Terms & Conditions
Our Investment Handbook and Investment Tariff contain important provisions affecting your account. Please read them carefully and keep them for future reference.
Product availability This product is a limited issue and may be withdrawn without notice.
Minimum and maximum balance The minimum balance is £100. The maximum balance is £250,000. Additional deposits of at least £100 may be made, subject to the maximum balance. A minimum of £100 must be kept in your account.
Opening an account Individuals over the age of 16 can open this account on their own behalf. A corporate body or an unincorporated body may not open an account, and an individual cannot open an account as trustee for such organisations. If you are already a Dunfermline Direct customer, to open your Dunfermline Direct Account, simply complete the application form and return it to us along with your deposit cheque from your nominated account. To operate your Dunfermline Direct Account, you must nominate an account in your name with a UK bank or building society (a joint account is acceptable) that will be the only account you can use for transactions to and from your Dunfermline Direct Account. Your nominated account cannot be another account with us. When opening your Dunfermline Direct Account, the initial investment must be made by a personal cheque drawn from your nominated account and please make it payable to Dunfermline Building Society, stating the account holders name, for example, ‘Dunfermline Building Society - B Brown’. It will take 5 working days from the date that we receive your cheque for that cheque to clear. If you wish to transfer funds from an existing Dunfermline Building Society account, please enclose your passbook, notice of withdrawal (if needed) and a bank statement from your nominated account.
IMPORTANT: If the application form is not completed in full or the correct identification documents are not enclosed, your application cheque and documents will be returned to you.
Further deposits You can make further deposits, up to the maximum balance, by direct debit from your nominated account or by cheques (from your nominated account only) made payable to Dunfermline Building Society, stating the account holders name, for example, ‘Dunfermline Building Society - B Brown’. Cheques from any source other than your nominated account are not acceptable and we will not accept cash deposits. If you want to set up a direct debit, we need at least 5 working days from the day we get your direct debit mandate before deposits can be made by direct debit. We will only take money from your nominated account by direct debit if we have your specific instructions to do so. Only one regular direct debit can be set up for an account at any time. You can arrange to make monthly payments on any date up to the 28th of each month. If the date of your regular payment is not a working day, the deposit will be collected on the first working day after that. You will only be able to withdraw money once your deposits have cleared in the banking system.
Withdrawals and closures Withdrawals and closures are permitted without notice. Withdrawals can be made by BACS transfer. BACS transfers will only be made to your nominated account. The minimum withdrawal for BACS transfers is £100. Any minimum investment must be maintained. Funds will be available in your nominated account 3 working days after the withdrawal request is processed. The maximum daily withdrawal limit is £50,000. If you need a larger withdrawal, you must ask in writing. Any requests received after 3.30pm will be treated as the following day’s transactions. You will also need to remember that weekends and bank holidays are not classed as working days.
Interest Interest is variable, is calculated on a daily basis and is paid annually after close of business on 30 June in each year. It can either be paid to your nominated bank account or added to this account. Interest rates may vary from time to time. Current interest rates are published on our website, are available in branches and on our 24 hour rate line on 0845 603 1209^.
Cooling-off period Occasionally, you may change your mind after you have opened an account. For details on the 14-day cooling-off period, see your Investment Handbook.
Other important information Dunfermline Building Society (which includes Dunfermline Direct) is a trading division of Nationwide Building Society. Nationwide Building Society is authorised and regulated by the Financial Services Authority for life assurance, pensions, investments, insurance and regulated mortgages.
Nationwide Building Society, Head Office, Nationwide House, Pipers Way, Swindon, SN38 1NW. Nationwide is a registered trademark of Nationwide Building Society © Nationwide Building Society. FSA registration number is 106078. You can check this on the FSA Register by visiting the FSA website www.fsa.gov.uk/register or by contacting the FSA on 0300 500 5000. FSA address: 25 North Colonnade, Canary Wharf, London E14 5HS.
Dunfermline Building Society introduces only to the Aviva Life Services UK Limited for life assurance, pensions and investments and provides insurance products underwritten by AXA Insurance UK plc. Both Aviva Life Services UK Limited and AXA Insurance UK plc are authorised and regulated by the Financial Services Authority.
We also have postal and branch based accounts – please visit your nearest branch or call Dunfermline Direct on 08457 33 66 88 for further details.
Interest rates correct at 30.10.09