Notes relevant to all the Society's Investment Accounts
Please read these notes if you are considering opening an Investment account with Hinckley and Rugby Building Society.
Notes:
The Banking Code sets out certain standards for building societies to follow when dealing with their customers.
Hinckley and Rugby ensures that it complies with the code, copies of which are available by clicking here. You can also ask us to send you a copy of the code by telephoning us on 01455 251234 or by e-mailing us on enquiry@hrbs.co.uk
Also available by clicking here is a leaflet called 'You and Your Joint Account' which will give you details on opening and operating a joint account.
- For accounts where cash withdrawals are allowed the maximum cash withdrawal limit is £300 per day.
- The maximum total investment is £300,000.
We do not permit withdrawals to be paid out of your investment account by Direct Debit or Standing Order.
The Society's Bank Details
If you wish to pay your salary into your investment account, the following details will need to be quoted:
Sort code: 402419
Account number: 81228218
Investment 11 digit account number
This account cannot be used for the payment of Direct Debit or Standing Orders.
Income Tax for Single and Joint Account Holders
Normally, interest will be paid after deduction of income tax at the appropriate rate. Non-taxpayers can reclaim this and are able to register for gross interest payments using Inland Revenue Form R85, which is available on request. Higher rate tax-payers may have a further tax liability.
Interest on joint accounts will be paid gross if both holders are non-taxpayers and sign separate R85s. If one holder pays tax and the other does not, half of the interest will be paid gross and the other half will be paid after deduction of income tax at the appropriate rate.
Hinckley and Rugby is required to submit certain interest payment details to the Inland Revenue. Interest on ISA accounts will be paid gross subject to scheme rules.
If You Change Your Mind
If, within 15 calendar days of investing your first payment with us (excluding public holidays) you consider you have made a mistake then, once you have notified the Society's Principal Office in writing or by e-mail, the Society will help you switch accounts or arrange to reimburse your money (if cleared funds) and will waive any notice period or interest charges. The rate of interest paid will be that applicable to the High Rise Instant Access account. (Please note that this will not apply to fixed rate accounts.) We will assist you in moving accounts.
Nature of Account – successive operations after you have opened your account
The Society’s Investment Terms and Conditions apply to every transaction that you undertake on the account after it has been opened.
Investor Protection Scheme
We are participants in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000.
Payments under the Scheme are limited to 100% of the first £50,000 of an investor’s total shares and/or deposits in the Society. This limit does not apply for claims against firms declared in default before 1 October 2007. Most investors are covered, including individuals and small firms.
A small number of categories of shares and deposits are not covered, for example deferred shares – permanent interest bearing shares. Although most shares and deposits are denominated in sterling, all other currencies are covered.
Further details are available on request from the Society.
Customer Services
We aim to provide high standards of service. However, there may be occasions when you feel that you may have a complaint, in which case please ask our staff who will tell you how to make a complaint using our complaints system. Whilst we hope we can resolve any problems through these internal procedures we are also a member of the Financial Ombudsman Service to which customers can refer a complaint after the internal procedures have been exhausted.
Details of the Financial Ombudsman Service will be provided on request from any Branch or from Principal Office.
We will respond to your initial complaint in two working days and we will finalise any investigation within one month and notify you of our findings. In the event that the complaint takes longer to investigate we will send you a holding response in four weeks and a final response no later than eight weeks from receipt of your complaint.
Membership Rights
You should refer to the Investment Terms and Conditions page, Membership Rights section, to decide who is to be the Society's member with investing membership rights.
The first named account holder will be the Society's member with investing membership rights. The Investment Terms and Conditions are accessible from the declaration section in the account application form.
The Society's non-transactional charges
£10 when a cheque receipt or direct debit is returned unpaid
£5 for providing a duplicate statement for each year prior to the current financial year
£25 for telegraphic transfer of funds from an account (CHAPS fee)
£10 for stopping a cheque
£10 for access to data (Data Protection Act)
These charges may change in the future. Any change will be made in March of each year. You will be told about the changes anytime you ask our staff and before you use the service.
Other Costs, Charges and Taxes
There may be other taxes or costs that are not paid through us or charged by us.