Hanley Economic Building Society BRANCH SAVER

refluxer

10_66 said:
I emailed them in May to try to get some clarification, and they said that payments into the account normally arrive on the next working day, they said because they aren't part of the FP scheme.

Thanks for the heads-up - the BACs test payment I sent yesterday was showing this morning. I can live with that and at least knowing that for future deposits will stop me checking throughout the day !

HHUK

I finally received my User ID in the post yesterday and now have online access to my Branch Saver account. I sent my application form and cheque at the end of May, and received a passbook showing my initial deposit on 15/06/2023, together with a covering letter of the same date and a General Terms and Conditions for Savings Accounts booklet.

The letter states that the terms and conditions specific to my new account can be found in the booklet, but I have not managed to find them in there or on the society's website. I would like to refresh my memory about the limits and methodology relating to withdrawals and further deposits. Please can anyone point me to something I may have missed in the booklet, or to a relevant link? Thanks.

Cold_comfort

HHUK said:

... Please can anyone point me to something I may have missed in the booklet, or to a relevant link? Thanks.

Same here but I think they mean page 3 of https://thehanley.co.uk/wp-content/uploads/2023/05/Savings-Product-Guide-September-2021-v10-0523.pdf

HHUK

Cold_comfort said:

HHUK said:

... Please can anyone point me to something I may have missed in the booklet, or to a relevant link? Thanks.

Same here but I think they mean page 3 of [the Savings Product Guide]

Thank you, that's most helpful. The estimated return leaves something to be desired though - 'Based on the current interest rate, if you deposited £1,000 in this account, after 12 months you would have £1,004.25' !

refluxer

Hmmm - online payments I've made into this account have proceeded as expected up until now, but a large online payment I made just after 5pm yesterday is still not showing, despite the T&Cs saying it should have been credited this morning. I've just chased this up via secure message.


The date that payments will be to be credited to your account will be the date that we receive the cleared funds. Cut-off times apply for receipt of an Electronic Payment:

• Payments received by us before 3pm on a Working Day, will be credited to your account and will be available to withdraw immediately, as soon as we receive it;

• Payments received after 3pm on a Working Day or on a non-Working Day, will be credited to your account and will be available to withdraw at the start of the next Working Day (subject to our Normal Business Hours). 

refluxer

refluxer said:

Hmmm - online payments I've made into this account have proceeded as expected up until now, but a large online payment I made just after 5pm yesterday is still not showing, despite the T&Cs saying it should have been credited this morning. I've just chased this up via secure message.


The date that payments will be to be credited to your account will be the date that we receive the cleared funds. Cut-off times apply for receipt of an Electronic Payment:

• Payments received by us before 3pm on a Working Day, will be credited to your account and will be available to withdraw immediately, as soon as we receive it;

• Payments received after 3pm on a Working Day or on a non-Working Day, will be credited to your account and will be available to withdraw at the start of the next Working Day (subject to our Normal Business Hours). 

The money was credited to my account this morning so, in reality, it looks like online payments made after normal banking hours on a working day can potentially take up to 2 working days to appear.

As eluded to in a previous post, there is obviously a delay between an online payment being made and it actually being received (and processed) by them. In my case, presumably a payment made at 5pm wasn't received/processed until after 3pm the following day and therefore wasn't credited until the subsequent morning.

With that in mind, I'd recommend making online payments into this account as early as possible (probably in the morning) during a working day (Monday to Thursday) if you want them to appear the following morning, as all my previous payments into this account followed this pattern. 

qbadger

Is interest paid annually on 31 August for this account?

refluxer

qbadger said:

Is interest paid annually on 31 August for this account?

Yes, that's right.

drphila

FP wthdrawals are limited to £10k. >£10k can be withdrawn electronically but is by CHAPS and incurs a £25 fee. Cheque withdrawals are available for any amount up to the limit specified in the KID (£70k max, from memory)

refluxer

drphila said:

FP wthdrawals are limited to £10k. >£10k can be withdrawn electronically but is by CHAPS and incurs a £25 fee. 

Where did you get this info from, out of interest ? According to the Branch Saver terms, withdrawals can only be made from that account in a branch or by posting off your passbook to them and are limited to cash or cheque only. This was also reinforced by HEBS staff to a previous poster (either in this thread or elsewhere) who asked about the possibility of faster payment withdrawals. Online access to this account is limited to checking the balance only, unfortunately.

This is the withdrawal info from the Branch Saver product info in the guide linked to above...

Can I withdraw money?

You can withdraw once per calendar month without penalty up to £500 in cash and £70,000 by cheque on demand from our branches or by sending us your written instructions. Larger cash sums up to £5,000 are available by giving at least 24 hours notice. Cheque withdrawals over £70,000 can be obtained from our Registered Office. All other withdrawals are subject to 30 days loss of interest on the amount withdrawn. Following any withdrawals £1,000 should remain in the account.