Online Professional Deposit Account

More Information

If only you could control everything with the push of a button. Well now at least you can manage your client's finances this way. The Online Professional Deposit Account has been designed to make your hectic business life considerably easier.

By creating an account that you can control from your own computer we are offering you the opportunity to move money from one account to another, without even leaving the office. So you can put your briefcase down for the day, because there's no longer any need for countless trips to your local building society.

There is also real peace of mind knowing that Dunfermline Building Society are dedicated to providing the highest levels of service, giving us all a longer happier relationship.

• Instant (free Chaps transfers available)
• Minimum balance of £1
• No maximum balance

Terms & Conditions

Professional Deposit Online Terms & Conditions

Definitions

• "account" means the Dunfermline Online Professional Deposit Account;
• "client" means the person for whom the Solicitor acts;
• "client account" has a meaning given in the Solicitors Account Rules 1998 and the Solicitors (Scotland) Act 1980 as amended by the Solicitors (Scotland) Account Rules 2001;
• "client money" has the meaning given in Rule 13 of the Solicitors Account Rules 1998, and the Solicitors (Scotland) Act 1980 as amended by the Solicitors (Scotland) Account Rules 2001;
• "firm" means a partnership of solicitors, or limited liability partnership, engaged in a legal practice in England, Scotland and Wales, all of whose partners hold Practising Certificates in terms of the Solicitors Act 1974 and the Solicitors (Scotland) Act 1980.
• "nominated client bank account" means an account held at an institution authorised under the Banking Act 1987 (which includes a European authorised institution), the Post office in the exercise of its powers to provide banking services and the Bank of England and the details of which have been advised to us;
• "nominated person" is a person employed by the firm and who has been authorised to operate the account on behalf of the principal;
• "password" will be the alpha/numeric text that each nominated person supplies to us which enables us to authenticate their identity before we implement the transaction;
• "principal" has the meaning subscribed in the Solicitors Account Rules 1998, and the Solicitors (Scotland) Act 1980 as amended by the Solicitors (Scotland) Account Rules 2001;
• "Society" means Dunfermline Building Society whose Head Office is at Caledonia House, Carnegie Avenue, Dunfermline KY11 8PJ;
• "user id" data, which we will supply to you, which you must use in order to access the account;
• reference to "you" means a Principal or a nominated person and "your" has a corresponding meaning;
• reference to "we" and "us" refers to Dunfermline Building Society and 'our' has a corresponding meaning.

In these account details unless the context requires otherwise, words importing the singular shall include the plural and vice versa. The feminine will also include the masculine and vice versa.

• Indentification

  Identification for Solicitors firms if your firm is regulated by the Law Society, details of your registration is sufficient for identification. Solicitors must hold valid practising certificates and practice in Scotland, England or Wales.

• The Account:

  • You will not be issued with a passbook and this account will be operated through the Internet via our website and on a contingency only basis, by telephone only.
  • You will not be permitted to conduct transactions at the Society's branches.
  • You will be able to use your account providing your computer equipment meets our minimum requirements (details will be provided upon request, this account is not suitable for Apple Macintosh computers). It is your responsibility to ensure that your computer equipment remains compatible and that you take all prudent steps to ensure it remains virus free and is not vulnerable to hacking.
  • You can nominate up to a maximum of five nominated persons who may operate the account (the account can be operated at any one time by one nominated person only.) You must nominate a client bank account and complete a direct debit mandate to enable us on your instruction to request and make payments to your nominated client bank account. It is your responsibility to ensure that your nominated client bank will accept a payment request originated by us via the BACS payment system.
  • The account is not a Share Account as defined in the Society's Rules (a copy of which will be supplied upon request). The account is a deposit account, you and your client will not be eligible for membership of the Society by virtue of opening this deposit account, nor will you have any rights associated with membership.
  • In opening this account you agree:
    • i. to be bound by the Rules of the Society, as amended from time to time;
    • that the nominated persons will be authorised in writing on your headed notepaper. Such authorities are to be signed by at least two principals (except for sole practitioners);
    • that any changes in respect of nominated persons must be authorised as in f)ii above;
    • such notification will only be effective and binding on us when we have issued the newly appointed nominated person with a new user id and password or confirmed in writing that a nominated person has been removed;
    • the minimum balance required to keep open the designated client account open is £1.00;
    • there is no maximum balance on each individual client account. In aggregate the total value of each Dunfermline Online Professional Deposit Account you open with us must not exceed £10,000,000.
  • The account will be in the name of the firm and marked as a client account. You can open individual accounts for each client for whom you hold client money.

• Deposits:

  • The initial account opening payment can be made by cheque, or the account can be instigated with a nil balance and then a BACS transfer credited in due course. (Please remember it takes up to 10 working days to process your Direct Debit Mandate)
  • Only the initial account opening payment can be made by cheque, which must be drawn on a client account. We will not accept any subsequent payments into this account by cheque.
  • Deposit transfers via BACS take three working days before the transfer is completed and value for the funds is given.
  • Deposits into the account can be either on a regular or irregular basis. Transfers from existing Dunfermline Building Society Accounts can only be made subject to the terms and conditions that apply to that account.
  • If your bank recalls a transfer being made from your account via BACS and we have already acted upon your instructions to make a payment in respect of the same monies, then you agree to indemnify us immediately in full, in respect of any shortfall of funds in the account.

• Withdrawals:

  • You can withdraw funds whenever you like without the requirement to give notice. We will process your instructions as soon as we can.
  • Instructions received after 14:00 hours will be processed the next working day.
  • Withdrawals can only be made to your nominated client bank account by BACS (subject to g below). Withdrawals can also be made by CHAPS transfer and instructions received before 11am will be processed the same day.
  • Withdrawals can only be made if you have cleared funds in the account.
  • Withdrawals from your account will be made by the internet, but in no other manner and are subject to the withdrawal limits applicable from time to time and to our verification of the security details and password of the nominated persons making the funds out transfer.
  • If we transfer funds from your account in response to a request that contains valid security data and passwords, then (subject to paragraph 6e) you will be liable for any loss if it subsequently transpires that the instructions were fraudulent and your nominated person(s) have failed to keep their security details and password(s) secret.
  • Instructions to withdraw funds out from the account may not be cancelled after the payment has been authorised or transferred.

• Interest rate:

  • Interest will be paid annually on 1st December or on closure if earlier.
  • The rate of interest payable on the account may be varied from time to time. Details of the current rate may be checked by selecting the Interest Rates' option from the statement screen on the website. We will only vary the applicable interest rate for a valid reason see your Investment Handbook for further details. Changes of interest rate will be advertised in the national press - The Herald, The Scotsman, The Independent and the Belfast Telegraph. Current interest rates are published on our website and are available on our 24 hour rate line on 0845 603 1209.
  • All deposits will earn interest from the second working day (inclusive) after receipt (working days exclude Saturdays, Sundays and English bank holidays) until the day before withdrawal.
  • Interest on withdrawal will be earned up to close of business of the day immediately preceding the date on which you authorise the withdrawal.
  • Interest is payable either net of the relevant rate of income tax (which can be reclaimed by non-taxpayers) or gross (subject to the required registration). For details and a registration form for payment gross, please see Inland Revenue leaflet IR85. If interest is paid gross it is the account holder's responsibility to declare it to the Inland Revenue accordingly.
    
  • Any outstanding interest will be credited directly to the individual account on the day of the closing withdrawal. Arrangements cannot be made to have it paid in any other way.

• Security:

  • Each time you contact us on line we will check the identity of the nominated person from the security details and passwords given to us.
  • We shall establish security procedures by post with each of the nominated persons.
  • Each nominated person must keep their own security details and their individual password secret and secure. Security details and passwords should not be written down.
  • You must notify us as soon as possible:-
    • you believe that someone other than a nominated person knows the security details and/or password of any nominated person;
    • you believe that a nominated person knows another nominated persons security details or password;
    • you discover that a nominated person has forgotten their password or security details;
    • you think someone else who has not been authorised as a nominated person is trying to use the account;
    • you have withdrawn a nominated persons authority to operate the account;
    • a nominated person resigns from their employment with you, is suspended or dismissed form their employment with you;
  • Until such time as we receive written notification from you, you will be responsible for any instruction which we receive (by whatever means) and act upon, even if it was not given by a nominated person.
  • We shall be entitled at any time to refuse to act on an instruction we receive if we think for any reason any aspect of the security details or passwords were not given by the nominated persons.
  • We shall refuse to act on your instructions if we believe that so doing so will bring us into conflict with or cause a breach of any law or contractual duty or we think that the account is not being used for client purposes.
  • Subject to you agreeing to comply with clause 6g, we will do all that we reasonably can to prevent unauthorised access to the account and make sure that it is secure.
  • We have taken reasonable precautions to ensure that the Dunfermline Online Professional Deposit Account is confidential and cannot be interfered with. We cannot guarantee completely the confidentiality or privacy of any information passing over the internet or that it will not be interfered with and by using this facility you are giving instructions to do so on this basis and understanding.

• Commission

  If you select a product option that has commission attached, your commission will be paid by cheque quarterly in arrears.

• Financial Services Compensation Scheme

  We are a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under this scheme are limited to a maximum of £50,000 of an investor's total shares and/or deposits. Most investors are covered including individuals and small firms. Although most shares and deposits in UK Building Societies are denominated in Sterling, the Euro and other European Economic Area currencies are also covered. Please contact us if you want further details.

• Governing Law

  Our relationship with you will be governed by the Law of Scotland. We will communicate with you in English. The account is available to UK residents only.

• Termination:

  • We will be entitled in our absolute discretion, to terminate or suspend the account immediately if we have reasonable grounds to believe that you:-
    • are in breach of this agreement in any way; or
    • have or will cause damage to this account; or
    • have or have attempted to obtain access to our files, and or details of other account holders; or
    • have attempted to introduce to the account any virus or other harmful bugs or programs or you have advised any other person how to do so; or
    • have or will use the account in such a way as to unreasonably interfere with the operation of the account; or
    • have given instructions to transfer funds when there are insufficient funds to cover the transaction;
    • have authorised a withdrawal wherein the underlying deposit transaction has been recalled by the paying bank;
    • have exceeded the aggregate monetary limit for the account. If we close the account we will remit to your nominated clearing bank account any balance held on your Dunfermline Online Professional Deposit Account.

• General:

  • These account details may be amended from time to time or supplemented by special conditions that will be notified to you in writing.
  • Communications between us may be made electronically in writing or by telephone. We will advise you if our contact details change. You should notify us if your name, address, telephone, e-mail or any other details change as specified in paragraph 2f)ii above.
  • If you send us an e-mail it is not safe to assume that it has reached us until we acknowledge receipt.
  • You can instruct us to make payments and other requests by the internet. Please note that the e-mail facility via world wide web cannot be used for transferring funds or for notifying us of any material changes to the account. Material changes to the account must be notified in writing.
  • If we provide you with any software to help you to use the account you must not change it or allow anyone else to use or copy it. You must carry out your own virus checks.
  • Our records of your instructions will be conclusive between us unless you can show there has been a clear mistake.
  • The Dunfermline Online Professional Deposit Account is for use in the U.K. only. You shall not access your/any such account from any other country. We actively discourage any nominated person accessing the account from a shared PC in your office, a Cyber Cafe or any other Public or Private Internet Site.
  • The Dunfermline Online Professional Deposit Account is to be used only by nominated persons who have their own individual PC accessed by them under strict password control in accordance with your own internal governance policies on Computer and Internet and e-mail Security.
  • You should notify us if you find any delay, failure or error in the account, especially in the sending or receiving of instructions. It is in your interest to notify us immediately of any discrepancy in the account details.
  • For technical reasons there may be times when you will not be able to access the web site. We cannot guarantee its availability at all times. If the website is unavailable you should contact us by telephone to process transactions.
  • If we fail to carry out your instructions or do so late, we will be liable for any resulting reasonable and properly incurred loss, injury or damage you suffer not exceeding the amount of any interest you did not receive or had to pay as a result of our failure, delay or error. We will not be liable for any indirect losses nor for any losses we could not reasonably have expected to occur. We will not be liable to you if we do not act on your instructions for any reason set out in these conditions or if we cannot carry out our responsibility to you because of something we cannot reasonably control. This would include for example computer failure or failure in the internet system not caused by us.
  • General correspondence concerning the account will be sent by us to the business address in the name of the person who has been duly authorised by you to receive written communication relating to the account. This provision will not apply to the sending of security information, which will be sent to the individual nominated persons and marked private and confidential to the business address of the firm.
  • We shall be entitled at any time to refuse to carry out a transaction we receive if for any reason we think it was not given by the required minimum number of nominated persons, or might cause us to breach a law or contractual duty, or we think the account is being used for an illegal purpose.

• Agreement

  This agreement comprises:-
  • These terms and conditions.
  • The application form signed by all of the principals and additionally all of the nominated persons who agree individually to be bound by and observe these Terms and Conditions having particular regard to the sections on password and security information.
  • The Rules of the Society.
  • Any other special conditions which may from time to time be agreed between us.

• Declaration

  By submitting and signing the application form you jointly and severally:
  • authorise withdrawals and transfers to be permitted against your nominated withdrawal instructions. These conditions and any special conditions apply to all of you together and any of you separately; request that the above type of account be opened in the name(s) specified in accordance with the terms of issue, and that the account should be operated according to your instructions given; agree to be bound by the RULES of the Society in force from time to time and in signing this application you confirm you have either obtained or do not require a copy of the rules currently in force.
  • confirm you have read and understand these TERMS and CONDITIONS and are happy to proceed and open the account.
  • acknowledge that your liability to us is joint and several where there are monies owing to us on a Dunfermline Online Professional Deposit Account and that you will immediately upon demand indemnify us for any shortfall on the account