Newcastle B.S. changes in terms & conditions

jewelly

Hi

I have just received the following via email, and thought I should share for those that may fund their savings account by DD (I do):-


IMPORTANT CHANGES TO YOUR NEWCASTLE SAVINGS ACCOUNT GENERAL TERMS & CONDITIONS


Following a recent review of our Savings Account General Terms & Conditions, we have made a number of small changes. We are always looking at ways of enhancing our service and the security of our savings accounts to better protect our customers, and these changes help us to do this.



Removal of Direct Debit funding of savings accounts
A small number of accounts are funded by Direct Debit, where the customer provides the details of an account held with another financial institution and the Society then collects a requested amount from that nominated account.



As a result of the small number of accounts using this payment method and the improvements made to the faster payment system in recent years the Society will shortly be removing the option to fund savings accounts using Direct Debit.



In future, accounts can be funded by:

Arranging an electronic payment from your bank (via faster payment, BACS or CHAPS) to your Newcastle account (your bank may charge for this);
By asking your bank to set up a regular standing order from your nominated account; or
Sending us a cheque by post (please do not send cash by post).


When making electronic payments to your Newcastle savings account, you should use the following:



Sort code: 23-59-54

Account number: 00000008

Beneficiary: Newcastle BS

Reference/Account number: Your full Newcastle savings account number (including the letters at the start and end, for example ABC1234567DEF).

alba7

Thanks for that, jewelly. I also fund mine by direct debit, set up quite recently. It's a pain - I've been using it as a direct debit for my Club Lloyds account!

LookingToTheFuture_2

I got this email today.

I have now checked my account and discovered that Newcastle BS didn't take the DD from my Halifax Reward account in May. I know I should have checked my Halifax account sooner but I don't use it for anything other than the minimum transactions needed to earn the £5 so I just keep a tiny balance in there and tend to leave it to run itself which has been fine up to now.

I suppose a lot of people were using the savings accounts just for the DD facility so I can understand why they've withdrawn it but I'm still annoyed that Newcastle cancelled the DD 3 weeks before they sent the notification email.

bob792

LookingToTheFuture wrote: »

I got this email today.

I have now checked my account and discovered that Newcastle BS didn't take the DD from my Halifax Reward account in May. I know I should have checked my Halifax account sooner but I don't use it for anything other than the minimum transactions needed to earn the £5 so I just keep a tiny balance in there and tend to leave it to run itself which has been fine up to now.

I suppose a lot of people were using the savings accounts just for the DD facility so I can understand why they've withdrawn it but I'm still annoyed that Newcastle cancelled the DD 3 weeks before they sent the notification email.

They haven't withdrawn it yet (at least if it's already set up). They took my DDRs from my Lloyds Account on 1st May and 2nd June. I've checked now and my Newcastle account is still showing a future payment in for 1 July.

Their Email says: "If you are affected by these changes we will contact you closer to the time to tell you exactly when they are coming into effect"

planteria

i tried to fund my Newcastle account by DD, but it wasn't possible. i'm not surprised they have pulled the ability to do it, but i think it's a shame. there aren't many Building Societies allowing DDs to accounts.

Archi_Bald

planteria wrote: »

there aren't many Building Societies allowing DDs to accounts.

And for very good reason. DDs cost the receiving company more than an FP does. You got to ask though why they are still accepting cheques.

LookingToTheFuture_2

bob792 wrote: »

They haven't withdrawn it yet (at least if it's already set up). They took my DDRs from my Lloyds Account on 1st May and 2nd June. I've checked now and my Newcastle account is still showing a future payment in for 1 July.

Their Email says: "If you are affected by these changes we will contact you closer to the time to tell you exactly when they are coming into effect"

Hmm. I'm going to send them an email to ask why they didn't take my DD then. I can't see any reason why it didn't go through - there were enough funds in Halifax to cover it and there's been no problem with it in the past.

planteria

Archi_Bald wrote: »

And for very good reason. DDs cost the receiving company more than an FP does. You got to ask though why they are still accepting cheques.

don't tempt them to drop those too, Archi:T

Archi_Bald

Perversely, the only two cheques I had to write in the last dozen years were to savings account providers (AA and ING) who insisted on receiving a cheque to open an account. Many businesses simply don't accept any cheques these days because of the processing costs and negative impact on cashflow, and we now have plenty of alternative means for settling bills and passing money to somebody else. Any business that doesn't accept cheques is to be applauded since they are saving costs.

I think the need for cheques will naturally die out as those that still use / require them pass on. Though you can probably still hang on to them for the next 10-20 years.

http://www.paymentscouncil.org.uk/communique/-/page/2800/

planteria

i never use cheques to make retail purchases, and have never carried a chequebook around with me, but i pay for some services by cheque, and like to be able to pay cheques into savings accounts, including with Building Societies.

VT82

I got this email while on holiday and am just getting round to dealing with it.

I use Newcastle BS for one of my Lloyds Vantage accounts. I've also got a Tesco account that is used to meet the DD criteria. Is it true I can open a slightly different Tesco account online, set up DD's for that, and even just having two Tesco DD's will meet the criteria?

TIA for your help.