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Changes to Castle Money general investment account terms and conditions with effect 1 December 2011
From 1 December 2011 we are changing the way we process electronic payment requests (withdrawals) from our accounts. This means payments should reach their destination by no later than the end of the next working day instead of taking up to three days.
This applies to all the accounts we offer which allow electronic payments such as our online and telephone accounts.
When making a withdrawal request you do not need to do anything differently.
Where your account allows you to set up a regular payment (standing order), you just need to be aware the monies may be received earlier. If you do not want this to happen, you can amend the date of the payment.
We will use the faster payments service if the bank to which you are sending a payment is a member of the Faster Payments Scheme and the recipient bank account accepts faster payments. If the destination account cannot accept payments by the Faster Payments Scheme, or you ask us to send a payment of more than £100,000, we will send the payment via CHAPS.
Q. Why are we making these changes?
A. These changes take account of new requirements coming into effect under the Payment Services Regulation from 1 January 2012, and to help us improve our service.
Q. Can you still request payments by Bacs?
A. We will generally no longer use the Bacs service to make electronic payments. However, this will not change the way you make payment instructions or any existing arrangements you have in place such as standing orders. Any references to BACS such as in our general terms and conditions, product specific terms and conditions or online information will be replaced with 'electronic payments'.
Q. Can you still request same day payments by CHAPS?
A. Although electronic payments will now reach their destination more quickly, if you require guaranteed same day payment you can still request a CHAPS payment for which a fee is payable. The fee is currently £25 as shown in our Tariff of Charges. We must receive your instructions by our cut-off point of 2pm on any working day.
Q. Is there a limit for electronic payments?
A. There is no change to your product specific withdrawal conditions. The Faster Payments Scheme currently has a limit of £100,000 which means we will use that service for payments up to that amount, otherwise we will use the CHAPS service.
Q. How do you check if the beneficiary account is able to accept Faster Payments or CHAPS?
A. You can do this by using the sort code checker at: www.ukpayments.org.uk/sort_code_checker
Q. What is the cut-off point for making withdrawal instructions?
A. Instructions received by 3pm (2pm for a same day CHAPS) on a working day will usually be processed that same day. Instructions received after that time will be processed the next working day.
Q. Can you amend or cancel a payment once it has been sent?
A. No, an immediate payment is irreversible - you should take care to ensure you enter the amount and payee details carefully. For future dated payments, you can cancel the payment at any time up to the end of the working day before the payment is sent.
Q. How secure is the service?
A. The Faster Payments Service is a secure payment service that is very widely used in the banking industry. We take your security very seriously and we may introduce a limit, suspend payments or the service if there are exceptional circumstances or we suspect fraud. You should always take care to protect your account documents and security details such as passwords and online security details.
Q. How can you check payments received INTO your account?
A. We will ensure interest will accrue and the payment will normally show in your account from the day we receive it. If you have access to your account online you can check whether your payment has been received by logging in.
General information
Q. Can I have my interest paid without tax deducted?
A. If you tell us that you are a non-taxpayer, we will pay interest on your account gross, which means that we won't deduct income tax from your interest. If you do not tell us that you are a non-taxpayer, we will deduct income tax at the basic rate that applies under tax laws at the time, and pay your interest net of income tax. Please note that a separate declaration needs to be made for each account holder who is a non-taxpayer. Please contact your local tax office if you are unsure whether you should pay tax.
Q. What should I do if I have a complaint?
A. We do our very best to offer the highest standards of customer service. However, if you need to make a complaint, please contact us for a copy of our complaints procedure which includes details of the Financial Ombudsman Service.
Q. Do you subscribe to the Financial Ombudsman Service (FOS)?
A. We subscribe to the Financial Ombudsman Service (FOS) which is set up to provide consumers with an independent free service for resolving complaints with financial firms. Their contact details are:
The Financial Ombudsman
South Quay Plaza
183 Marsh Wall
London E14 9SR
www.financial-ombudsman.org.uk
Tel: 0845 080 1800
Why Your Money is Safe
Q. Are my savings safe with Castle Money?
A. Castle Money is a trading name of Skipton Building Society. Skipton is the UKs fourth largest building society, founded in 1853, with a national presence represented by its 104 branches, covering Aberdeen to Plymouth and over 860,000 members.
In addition to us being a strong and secure mutual, we are participants in the Financial Services Compensation Scheme (FSCS). This protects 100% of your savings with the Society up to a limit of £85,000 per person.
As Castle Money is a trading name of Skipton Building Society, the £85,000 per person protection offered by the FSCS applies to aggregated balances in Castle Money and Skipton. For example, if you have £20,000 with Skipton Building Society and £15,000 with Castle Money, your total savings are £35,000 and you could save another £50,000 with either Castle Money or Skipton before you reach your £85,000 FSCS limit.
For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositors accounts with the building society, including their share of any joint account, and not to each separate account.
Q. Who owns Castle Money?
A. Castle Money is a trading name of Skipton Building Society. Skipton Building Society is a mutual, owned by its members (customers with savings or mortgages with the Society) and not by another organisation. This means Skipton doesn't have shareholders like banks and therefore doesn't have to pay any dividends from the profit it makes. Instead, profit is re-invested in the Society, meaning Skipton is able to offer better rates and maintain a financially robust business. It's a simple arrangement but one Skipton has stuck to for over 150 years.
Q. Will I become a member of Skipton Building Society by virtue of my Castle Money savings account?
A. Yes
Q. What does membership of a building society mean?
A. Members of a building society have certain rights to vote and receive information. They can also attend and speak at the Society's AGM. Each saving member (subject to the qualification criteria, which includes holding a minimum balance of £100) has one vote, regardless of how many accounts they hold and of how much money they have in total.
Full details are available in the Rules of the Society and copies are available on request. If you'd like a copy please contact us on 0800 085 00 11.
Technical information
Q. Can I manage my Castle Money account online?
A. Yes, your Castle Money account can be managed online. All accounts are also serviced by phone and post.
Q. I've submitted the details on the internet, but do not have a printer to print a copy of the details I have submitted, can I have a copy?
A. Please contact our customer services team on 0800 085 0011 † and we will send you a copy by post.
Q. Can I Email you with account specific questions?
A. No, for your personal and account security, we advise you not to send any account or personal specific details by Email as we are unable to confirm your identity. If you have account specific questions please call us on 0800 085 0011† 9am-6pm Monday to Friday , 9am - 12pm on Saturday, closed on Sundays
† Calls may be recorded/monitored for quality and training purposes.
Account Charges
Q. Are there any charges on my Castle Money account ?
A. The following charges relate to certain services that may be carried out on your account at your request. They may change from time to time and we will tell you when this happens. Please call if you would like us to explain any of these charges.
- CHAPS fee (UK only) - £25
- Account records - £10
- Breakdown of account statements - £20
- Duplicate Section 975 Certificate - £10
- Duplicate statements - £10