Corporate Deposits Terms and Conditions

Transcription

1 Page1of16 Corporate Deposits Terms and Conditions Applicable to: n Business Reserve Account n Corporate Bonus Account n Corporate Notice Accounts n Time Deposit Account n 12 Month Business Bond Account n 12 Month Loyalty Business Bond Account n Business Instant Access Deposit Account n Business Reward Saver n Client Business Reward Saver n Client Business Reserve Account

2 Page 2 of 16 Contents Introduction 04 Terms and Conditions 04 Definitions 04 Duration 04 Further information 04 Your Account 04 Opening and operating Your Account 04 Cheques and chequebooks 05 Withdrawals and the balance on Your Account 05 Interest and charges 06 Automated payments 06 Foreign transactions 06 Your name, business name, address and telephone number 06 Statements 06 Queries on VISA Card transactions 06 Your Account is not transferable 06 Stopping payments 06 Notification of unauthorised or incorrect payments 06 Your remedies for unauthorised payments 06 Your remedies for failed or incorrect payments 07 Circumstances where remedies for unauthorised, failed or incorrect payments do not apply 07 Failed/incorrect payments due to unique identifier errors 07 Domestic and International Payments 07 Special conditions applicable to domestic electronic and EEA payments 08 Special conditions relating to International Payments 08 Foreign currency cheques 09 Taxation 09 Authorised User Conditions 09 Definitions 09 Remote access to Your Account General 09 Withdrawal of Your access to the service 09 Online banking service 09 Ending online banking 09 Issue and use of Cards 09 Ensuring Your security and privacy when operating Your Account by telephone, fax or internet 10 Credit reference agencies 10 Safeguards for Your Personal Security Details 10 Safeguards for Your Cards and PINs 10 Safeguards for instructions by fax 10 Safeguards for instructions by telephone banking 10 Safeguards for instructions by e-banking 10 Safeguards that apply to information about Your Account 11 Terminating or suspending use of a Card, telephone banking, fax or e-banking services 11 Your liability for misuse of Your Card, chequebook, PIN or Personal Security Details 11 Payee initiated refunds 11 Partnership Accounts 11 Varying these Conditions 11 The circumstances in which we can vary these conditions 11 Closing Your Account 12 You can close Your Account at any time by giving Us notice 12 General 12 Inability to provide services 12 Aggregation services 12 Fraud 12 Complaints 12 Compensation 12 Dormant Accounts 12 Governing law and jurisdiction 12 Legal information 12 Eligibility 12 Joint accounts 12 Opening accounts on behalf of clients 12 Time Deposits 13 Term 13 Withdrawals/Closure 13 Deposits 13 Interest 13 Maturity 13 Third parties 13 Death 13 Your Account is not transferable 13 Breakable Time Deposit (no notice) opened before 10 May Term 13 Withdrawals/Closure 13 Deposits 13 Breakable Time Deposit (95 days notice) opened before 10 May Term 13 Withdrawals/Closure 13 Deposits 13

3 Page 3 of 16 Breakable Time Deposit (no notice) opened after 10 May Term 13 Withdrawals/Closure 13 Deposits 13 Breakable Time Deposit (95 days notice) opened after 10 May Term 14 Withdrawals/Closure 14 Deposits 14 Breakable Time Deposit (180 days notice) - opened after 10 May Term 14 Withdrawals/Closure 14 Deposits 14 Corporate Bonus Account 14 Deposits 14 Payments from Your Account 14 Interest 14 Corporate Notice Accounts 14 Deposits 14 Payments from Your Account 14 Interest 14 Release of funds 14 Third Parties 14 Your Account is not transferable Month Business Bond Account 14 Deposits 14 Applicants 14 Interest rates 14 Withdrawal/Closure 15 Term and Method of Interest payment 15 Maturity 15 Address for communications 15 Restrictions 15 Varying Conditions 15 Notices 15 Third parties 15 Death 15 Your Account is not transferable 15 Governing law 15 Inability to provide services 15 Recording of telephone conversations Month Loyalty Business Bond Account 15 Eligibility 15 Business Instant Access Deposit Account 15 Introduction 15 Eligibility 15 Opening balance and deposits 15 Payments into Your Account 15 Withdrawals 15 Interest rates 15 Statements 15 Business Reward Saver 15 Introduction 15 Eligibility 15 Opening balance and deposits 15 Payments into your account 15 Withdrawals 16 Interest rates 16 Statements 16 Client Business Reward Saver 16 Introduction 16 Eligibility 16 Opening balance and deposits 16 Payments into your account 16 Withdrawals 16 Interest rates 16 Statements 16 Client Business Reserve Account 16

4 Page4of16 1 Introduction 1.1 Terms and Conditions These Conditions: i) together with all appropriate information which We give You before You open Your Account, which will include details of the key features of Your Account and a copy of Our Tariff of Charges, form part of the contract between You and Us for Your Business Reserve, which is a Payment Account and Time Deposits, Corporate Bonus(es), Corporate Notice and Corporate Bond, which are Non-Payment Accounts. When We refer to Your Account in these Conditions this means the relevant Condition applies to all these Accounts. Where a Condition only applies to one of these Accounts, We make this clear. ii) explain Our obligations to You, and Your obligations to Us; iii) may be varied by Us please see Condition 5; and iv) are in addition to any other conditions which are implied or included in the contract between Us by law, even if they do not appear in these Conditions In some places these Conditions refer to details, for example Our interest rates and charges, which We will give to You separately from these Conditions. Those details also form part of the contract between Us You may open an account if You are resident in the United Kingdom and are over 18 years of age. You can be a new or existing Santander Corporate & Commercial customer with a business turnover of 1 million or more. 1.2 Definitions Our accounts are categorised into two types: Payment Accounts and Non-Payment Accounts. Generally an account will be a Payment Account unless it has some form of restriction on how money can be paid in or out of that account. Examples of Payment Accounts include ordinary current accounts, instant access client accounts and instant access savings accounts, where money can be paid in and out with minimal restrictions. Examples of Non-Payment Accounts include fixed term savings accounts, Bonus accounts, Notice accounts, time deposit accounts and bonds; or accounts where you are charged a fee or lose interest payable if you make a withdrawal. All these Conditions apply to both Payment and Non-Payment Accounts unless stated otherwise You means the incorporated company, partnership, limited liability partnership, club, society, association, sole trader or other incorporated body named as the Account holder and Your shall be construed accordingly An Authorised Person is someone You have requested and authorised Us to operate the Account and/or to have access to information related to the Account whether by the issue of a Card or otherwise Card means any Card issued to You or to an Authorised Person at the request of You to enable that Authorised Person to operate the Account and/or to have access to information related to the Account. Cards are not available on all accounts. We will agree with You, prior to opening Your account, if this service is to be provided A Working Day is any day other than a Saturday, Sunday or an English public holiday. For SIPs and Future-Dated Payments, every day is deemed a Working Day. The length of a Working Day for the purpose of making payments out of Your Account will depend on the payment Cut-Off Time for the method of payment chosen We/Us means Santander Corporate & Commercial (SCC) a trading division of Santander UK plc The Cut-Off Time means the time before which Cash and Non-Cash Value Items must be deposited at a Nominated Office in order to be credited that day to Us, as notified to You by Us from time to time; and also means the time before which payment instructions must be received in order for that day to be deemed the Day of Receipt The Day of Receipt of a payment instruction is the Working Day on which You request the payment to be executed by Us Faster Payments is an electronic payment system which enables member banks to send and receive payments on the same day, or same Working Day for standing orders. For information on member banks, please visit CHAPS means the Clearing House Automated Payment System (a system for making same day payments on UK Working Days only for which there is normally an additional charge) A Future-Dated Payment is a type of payment whereby You specify a future date for the payment to be executed by Us A Single Immediate Payment (SIP) is a type of Faster Payment where You instruct Us to despatch the payment immediately. 1.3 Duration If, within 14 days of first opening your Account, You would like to cancel your Account, let Us know by writing to Us at the Corporate & Commercial Banking Centre. If You cancel your Account at anytime within 14 days of first opening your Account we will not charge You for the cancellation and we will: i) if You ask Us to, help You switch to a different Account; or ii) provided that Your Account is in credit, promptly (and in any case within 30 calendar days of You cancelling) give You back all the money in the Account (less any pending payments and interest incurred) together with any interest earned on it. If You do not cancel Your Account within 14 days of first opening it, Your Account and these Conditions will continue until You or We close Your Account as permitted under Condition Further information If You need any further information about Your Account or an explanation of any of these conditions, please contact Our Corporate & Commercial Banking Centre either by post to, 301 St Vincent Street, Glasgow G2 5NT or by telephoning Information can also be found online at 2 Your Account 2.1 Opening and operating Your Account Before We open Your Account, and at any time thereafter if You ask Us, We will give You all appropriate information which will include a copy of these Conditions and Our Tariff of Charges and written details explaining its key features. The key features information will include: i) the main ways in which You can pay money into and withdraw money and make payments from Your Account and the main ways in which You can transfer money to and from other accounts; and ii) the main ways of operating the Account available to You as an Account holder, including Cards, telephone and online banking and We will provide You with those services that You choose to take We will tell You before You open Your Account whether Card, telephone, or internet services are available to You When You apply for Your Account, or subsequently, We will agree with You who will be an Authorised Person. The conditions set out in Condition 3, referred to as Authorised User Conditions, shall be sent to each Authorised Person in so far as they relate to the banking services available to that Authorised Person. You must ensure that You and every Authorised Person complies with the Authorised User Conditions. References to You in the Authorised User Conditions refer to Authorised Persons as well as the Account holder unless it is clear from the context that You means the Account holder only You must use the Account and any Cards (as defined in section 3.1) and chequebooks for business purposes only In order to pay money into Your Account, You (or the person paying money in on your behalf) need to provide Us with the name of Your account, the account number and sort code. This is a Unique Identifier. In addition You will need to provide Us with the following information: i) for payments using Our cash machines Your Card and Your PIN; ii) for an international transfer of funds into Your Account the payee s International Bank Account Number ( IBAN ) and the Bank Identifier Code ( BIC ). If You (or someone on Your behalf) deposits money with Us without using the correct Unique Identifier, We will pay it into whichever of Your Accounts We think appropriate and Condition 2.17 will apply You can instruct Us to make a withdrawal or payment from Your Account by: i) using any Card and PIN issued by Us for use in relation to Your Account; ii) using Your Card and PIN at one of Our cash machines (or a cash machine that accepts Your Card); or iii) completing Our standard form for CHAPS payments (and confirming the authenticity of the instruction when We call You); iv) sending Us written instructions (which must be signed by You) by fax and by providing any additional Personal Security Information requested by Us; v) telephoning Us on And, if You have registered for online banking You can also set up electronic payments (such as standing orders) on Your Account by instructing Us to do so via Our secure password protected website. When You give Us a payment instruction, You (or a person authorised to make a payment instruction on Your behalf) must to provide Us with the following information (a Unique Identifier ): i) for electronic transfer of funds, name (or the name of the Account, if different) account number and sort code of the person You want to pay; ii) for withdrawals from a cash machine, Your Card and PIN;

5 Page5of16 iii) iv) for an international transfer of funds from Your Account, the name of the person You want to pay, the International Bank Account Number ( IBAN ) and the Bank Identifier Code ( BIC ) for the European Economic Area (EEA) only (BIC and account number for payments outside the EEA); for standing orders from Your Account, the name of the person You want to pay, account number and sort code If You give Us a withdrawal or payment instruction by any of the ways listed in Condition You will be consenting to Us taking that withdrawal or payment from Your Account We will be deemed to have received a payment instruction from You (or, if applicable, the person requesting a payment from You) at the time that payment instruction is actually received by Us, unless any of the following circumstances apply: i) if the payment instruction is received by Us on any day that is not a Working Day, then We will be deemed to have received it on the following Working Day; or ii) if the CHAPS payment instruction is received by Us after 1pm (or after 3pm by special arrangement) via Online and Fax instructions, then We will be deemed to have received it on the following Working Day; transfers between Santander accounts can still be made via Our secure online banking service up to 5.00pm, after which it will be deemed to have been received the following Working Day; or iii) if Your payment instruction specifies that the payment is to take place on a specific day or on the last day of a certain period, then We will be deemed to have received it on the day specified, unless that day is not a Working Day in which case the following Working Day will apply; or iv) if the payment instruction is an instruction to withdraw cash using Your Card and PIN from a cash machine or a payment instruction using a Card and PIN, We will be deemed to have received Your payment instruction at the time the payment instruction is actually received by Us When an instruction is provided to Us by facsimile, We will not act on instructions unless they are copies of a signed document. 2.2 Cheques and chequebooks Chequebooks are not available on all accounts. We will agree with You, prior to opening Your Account, if this service is to be provided Subject to Condition 2.2.2: i) You must ensure that there are always sufficient cleared available funds in Your Account to cover cheques and other payments to be made from it; and ii) it will be a breach of these Conditions if You request (or authorise a third party to request) a withdrawal or payment from Your Account without sufficient funds in it to cover the amount of that payment Condition does not apply to Credit Accounts and Condition shall apply instead to any Credit Account You hold It is Your responsibility to check that there are sufficient cleared available funds in Your Credit Account to cover cheques and other payments that You request (or that You authorise a third party to request) to be made from it. For the purpose of this Condition available funds will include any available balance of any Advanced overdraft (please see Condition 8.2) which We have agreed with You on Your Credit Account. If You request a payment from Your Credit Account without sufficient available funds in it to cover the payment, then Your payment request will be treated as an unauthorised overdraft and charges will apply Money paid into Your Account by cheque will normally start to earn interest two Working Days after it is received at Our Cheque Processing Centre and paid into Your Account, (except Thursday when interest is earned from Saturday) If You pay a cheque into Your Account by post, the time it takes for the cheque to be processed and the day on which any interest will begin to be earned will depend on when We received the cheque and paid it into Your Account When a cheque is received and paid into Your Account, the earliest time We will know if that cheque will be returned unpaid by the bank of the person who wrote the cheque is on the fourth Working Day after the day it is received at Our Cheque Processing Centre and paid into Your Account, (even though the cheque amount may be included in the balance of Your Account). You can draw against it on the fourth Working Day after the day it is received by Us and paid into Your Account, providing the cheque is not subject to Our extended clearing process Cheques can be returned unpaid by the bank of the individual who wrote the cheque, even where funds have been made available to You. If You have drawn against these funds We can take the funds back up to and including the sixth Working Day after the day the cheque is paid into Your Account Where it is established that You are a knowing party to a fraud, We can recover these funds at any time The table below summarises when interest will begin to be earned, when We aim to make money available to You, and when You can be sure the money is Yours, after a cheque is paid in to Your Account at Our Cheque Processing Centre. Day cheque received at cheque processing centre Day interest begins Day We allow You to withdraw the money Day You can be sure the money is Yours Monday Wednesday Friday Following Wednesday Tuesday Thursday Monday Following Thursday Wednesday Friday Tuesday Following Friday Thursday Saturday Wednesday Following Monday Friday Tuesday Thursday Following Tuesday Saturday Wednesday Friday Following Wednesday Sunday Wednesday Friday Following Wednesday Note: The timescales given in this table are for guidance purposes only You should not write a future date on a cheque. If You do and the cheque is presented for payment before that date We can decide whether to pay or return it. In either case, We will not be liable to You We will stop one of Your cheques at Your request as long as: n The cheque has not been guaranteed; n The cheque has not already been paid; and n You give Us sufficient details We cannot stop a Counter Cheque or Bankers Draft which You have asked Us to draw for You You must notify Us as soon as possible after You become aware that Your chequebook has been lost or stolen If You send a cheque through the post, it will help to prevent fraud if You clearly write the name of the person You are paying the cheque to and put extra information about them on the cheque. You should draw a line through unused space on the cheque so unauthorised people cannot add extra numbers or names Cheques You receive normally become out of date after six months and You should pay them into Your account so they clear before they expire. Outdated cheques will be returned to You. We will notify You when this happens. 2.3 Withdrawals and the balance on Your Account The balance shown on Your Account may include cheques and other items paid into it which are not yet available. Unless We have agreed in advance to let You draw against unavailable items We can always refuse to allow You to do so and the fact that We allow You to draw against unavailable items on one occasion does not mean that We cannot refuse to allow You to do so on another occasion If an unavailable cheque or other item is returned unpaid We will debit Your Account with the amount and any interest We have paid You on it, even if You have already withdrawn cash or made a payment against it. Where this happens: i) if debiting the amount (and any interest We have paid You on it) overdraws Your Account, You will be in breech of these Terms and Conditions and may be charged an unauthorised overdraft fee. See website for details; ii) We may re-present the cheque or other item for payment, however We are not obliged to do this, even if the payee s bank (or other financial institution) has indicated that the cheque or other item may be paid if We were to do so When You give Us an instruction to make an automated payment, the money will normally be taken from Your Account on the Day of Receipt. The payment will normally reach the bank of the person You want to pay no later than the end of the Working Day following the Day of Receipt. However, if You want to pay a person located outside the European Economic Area, the payment may take longer depending on the country and currency of destination If any money is overdue for payment on any other account You have with Us (such as a loan, mortgage, credit card or overdraft) We may take the money You owe Us out of Your Account by way of set-off or otherwise. We can use Our right of set-off where You have accounts which are held in Your sole name as well as joint accounts You hold with another person. Where possible We will give You at least seven days notice, unless We reasonably think that You may move Your money to stop Us.

6 Page6of Interest and charges We will pay You interest on Your Account when it is in credit, unless the Account does not earn interest. Where money is paid into Your Account by electronic transfer, You will start earning interest from the day You pay funds into Your account. Our Current Interest rates brochure tells You what Our current interest rates are and how interest will be calculated. We will charge You fees and interest if Your Account becomes overdrawn We may offer arrangements under which the interest charged or paid on Your Account is aggregated with the interest paid or charged on other Accounts which You hold with Us, so that only the net amount of interest is paid or charged to You. If so, We will provide You with details about these arrangements and agree with You how the aggregation will apply to Your Accounts and to which Account(s) the interest will be paid or charged We will tell You Our charges for basic account services and about any changes in the Tariff of Charges. We will give You at least 14 days notice of charges to be debited. We will also tell You about any charge for a service related to Your Account which is not in Our Tariff of Charges. We will do this on request or before or when We provide the service to You. The period during which charges for transactions and debit interest on Your Account build up before We debit them from Your Account ( Charging Period ) will be on a monthly basis. The initial Charging Period will commence on the day Your Account is opened and include all transactions up to and including the same date of the following month. This will become Your statement date. If You request to change Your statement date then the Charging Period will change accordingly When You open Your Account We will tell You what choices, if any, You have as to when interest will be paid or charged. We will pay and charge interest with the frequency and timing which You choose, if a choice is available. Otherwise We will pay or charge interest on the dates We notify to You. We will give You at least 14 days notice of amounts to be debited We may change any of Our Service Fees, or add new services for which new fees will become payable. If We do so We will give You at least two months personal notice of any change to Our Service Fees or any new service fees We may change Our interest rates that apply to Your Account at any time. If We make such a change We will give You at least 60 days personal notice of this change except where: i) the interest rate tracks an independent reference rate such as Bank of England base rate; ii) the interest rate change is to Your advantage; iii) Your account is a Non-Payment Account in which case We will give You notice of the change either before the change comes into effect or at the earliest opportunity afterwards either by personal notification or by advertising in the press and putting notices in Our branches and on Our website. If We are changing the interest rates We charge on overdrafts, We will either give You seven days personal notice of the change before it comes into effect or advertise the change in the press and in notices in Our branches and on Our website. We will not notify You of a change to the interest rates We charge on overdrafts if the interest rate tracks an external reference rate such as Bank of England base rate If You do not accept the proposed change to a charge or any new charge, Condition will apply We will update the interest rate changes on Our phone helpline and Our website within three working days after changing the interest rates. The old rate will also be stated on Our website and Our helpline We will charge Your Account with Our cost of enforcing Our rights under these conditions, including tracing costs, collection agency costs and legal costs incurred. Any such costs charged by Us will become due and payable immediately. 2.5 Automated payments Subject to Condition 2.5.2, You should not request a payment (or authorise someone to request a payment) from Your Account if there is not enough money in the Account. If You do make such a request then without prejudice to Our other rights and remedies We may refuse to make the requested payment and cancel any of Your Direct Debits, standing orders and other automated payments set up on Your Account. We will give You notice that We are cancelling the relevant automated payment requests, together with the reason why and how You can correct any factual errors You believe may have led to the cancellation. We will normally give You at least seven days notice but, in any case, We will ensure that this notice is given no later than three Working Days following the Day of Receipt, (as set out in Condition 2.1.8). However, where We consider this notification would be unlawful, We may refuse the requested payment and cancel the relevant automated payments without giving You notice. If Your Account is subsequently in credit, those payments will not be automatically reinstated. If You wish to reinstate them You must apply in writing If We cancel any automated payments in accordance with Condition 2.5.1, You may be charged a fee. For more details please see Our Key Features document. 2.6 Foreign transactions The exchange rates that We apply on foreign currency payments are based on market conditions. Details of Our standard exchange rates of the day can be provided by Our Corporate Banking Centre. We may change Our exchange rates immediately and without notice to You. 2.7 Your name, business name, address and telephone number The correspondence address that You give Us will be the one to which all communications will be sent. You must notify Us immediately of any change in Your correspondence address or the correspondence address of any other person to whom We have issued a Card for use on Your Account. We will ask You to confirm any change of address in writing and to provide evidence of the change of address. You must also let Us know immediately if You change Your name, business name or telephone number. 2.8 Statements With the exception of Time Deposit, We will provide You with regular account statements either by post or, if You have registered for online banking, via Our secure online banking website. Information about certain transactions can also be requested by telephoning the Corporate Banking Centre on We recommend that You check Your statements thoroughly. You must notify Us as soon as possible if Your statement contains an entry that seems to You to be wrong. You may request Your statement date to change, and if acceptable to Us, the date on which any credit interest is due to be paid will also change to the same date. The Charging Period will also change so it commences on the same date. 2.9 Queries on VISA Card transactions If You wish to query any item on Your Account please contact Us immediately Your Account is not transferable You cannot transfer Your rights in Your Account to someone else. This means that You cannot, for example, use the funds on Your Account as security for money You borrow from someone else Stopping payments You can instruct Us to stop a payment from Your Account by contacting the Corporate & Commercial Banking Centre on If You are stopping a Direct Debit You must also tell the person to whom the Direct Debit is payable. A fee may be payable for requesting Us to stop payments from Your Account; please see Our Tariff of Charges for details. After We receive Your instruction, We will stop the payment, provided that: i) the payment has not already been made; ii) You give Us the date and amount of the payment You want Us to cancel and the name, account number and sort code of the person You asked Us to pay; iii) it is not a card payment, cash payment, cheque issued by the Corporate Banking Centre; iv) if it is a Future-Dated Payment instruction (such as a Direct Debit or standing order) You instruct Us to cancel the payment no later than the end of the Working Day before the payment is due; or v) it is not a CHAPS payment or a Faster Payment, both of which are irrevocable Notification of unauthorised or incorrect payments If You believe that any withdrawal or payment made on Your Account was not authorised by You (or any other person permitted to authorise withdrawals or payments from Your Account) or was made incorrectly, then You must notify Us as soon as possible either by telephoning the Corporate Banking Centre on , at a branch or by telephoning Our Card Services (24 hour service) on: or, if You call from overseas, (+44) Or by post to: The Manager, Card Services Santander House, 201 Grafton Gate East, Milton Keynes MK9 1AN 2.13 Your remedies for unauthorised payments Unless any of the circumstances listed in Condition applies, if You notify Us that a withdrawal or payment You instructed on Your Account has not been authorised by You (or any other person authorised to make a withdrawal or payment on Your Account) then We will: i) promptly refund Your Account with the amount of any unauthorised payment taken from it; and ii) promptly refund Your Account with any fees and/or interest We may have charged in connection with the unauthorised payment.

7 Page 7 of Your remedies for failed or incorrect payments Unless any of the circumstances listed in Condition or applies, if You notify Us that a payment You instructed Us to pay from it has not been paid or has been paid incorrectly, then We will: i) promptly refund Your Account to ensure that it does not suffer a loss as a result together with any fees and/or interest We may have charged in connection with the failed or incorrect payment; and ii) if You ask Us to, make immediate efforts to trace the failed or incorrect payment and to notify You of the results of that action Unless any of the circumstances listed in Condition or applies, if You notify Us that a payment You (or someone else) instructed Us to pay into Your Account has not been paid or has been paid incorrectly, then We will: i) immediately re-transmit the correct payment instruction to the bank (or other financial institution) acting for the person from whom the failed or incorrect payment is due; ii) promptly refund Your Account with any fees and/or interest We may have charged in connection with the failed or incorrect payment; and iii) if You ask Us to, make immediate efforts to trace the failed or incorrect payment and to notify You of the results of that action Circumstances where remedies for unauthorised, failed or incorrect payments do not apply We do not need to do any of the things listed in under Condition if any of the circumstances in Condition applies We do not need to do any of the things listed in under Condition if: i) Condition applies; or ii) We can demonstrate to You that the bank (or other financial institution) acting for the person to whom the payment was to be paid received the correct payment in full before the end of the Working Day following the Day of Receipt We do not need to do any of the things listed in under Condition if Condition applies Failed/incorrect payments due to unique identifier errors We do not need to do any of the things listed under Conditions or if the cause of the failed or incorrect payment is because You (or another person who is authorised to instruct Us to make payments on Your Account) gave Us the wrong Unique Identifier (please see Conditions and for more details regarding Unique Identifiers). Where the cause of the failed or incorrect payment is as set out in Condition , We will use reasonable efforts to recover any money paid out of Your Account or not paid into Your Account (as the case may be) as a result of the failed or incorrect payment and We will be entitled to charge You a fee for this recovery service. Please see Our Tariff of Charges for full details of how much this fee is Domestic and International Payments These terms and conditions (the Conditions ) set out Your rights and obligations when You request Us to make any of the following payments: (a) payments in the United Kingdom, made in Sterling through electronic channels (Faster Payments, CHAPS and Bacs); (b) payments in a country in the European Economic Area ( EEA ) made in Euros (or where a country has not adopted the Euro as its currency) using SWIFT ( EEA Payments ); (c) payments anywhere in the world outside of the EEA made in any currency ( International Payments ); and (d) payments made by a cheque drawn on Santander s accounts abroad in a currency other than Sterling (a Foreign Currency Cheque ) Our right to refuse a payment request (a) We will not complete Your payment instruction if: i) at the time We receive Your payment instruction there is insufficient available money (or, where applicable, insufficient available overdraft remaining) in the account from which You want to make the payment to cover both the payment in question and the fees that are payable to Us for carrying out the payment; ii) We believe or suspect it may place Us in breach of any legislation or law; or iii) We believe or suspect it relates to fraud or any other criminal act; or iv) You are in breach of any of these Conditions, and if We refuse to make any payment, We will (unless it would be unlawful for Us to do so) tell You no later than the end of the Working Day following the Day of Receipt of the payment instruction: (a) that We have done so; (b) the reason why We refused; and (c) how You can ask Us to rectify that mistake if You think We have based Our decision on mistaken information. Currency Receiving Your instructions and stopping a payment We will be deemed to have received Your payment request at the time that We receive a signed copy of these Conditions together with Your payment order application form (together a payment instruction ), unless: i) the payment instruction is received by Us on any day that is not a Working Day, then We will be deemed to have received it on the following Working Day; ii) in the case of CHAPS payments, We receive your payment instruction after 1pm (or 3pm by special arrangement) for fax or Online instructions, then We will be deemed to have received it on the following Working Day (Euro instructions received before 12.30pm will be sent for value same day); or iii) in the case of International Payments, We receive Your payment instruction after 2pm for fax or Online instructions, then We will be deemed to have received it on the following Working Day (Euro instructions received before 12.30pm will be sent for value same day); or iv) if Your payment instruction specifies that the payment in question is to take place on a specific day, or on the last day of a certain period, then We will be deemed to have received it on the day specified, unless that day is not a Working Day in which case the next Working Day will apply You can instruct Us to stop a payment from Your Account by contacting the Corporate & Commercial Banking Centre on A Service Fee may be payable for requesting Us to stop a payment from Your bank account; please see Our Tariff of Charges for details. After We receive Your payment instruction, We will stop the payment, provided that: i) the payment has not already been processed; ii) You give Us details of the date and amount of the payment You want Us to cancel and the name, sort code or BIC and account number or IBAN (as applicable) of the beneficiary; and iii) if it is a Future-Dated Payment instruction, You instruct Us to cancel the payment no later than the end of the Working Day before the payment is due to be made Fees and exchange rates (a) Details of the fees We charge for CHAPS, EEA Payments and International Payments are set out in Our Tariff of Charges. (b) If Your payment instruction is for an EEA Payment or an International Payment, the exchange rate We will apply is the relevant rate from Our standard exchange rates. You can find out Our latest exchange rates by contacting the Corporate Banking Centre on (c) The table below explains when We will make foreign currency payment instructions: Cut-off Time When We will debit the payment from Your Account Euros Before 12.30pm Same Working Day US Dollars Before 2pm Same Working Day Any other currency Before 2pm Two Working Days Weekends and bank holidays If a payment request is received on a weekend or bank holiday it will be held until the next Working Day as stated in Condition (b) Returned payments (a) If a payment is returned to Us, it will be credited to Your Account net of any fees charged by third party banks in returning the payment. (b) If the returned payment is a currency other than Sterling, before crediting the returned payment into Your Account, We will convert the returned payment (less any fees referred to in Condition (a)) into Sterling using Our standard exchange rate applicable for the Working Day on which We receive the returned payment. If the returned payment is received by Us after 5.00pm, Our standard exchange rate for the next Working Day will be used to make the conversion Your personal information When using established banking relationships to send Your transfer, personal information about You contained in the transaction may be provided to overseas authorities and the beneficiary bank in order to comply with applicable legal obligations and prevent crime. This may include a transfer of Your personal data outside the EEA. This information may include Your full name, address, date of birth and account number and by making Your payment instruction You consent to Us sending this personal information to such overseas authorities and the beneficiary bank.

8 Page 8 of Special conditions applicable to domestic electronic and EEA payments Information You must give Us to make domestic electronic or EEA Payments (Unique Identifier) (a) You must provide Us with all of the following details (the Unique Identifier ) to enable Us to make a domestic electronic or EEA Payment: the recipient s bank s name, address and sort code (for domestic electronic payments) or Bank Identifier Code (BIC) (for other EEA payments); (b) the recipient s name, address and account number (for domestic electronic payments) or the IBAN International Bank Account Number (for other EEA payments) of the recipient to whom the payment is to be made; and (c) Your name and account number Information We will give You after We have received Your domestic electronic or EEA Payment instruction (a) After We receive Your payment instruction, We will provide or make available to You the following information: i) confirmation of the date on which We processed Your instruction; ii) a reference enabling You to identify the payment transaction and, where appropriate, information relating to the recipient of the payment; iii) the amount of the payment transaction in Sterling; iv) the amount of any fees for the payment transaction payable by You and, where applicable, a breakdown of those fees; and v) in respect of an EEA Payment, the exchange rate used in converting the payment from Sterling to the applicable currency and the amount of the payment transaction after that currency conversion Maximum execution times for domestic electronic payments and EEA Payments (a) Where You ask Us to make a domestic electronic payment or an EEA payment in Euros before the cut-off times given in Condition , that payment will normally be credited to the bank of the person You want to pay no later than the Working Day following the Day of Receipt. (b) Where You ask Us to make an EEA Payment in a currency other than in Euros, that payment will normally reach the bank of the person You want to pay no later than the end of four Working Days from the Day of Receipt Additional Handling Fee For EEA Payments over 50,000, a special handling charge may be deducted from the payment by the beneficiary bank. Any such charges shall be borne by the beneficiary Notification of unauthorised, incorrect or failed payments If You believe that We have failed to carry out or carried out incorrectly Your domestic electronic or EEA Payment instruction, or that a domestic electronic or EEA Payment has been made on any of Your Accounts without Your authorisation, then You must notify Us as soon as possible by telephoning Us on Your remedies for unauthorised payments (a) Unless any of the circumstances in Condition (b) applies, if You notify Us that a domestic electronic payment or EEA Payment We made on any of Your Accounts has not been authorised by You, then We will promptly refund that account with: i) the amount of the unauthorised payment taken from it; and ii) with any fees and/or interest We may have charged in connection with the unauthorised payment. We will also credit Your account with lost interest that would have accrued on the amount of the unauthorised domestic electronic payment or EEA Payment. (b) We do not need to do any of the things listed in under Condition (a) if: i) You authorised the domestic electronic payment or EEA Payment involved; ii) You acted fraudulently; iii) after becoming aware of an unauthorised domestic electronic payment or EEA Payment You delayed unreasonably in notifying Us of that fact; or iv) You failed to tell Us of an unauthorised domestic electronic payment or EEA Payment within 13 months of the date on which the domestic electronic payment or EEA Payment occurred; and in each case We will have no liability to You for making the domestic electronic payment or EEA Payment in question Your remedies for incorrect or failed payments (a) Unless any of the circumstances in Condition (b) applies, if You notify Us that a payment You instructed Us to pay from any of Your Accounts has not been paid or has been paid incorrectly, then We will: i) promptly refund to Your Account with sufficient money to ensure that Your account does not suffer a loss as a result of the incorrect domestic electronic payment or EEA Payment; ii) promptly refund Your Account with any fees and/or interest We may have charged or You may have lost in connection with the failed or incorrect domestic electronic payment or EEA Payment; and iii) if You ask Us to, make immediate efforts to trace the failed or incorrect domestic electronic payment or EEA Payment and to notify You of the results of that action. (b) We do not need to do any of the things listed under Condition (a) if: i) after becoming aware that the domestic electronic payment or EEA Payment was incorrect or has not been carried out by Us, You delayed unreasonably in notifying Us of that fact; ii) You failed to tell Us the domestic electronic payment or EEA Payment was incorrect or not carried out by Us within 13 months of the date on which the domestic electronic payment or EEA Payment occurred (or, in the case of a failed domestic electronic payment or EEA Payment, ought to have occurred); or iii) We can demonstrate to You that the bank (or other financial institution) acting for the beneficiary to whom the domestic electronic payment or EEA Payment was to be paid received the correct payment in full before the end of the maximum execution time for the relevant payment in accordance with Condition ; or iv) the cause of the failed or incorrect payment is because any part of the Unique Identifier You gave Us for the domestic electronic payment or EEA Payment was wrong or incomplete (please see Condition for more details regarding the Unique Identifier); and in each case We will have no liability to You for making the domestic electronic payment or EEA Payment in question. Where the cause of the failed or incorrect payment is because any part of the Unique Identifier You gave Us for the payment was wrong or incomplete, We will use reasonable efforts to recover any money paid out of Your account as a result of the failed or incorrect payment and We will be entitled to charge You a fee for this recovery service. Please see Our Tariff of Charges for full details of how much this fee is Domestic electronic payment and EEA Payments and events beyond Our control We will not be liable for any delay or failure to provide any domestic electronic payment or EEA Payment or to comply with any of Our obligations under these Special Conditions where the delay, failure or non-compliance is due to: i) abnormal and unforeseeable circumstances beyond Our control, the consequences of which would have been unavoidable despite all efforts to the contrary; or ii) any of Our obligations under law Special conditions relating to International Payments Information You must give Us to make an International Payment (International Identifier) (a) You must provide Us with all of the following details ( International Identifier ) to enable Us to make an International Payment: i) the recipient s bank s name, address, routing code and correct Bank Identifier Code (BIC); ii) the recipient s bank account number or IBAN (International Bank Account Number); iii) the name and address of the recipient to whom the payment is to be made; and iv) Your name and account number Third party charges (a) There may be other third party banks that apply charges in effecting the International Payment which may be deducted from the amount transferred by You or from funds received by You via an International Payment. This will mean that the sum received by the beneficiary or by You may be less than the amount You have sent or were intending to receive. (b) We reserve the right to debit Your Account with these other third party bank charges Currency exchange information If Your request is for a payment in a currency other than Sterling, You will receive an advice from Us detailing the exchange rate that was used to make the payment Normal execution times (a) Payments made in US Dollars to the United States and in Euros to the EEA should normally be received by the beneficiary bank on the same day that Your Account is debited (the Day of Receipt). (b) All other currencies (including Sterling sent outside the EEA) should normally be received within five working days of Your Account being debited although this will depend on the country and the currency of the payment International Payment delays or failures (a) We shall not be liable for any loss You may incur or suffer as a result of any delay or failure in an International Payment reaching the bank (or other financial institution) account of the beneficiary of the payment, where that delay or failure is a result of (or arises in connection with): i) any part of the International Identifier You give Us under Condition being incorrect or incomplete; ii) any failure or delay on the part of the bank (or other financial institution) to credit the beneficiary s account; iii) any statutory or other legally required checks being carried out in relation to the International Payment; or iv) any event or circumstance beyond Our reasonable control.

9 Page 9 of Foreign currency cheques The following Conditions apply where You request that We issue to You a Foreign Currency Cheque: (a) (b) (c) (d) (e) (f) (g) When You request a Foreign Currency Cheque Your Account will be debited immediately We process Your instruction. The conversion will be made using Our current exchange rate on the date the cheque is drawn. Once We have issued a cheque to You, it becomes Your sole responsibility to deliver this to the beneficiary. The cheque will be payable on presentation, within a valid timescale, to the bank on which it is drawn. If the cheque is no longer required or has been lost, We will place a stop on the cheque. Once confirmation of the stop is received We will re-credit Your Account. If the refund is in a currency that is different to Your Account We will convert it. The conversion will be made using Our current exchange rate on the date that We re-credit Your Account. This may mean that Your Account will be re-credited with a different amount than was originally debited. A refund can only be made once We have received confirmation that the cheque has not been presented, or has been returned to Us (unless it has been stolen). Any charges resulting from the cancellation refund or stopping of a cheque may be debited to Your Account. Special conditions apply for stopping a cheque in some countries. For these, written confirmation from the payee, relinquishing claim will be required. The timescales for this are beyond Our control. If the cheque has been lost or stolen, We may require further supporting evidence in order to make a refund or reissue. If the cheque has not been presented for payment after six months, We reserve the right to cancel the cheque and re-credit Your Account, excluding any charges. When the refund is in a currency that is different to Your Account We will make a conversion using Our current exchange rate. This may mean that Your Account will be re-credited with a different amount than You were originally debited with Taxation For accounts opened in the UK For individual customers, interest payments on or before 5 April 2016 will be paid net of tax, unless you ve registered to receive interest gross. For interest paid on or after 6 April 2016, interest will be paid without tax deducted (gross). If the total amount of interest you receive in any tax year exceeds any Personal Savings Allowance to which you re entitled, you may have tax to pay at the applicable rate. This would need to be paid directly to HM Revenue & Customs. For more information, please visit gov.uk and search for Personal Savings Allowance. For non-individual customers, interest payments on or before 5 April 2016 will be paid gross, subject to sufficient evidence being provided to justify your eligibility for gross interest. Interest paid on or after 6 April 2016 will be paid gross For accounts opened in Jersey For corporate customers whose accounts have been opened in Jersey, interest will be paid gross. It is the account holders responsibility to ensure that they seek appropriate tax advice regarding the disclosure of any accounts to the relevant tax authorities. 3 Authorised User Conditions 3.1 Definitions In the Authorised User Conditions set out in this Condition 3, reference to: Account means the Account to which the telephone, fax or online banking services relate and/or the Account in respect of which a Card is issued; Account Holder means the Account Holder of the Account, as identified on the relevant Account s application form; Authorised Person means any person, including You, to whom a Card is issued, or to whom telephone, fax or online banking services are made available at Your request; Card means any card issued by Us to the Account Holder or to an Authorised Person at the request of the Account Holder to enable that Authorised Person to operate the Account and/or to have access to information related to the Account. Cards are not available on all accounts. We will agree with You, prior to opening Your Account, if this service is to be provided; Card Function means any use of the Card other than for a Card Transaction; Card Transaction means any payment, transfer or cash withdrawal made by using the Card; Personal Security Details means any registration numbers, codes or other information (including passcodes, PINs and User IDs) that We give You, or ask You to choose, in order to use a Card or telephone, fax or online banking services securely or for the protection of Your privacy, and/or making payments using card operated machines; You means any Authorised Person and the Account Holder and Your shall be construed accordingly. 3.2 Remote access to Your Account General You may be provided with, or asked to choose, various Personal Security Details to enable You to use Cards issued on Your Account and to operate Your Account using online banking, telephone and any other channels which may be available for Your Account from time to time Whenever You use online banking, telephone or other remote access channels to access Your Account, the use of Your Personal Security Details authorises Us to provide the service You requested and We will treat Your use of your Personal Security Details as Your consent to conduct any payment instructions You give using online banking, telephone or other remote access channel For security reasons, it is a condition of Your Account, that We are satisfied of Your identity (or the identity of any person requesting a transaction on the Account Holder s behalf). Accordingly, We will be entitled not to act on Your instructions if We are in doubt as to Your identity or the identity of any person requesting a transaction on the Account We may issue Personal Security Details to every person nominated by the Account Holder to be an Authorised Person on the Account. We will treat each nomination of an Authorised Person by (or on behalf) the Account Holder, as the Account Holder s authorisation and consent to Us to conduct payment transaction instructions on the Account from such Authorised Person. As long as an Authorised Person remains nominated by the Account Holder, We may change or replace Personal Security Details where appropriate. 3.3 Withdrawal of Your access to the service We may withdraw Your Card, PIN, chequebook, or any or all of Your Personal Security Details if We believe that it is necessary for security reasons; or to prevent unauthorised or fraudulent use of: remote access services; any of the accounts which You operate; or any of the related services which You can access using online banking, telephone banking or other remote access channels. We may also withdraw Your Card, PIN chequebook, or any or all of Your Personal Security Details where We consider that there is a risk the Account Holder will not be able to repay any money it owes Us on or in connection with the Account. We may do this, for example, if there have been too many unsuccessful attempts to access online banking, telephone banking or any other remote access channel using incorrect Personal Security Details If We withdraw Your PIN or any of Your Personal Security Details: i) We will tell You of Our intention to do so and Our reasons why beforehand, unless We are unable to tell You beforehand, in which case, We will tell You immediately after We do so; ii) whether We tell before or after, We will inform You of the withdrawal using any of the communication methods listed at Condition 2.7.1; iii) We do not have to tell You that We are withdrawing Your PIN or Personal Security Details, if doing so would compromise Our security measures or would otherwise be unlawful; and iv) You will need to apply for a new PIN or Personal Security Details by speaking to Us at one of Our branches or by telephone and after You have applied, We will reactivate and/or replace Your withdrawn PIN or Personal Security Details as soon as possible, provided that the reason We gave for its withdrawal no longer exists. 3.4 Online banking service For full details of Our online banking service, including Our User Guides, please visit Your local branch or call Our Corporate & Commercial Banking Centre on You will need to use Your Personal Security Details whenever You use online banking. The Account Holder s liability is explained in Conditions 3.17 below if an Authorised Person is not the person who made a transaction on the Account. 3.5 Ending online banking If You do not use online banking on Your registered Account for a period of 12 months We will treat this as Your indication that You no longer require the service and may remove Your Account from online banking without giving You notice. 3.6 Issue and use of Cards If We issue You with a Card We will give You a Personal Identification Number (PIN) to use with Your Card. This can be used as a means of identifying Yourself, for example, when You buy goods or services with Your Card. We may also ask You to choose Personal Security Details We may issue a Card to every person nominated by the Account Holder to be an Authorised Person on the Account. As long as an Authorised Person remains nominated by the Account Holder, We may issue renewal and replacement Cards where appropriate You must ensure that the Cards, telephone, fax or online banking services are not used in any way that is unlawful including, where applicable, the provisions of section 330 of the Companies Act 1985 (Loans to Directors) Use of a Card includes use of the Card number and other Card details, for example to carry out a Card Transaction over the telephone.