Birm. Midshires - changes to Terms & Conditions

Primrose

Received notification from them today about changes they are making. A few points concerned me and I wonder if when they refer to "your account", they also include Fixed Term Bonds?

"We may change the rate of interest......
3) (iii) because our costs have increased
(iv) to maintain our financial strengths
Does this mean they have the right to change the interest on Fixed Term Bonds while they are still in process, as well as ordinary savings accounts?

They also have a clause on Unclaimed Balances:

"If for a period of TWO YEARS you have made no payment to us and have not withdrawn any money from your account and you cannot be traced, we may decide to close your account and retain the money........" Two years seems a very short period to me. What about all those people who are holding money in accounts for a rainy day or long term savings projects??

something_girl

I've just applied for an internet savings account with them. Those conditions do indeed sound very strange, especially the 'retaining the money after 2 years'

RayWolfe

No, it will not apply to fixed rate accounts.

BruceyBonus

Primrose wrote: »

They also have a clause on Unclaimed Balances:

"If for a period of TWO YEARS you have made no payment to us and have not withdrawn any money from your account and you cannot be traced, we may decide to close your account and retain the money........" Two years seems a very short period to me. What about all those people who are holding money in accounts for a rainy day or long term savings projects??

The important bit I've put in bold. As long as you keep them up to date with your address, then you'll be fine.

Meltdown_2

There are cases of people who were classed as being untraced because they didn't return 'optional' questionnaires or whose mail was delivered to the wrong address and 'returned to sender' (even though it was addressed correctly).

ianmr65

Primrose wrote: »

:

"If for a period of TWO YEARS you have made no payment to us and have not withdrawn any money from your account and you cannot be traced, we may decide to close your account and retain the money........" Two years seems a very short period to me. What about all those people who are holding money in accounts for a rainy day or long term savings projects??

The standard period is a year. (eg barclays) All that happens under the BBA code is you account goes 'dormant'. You don't lose the money, and you or your inheritees will be able to claim at ANY time in the future. Not sure what happens about the intrest. tho
Tho to be honest all you have to do to prevent this from happening is withdraw a pound, or pay in a pound every 2 years.. not a very onerous condition really, and/ or prevent mail they send you from being returned to sender.

This is basically to stop them having to send out statements for twenty years to people who have a tenner in the account, forgotten about it/ lost their details/ and have moved house.

BruceyBonus

Just set up a standing order from your current account for £1 every year.