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Definitions:
"BACS" means the payment clearing and settlement services operated by BACS Payment Schemes Ltd.
"Society" means Market Harborough Building Society.
"You-View" means the Society's interactive online enquiry and transaction request service.
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These Terms and Conditions should be read in conjunction with the Society's general Savings Account Terms and Conditions, and the You-View Terms and Conditions. They should also be read in conjunction with the Family Offset Mortgage Terms and Conditions.
WithdrawalsWithdrawals can only be made via the You-View service. Unless a transaction is to close an account, the minimum withdrawal amount is £100.
Withdrawal requests received before 2 p.m. on a Working Day will be processed by Electronic Payment to one of the customer's nominated bank accounts on the same day. Requests received after that time, or not on a Working Day, will be deemed to have been received on the following Working Day. There is no charge for this service.
The Society does not accept any liability for loss caused by any delay in processing these transaction requests, whether through failure of the Society's systems and procedures or those of the Electronic Payment service.
Bank accounts nominated by customers to receive withdrawal payments must be operated in the UK and have valid UK sort codes and account numbers. They must be personal accounts held in the name(s) of the customer(s). Withdrawal requests will not be accepted until nominated accounts have been validated by the Society. Customers should allow three working days for this process to be completed, after the required proof of ownership of the bank account has been received by the Society.
Closure of Mortgage Element of the Family Offset Account
Upon the closure of the Mortgage element of the Family Offset Account, the Savings element of the Family Offset Account will be transferred to an Onthedot Easy Access account unless instructed otherwise by (one of) the account holder(s).
General
Changes to terms and conditions will normally be advised by e-mail. You should remember to advise the Society of any changes to your e-mail address (you can do this through You-View).
There is no minimum investment in the Savings element of a Family Offset Account.
If the amount invested in the Savings element of a Family Offset Account exceeds 50% of the amount outstanding on the Mortgage element of a Family Offset Account, then only the portion of the Savings account that is equal to 50% of the balance of the Mortgage account will be used for calculating the amount of interest credit to the Mortgage element of the Family Offset Account.
In the case of joint accounts either party may give authority for withdrawals, and for changes to account information.
Statements of account are not issued, but transactions can be viewed on-line and printed at any time. From time to time the Society may delete from the on-line system information concerning transactions that are more than two years old.
No passbook or other form of account document will be issued.
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