Tandem Bank T&C's

Ian1961

I received an email this evening stating that they are changing their Terms & Conditions.

1..Account Closure, We've clarified when we might need to close your account right away.

2.Blocking or Freezing Your Account, We've clarified when we might need to immediately block or freeze your account.

Is this the normal wording on T&C's or is it something to be worried about in the near future?

eskbanker

That's just the high-level contents list, rather than the changes themselves, so impossible to say from that, you'd need to check the actual Ts & Cs or any associated document including the revised wording - are they really sending out emails without the detail, or are they expecting people to follow links to find them (rarely a good idea)?  Is the email definitely from Tandem?

wiseonesomeofthetime

Apparently, they're also changing notice period of a change in rate, from 30 days to 14.

Not seen anything myself yet.

Middle_of_the_Road

Ian1961 said:

Is this the normal wording on T&C's or is it something to be worried about in the near future?

Not really, just these smaller institutions catching up with policy requiring them to be more conscious of money laundering and covering themselves when they have to freeze or close accounts, which seems to be happening all the more recently.

eskbanker

Following the links on their site to the Ts & Cs for the instant access account, and comparing with previous version shows the following additions in bold:

C L O S I N G Y O U R I N S T A N T A C C E S S S A V I N G S A C C O U N T W I T H O U T N O T I C E

We can close your account immediately if you:

Don’t or no longer meet our Eligibility requirements for the Instant Access Savings account;

Don’t follow the terms set out in this document;

Have given us false or misleading information at any time;

Your account has been inactive for a period of time (2 years)

We deem that the account is being misused

Have used (or could be using) the Instant Access Savings Account for an illegal purpose, or allowed someone else to do this; or put us in a position or asked us to do something that would break any law, regulation or sanction

Have acted abusively towards a member of Tandem’s Staff;or 

We can also close your Instant Access Savings Account immediately if we are required to do so by law, or where we suspect fraud, money laundering or any other illegal purpose.

During probate, your Instant Access Savings Account will transfer to your executors/administrators. Grant of Probate or Letters of Administration will be required before funds can be released.

B L O C K I N G O R F R E E Z I N G Y O U R I N S T A N T A C C E S S S A V I N G S A C C O U N T

We can Block or Freeze your account immediately if:

You have not provided us with up-to-date information;

Your account has been inactive for a period of time (2 years); 

We become aware of a dispute between joint account holders; or 

We need to for legal or regulatory reasons (including sanctions) and not doing so could mean we face action by a regulator or government

Veteransaver

Presume they are planning to reduce rates soon, hence only giving 14 days notice!

boingy

Yeah, the 14 days things leapt out at me too. I shall have to carefully consider whether to move my two quid out of that savings account if they cut the rates.

Qyburn

I think mine's zero. An outfit like that, app only and with a poorly functioning app as well, isn't worth considering unless their rate tops the bill.

fotow

I left them because of the dodgy app. They started ok but in the end did not feel safe having my money with them. 

penners324

They're original plan was to be Starling / Monzo competitor and made a really good start with their credit cards.

When they abandoned those plans and the credit card I lost interest in them. now theyre a savings platform