing the capital balance. Once the appropriate notice period has expired, you will have 14 Working Days to act on that notice, after which time the notice will lapse.
6.1 If the amount of money in the Account falls below the minimum investment and/or balance set out in the specific conditions of the Account, we may either pay interest on the money then invested or deposited in the Account at the rate of interest which applies to our Investment Share Account (but excluding the bonus interest rates) or at the rate or rates which we notify from time to time in accordance with Condition 2.2 for such period as the balance remains below the minimum investment and/or balance or we may close the Account.
6.2 If we decide to close the Account as a result of the amount of money in the Account falling below the minimum investment and/or balance, we will follow the procedure set out in Condition 5.1 but will only pay interest up to and including the day before we close the Account.
6.3 We may change the minimum investment and/or balance requirements of the Account from time to time in accordance with Condition 8.
7.1 We may change the charges and fees in relation to the Account from time to time. Changes may include the abolition of, or amendment to, existing charges and fees, or the introduction of new charges and fees. Changes may be made if we reasonably believe that the change is needed for one or more of the following reasons (which may relate to circumstances existing at the time or those which are expected to apply in the near future):
7.1.1 to reflect market conditions, general banking or building society practice;
7.1.2 where we consider this to be fairer;
7.1.3 to take account of any change in the law, or in any regulation, code of practice, decision or announcement affecting the Society’s business or the type of Account;
7.1.4 to take account of any change of working practice, technology or procedure;
7.1.5 where we consider that there is an appropriate commercial reason to do so;
7.1.6 by agreement with you.
7.2 We will give you at least 30 days’ notice of any change to the charges and fees in relation to the Account by letter, e-mail or other personal notice to you. A change which abolishes a charge or fee, or which reduces the amount of a charge or fee, may be introduced with immediate effect and without notice.
7.3 You will be liable for the cost of any proceedings, costs, claims, demands, losses or liabilities incurred by the Society arising out of your failure to comply with any of these general conditions or any specific conditions relating to the Account, or the Rules.
8.1 We may change these general conditions and any specific conditions of the Account from time to time. Changes may include the removal of or amendment to conditions or the inclusion of new conditions, and may be made if we reasonably believe that the change is necessary for one or more of the following reasons (which may relate to circumstances existing at the time or those which we expect to apply in the near future):
8.1.1 to reflect market conditions, general banking or building society practice;
8.1.2 where we consider this to be fairer;
8.1.3 to take account of any change in the law, or in any regulation, code of practice, decision or announcement affecting the Society’s business or the type of Account;
8.1.4 to take account of any change of working practice, technology or procedure;
8.1.5 where we consider that there is an appropriate commercial reason to do so;
8.1.6 by agreement with you;
8.1.7 to correct errors.
8.2 If any change improves a service, or provides for additional services or is otherwise to your advantage, we may make the change immediately and will tell you about it within 30 days.
8.3 If any change is neither to your advantage nor disadvantage, we will tell you about the change by giving you at least 30 days’ notice.
8.4 If any change is to your disadvantage, we will tell you about the change personally by giving you at least 30 days’ notice. At any time up to 60 days from the date of our notice you may, without notice, withdraw money from the Account or change to another type of Account or close the Account. You will not have to pay any charges or fees or lose any sum equivalent to interest if you decide to withdraw money from the Account or if you change to another type of account or close the Account during this 60 day period.
8.5 When we tell you or give you notice of changes to conditions, we will do so as follows:
8.5.1 if the Account is of a type that we do not mainly run through our branches (for example, because it is a postal or an Internet account), by letter, electronic mail or other personal notice to you;
8.5.2 if the Account is of a type that we mainly run through our branches;
8.5.2.1 by letter, electronic mail or other personal notice to you (and we will always give you notice in this way when we give you notice under Condition 8.4);
8.5.2.2 by notices in our branches and in one or more national newspapers and in two local newspapers circulating in East Anglia. We will use the current address or addresses that we hold for you.
8.6 If we have made a major change or a significant number of minor changes to the conditions of the Account in any one year, we will give you a copy of the new conditions or a summary of the changes.
9.1 You may not transfer the Account to any other person or change any of the account holders without our prior consent. We may refuse to permit a transfer without giving you any reason and any transfer permitted will only be effective once registered in our records. We may charge a fee in respect of a transfer.
9.2 We may transfer or assign the Account and our rights and obligations in respect of it to another body (which may not necessarily be a building society). We will endeavour to obtain your agreement before doing so if the transfer or assignment will affect your rights.
10.1 We will issue you with a Passbook which you must produce when you wish to withdraw money from one of our branches (or from our Principal Office in the case of a postal account). The Passbook is our property. We may require you to send your Passbook to us from time to time so that it can be brought up to date or for any other reasonable purpose.
10.2 You must notify us immediately in writing if you discover that your Passbook is missing. You may write to any of our branches or to our Principal Office at Peterborough Business Park, Lynch Wood, Peterborough PE2 6WZ for this purpose. After you have given us such evidence and indemnity and paid us such a fee as we may reasonably require in respect of loss of the Passbook, we may either transfer the money in the Account to a new Account and/or issue you with a new Passbook.
10.3 If someone other than you produces your Passbook to us, pretends to be you or to be authorised by you, and is therefore able to withdraw money from your Account, you will be liable for the amount of any withdrawals made only if you have acted fraudulently or without reasonable care.
If you owe us any money (whether in respect of a mortgage account or otherwise) we will have a first and superior claim on all money you may have in the Account (except where the money in the Account was declared to be held on trust when it was opened). We may appropriate and use any money in the Account either in full or partial settlement of the debt. Once we have appropriated and used any money, no interest or bonus will be paid upon it.
If you do not make any payment into the Account or do not claim any money in it for a period of five years (or three years if the amount of money in the Account is less than £100) and you cannot be traced after reasonable enquiry, we may decide to close the Account and to forfeit the money to the Society. We will not unreasonably withhold any request to reopen and reinstate the Account and to re-credit the money to the Account with interest (at a rate to be determined by us if the type of Account no longer exists).
13. Third Party Interests (Share accounts only)
Unless the Rules say otherwise, we are entitled to treat the account holders named in our records in respect of the Account as the absolute owners of the share. Accordingly, we are not bound to recognise any trust or equitable or other claim to or interest in or charge or security (whether partial or otherwise) over such share unless we are ordered to do so by a court of competent jurisdiction or by statute regardless of whether we had notice of the interest claimed. We will not be liable for omitting or neglecting to recognise any such interest claimed.
14. Marketing of Products and Services
As stated in the Account application form, we may use the information you provide to us and any information relating to you or the Account for the purpose of providing you with details of products and services which we think may be of interest to you and for general business purposes and for marketing. We may also wish, from time to time, to pass your name, address and information concerning you or the Account to companies within the Norwich and Peterborough Building Society Group or with which we have a business relationship. You may opt at any time not to receive such details or to have such information passed on. If you did not state on your application form that you did not wish to receive such details or have such information passed on but wish to change your mind at any time, please write to us at the following address, quoting your Account number(s):
Principal Office: Peterborough Business Park, Lynch Wood, Peterborough PE2 6WZ.
We will remind you, at least once every three years, that you can ask not to receive information from us about other products and services or to have information concerning you or your Account passed to others.
15. Business use of a Personal Account
If the Account is a share account, it may not be used for business or other non-personal purposes. We reserve the right to close any Account which is a share account which we reasonably believe is being used for business or other non-personal purposes. If we decide to close the Account under this Condition, we will follow the procedure set out in Condition 5.1 but will only pay interest up to and including the day before the day of withdrawal. We cannot accept any liability in respect of an Account which is a share account which is being used for business or non-personal purposes.
16. Recording of Telephone Calls
We may record any telephone conversations we have with you in the interest of staff training, monitoring customer service and for security purposes.
When we give you notice by letter, electronic mail or other personal notice, we will send it to the current address or addresses we hold for you.
18. Conditions relating to the use of a Card (where issued)
18.1 We will only issue you with a Card if you ask for one or send you one to replace a Card that you already have.
18.2 A Card may only be used by the person to whom it is issued and whose name is shown on the Card. You must sign the Card immediately on receipt and keep it secure at all times and separate from the PIN.
18.3 We will accept responsibility for faults which occur in our machines or systems, which cause you to suffer a loss, unless the fault was obvious or notified by a message or notice on display. We will not be responsible for any consequential loss suffered by you or by any third party.
18.4 The Card remains our property and must be returned to us on demand or on closure of the Account to which it relates. We may refuse to issue or re-issue a Card (without giving a reason) but will usually only do so if you have broken any of the conditions relating to the Account or to the Card.
Personal Identification Number (PIN)
18.5 You can choose not to be issued with a PIN.
18.6 You must keep the PIN secret at all times and not permit it to become known to any other person, intentionally or otherwise.
18.7 You must memorise the PIN and not keep a record of it (even in disguised form). You must immediately destroy the notification of the PIN which we send you.
18.8 The PIN can be changed at LINK money machines owned by us and those of some other institutions. You should choose your PIN carefully. You must tell us as soon as possible if you either suspect or discover that someone else knows your PIN. A 24-hour telephone service is available for this purpose on Peterborough +44 (0)1733 372374.
Lost or Stolen Cards
18.9 You must notify us as soon as possible if the Card is lost or stolen or liable to misuse. A 24-hour telephone service is available for this purpose on Peterborough +44 (0)1733 372374.
18.10 We will accept and act on notice of loss received from a recognised card notification organisation, eg. Sentinel Card Services.
18.11 If notice of the loss of a Card is given orally, you must confirm it within seven days by writing to any of our branches or to our Principal Office at Peterborough Business Park, Lynch Wood, Peterborough PE2 6WZ, England.
18.12 We will not provide a replacement Card until we have received written notice of the loss from you or a recognised card notification organisation.
18.13 Unless we can show that you have acted fraudulently or without reasonable care, your liability for the misuse of the Card will be limited as follows:
18.13.1 if someone else uses your Card before you tell us that it has been lost or stolen or that someone else knows your PIN, you will not be liable for more than £50. After we have been notified, you will not be liable for any further use of the Card by anyone else;
18.13.2 if someone else uses your Card details without your permission, and your Card has not been lost or stolen, you will not be liable;
18.13.3 if someone else uses your Card before you receive it, you will not be liable.
18.14 If you ask us about a Card transaction we will give you details of it. In some cases, you will be required to give us confirmation or evidence that you have not authorised a transaction. If we need to investigate the matter further we will need you to co-operate with us, our agents and with the police if we need to involve them.
18.15 If you act fraudulently you will be responsible for all losses. If you act without reasonable care and this causes loss, you may be responsible for it. This may be the case if you do not follow Conditions 18.8 or 18.9 and other advice that we give you about taking care of your Card and PIN.
19.1 We aim to provide you with a high quality service and seek to ensure that if mistakes do occur they are dealt with appropriately and as they arise. However, should you need to refer a matter of complaint to us details of how you do so are contained in the booklet “Our Service Commitment” which is available from any of our branches or by telephoning our Contact Centre (the telephone number of which is +44 (0)1733 362636 .
19.2 We are members of the Building Societies Ombudsman Scheme and the Financial Services Compensation Scheme.
Telephone calls may be moniored and recorede to help with staff training and improving customer service and security.