We’ve made changes to our business savings terms and conditions with effect from 03 April 2024.
Here are our new terms and conditions. You should download and print or save a copy for your records.
Business Savings Account Terms and Conditions
Here’s a summary of what’s changing
| What’s changed? |
What do the changes mean? |
| Contact details |
Our contact details are now in one place, at the top of the terms. They can also be found on our website at any time. |
| Eligibility |
We’ve made some changes to the eligibility criteria for our business accounts. We no longer accept customers in the gambling and cryptocurrency sectors. Also, in addition to being UK-based, you must have at most limited exposure to countries outside the UK. |
| Customer details |
We’ve added information on the need for you to update us on your details, and what happens if we don’t have up-to-date information for you. |
| Statements and account information |
We will no longer automatically supply you with annual statements. This is because for passbook and postal accounts, your passbook is your transaction record and for online accounts, you can find the information by logging on. However, paper statements are available on request. |
| Making deposits |
We’ve clarified the ways in which you can make deposits. We’ve also explained when we can refuse payments into your account. We’ve clarified that deposits must be in sterling and deposits can’t be made from an account abroad. |
| Making withdrawals
|
We’ve clarified the ways in which you can make withdrawals and how these work. In particular, you must set up a nominated account to specify an account in your name to which money can be sent to if you want to make withdrawals by transfer using Faster Payments.
We’ve also explained when we can refuse instructions or ask for more information. |
| Use of your account |
We’ve clarified that you can only use your account for business savings and not (for example) as a business current account, or for a business other than the one you’ve told us you carry out. |
| Fixed term accounts |
We’ve explained when we might allow you to withdraw from a fixed term account early. |
| Account documents |
We’ve clarified what will happen if you lose an account document (like a passbook). You must report a loss or theft to us straight away. |
| Charges |
We’ve removed some charges. The only ones left are for CHAPS transfers and unpaid cheques. |
| Online accounts
|
We’ve removed all references to ‘online accounts’, since we do not categorise any of our business savings accounts in this way. |
| Charitable assignment |
We’ve removed the language concerning charitable assignment, as this is addressed elsewhere. |
| General liability |
We’ve added examples of things we can’t control and won’t be liable for. We’ve also added that we won’t be liable to you if we must take action or not take action (for example, delay a transaction you have asked us to process) in order to comply with our legal obligations. |
| Liability for payment transactions |
We’ve introduced a new sub-section to deal with our liability and yours when it comes to payment transactions. Older provisions dealing with this have been deleted.
In summary:
· You’re responsible for ensuring you give us the correct details for payments.
· We’ll refund you for unauthorised payments made from your account, provided you notify us as soon as possible and no later than 13 months from the date of the payment, unless you were very careless about keeping your security details safe or you allowed someone else to use your account.
· We’ll refund you if you gave us the right details, but we executed a payment incorrectly.
· If you commit fraud, you’re responsible for the consequences. |
| Reasons why we might close your account |
Generally, we will give you at least two months’ notice to close your account, but we have clarified the reasons in which we will be able to close your account immediately. |
| Future changes to these terms |
If we make a change to our terms in future which relates to electronic payments, even if it’s to your advantage, we’ll give you two months’ notice.
We’ve clarified that we can make certain changes to your terms immediately in special circumstances – for example, to respond to changes in base rates, law or general practice or to make the terms more favourable to you.
Otherwise, we will generally give you 30 days’ notice before changes come into effect. |
| Suspending withdrawals |
We’ve made it clear that we can suspend your right to make withdrawals if we’re concerned about the security of your account or suspect unauthorised or fraudulent use. |
Frequently asked questions
Do we need to confirm I am happy with the changes?
No, the new terms and conditions become effective from 03 April 2024, unless we hear from you before then, we’ll take it that you’re happy to accept the changes.
I have recently received another letter from you about providing some information to you for my business account, do I need to do anything?
You may have recently received a letter from us regarding your business account, we would like to point out that this is a separate communication. If you have received a letter from us and not already done so we would urge you to respond to the request outlined in the letter at your earliest opportunity.
I have a Notice Account, can I close my account because of these changes?
No, you won’t be able to close your account without giving the standard notice period applicable to your account.
I have an Easy Access Savings Account, can I close my account because of these changes?
If the changes aren’t suitable for you, you have the option to close the account before they take effect.
How do I request a savings statement given that I’ll no longer automatically receive one?
If you have an online account or you are registered for MyMelton Online, you can download a statement by logging into account and selecting ‘account options’. If you have a passbook account, please contact your nearest branch who can produce a statement for you.
Will I get a notification for each of my savings accounts?
You will only have received one notice of these changes, even if you have multiple savings accounts with us or act as a personal representative, trustee or power of attorney for different accounts.
Please note that we have also made changes to our personal account savings terms and conditions with effect from 03 April 2024 – you can find out more about what’s changed here.
