60-DAY NOTICE ACCOUNT TERMS & CONDITION
These terms and conditions (as may be amended from time to time) apply to the 60 Day Notice Account (?the account?) which the account holder(s) (?you?) holds with Turkish Bank (UK) Ltd. (?The Bank?, us?, our?).
1. Deposit Amount
The initial deposit and ongoing balance must be at least £1,000. The maximum balance accepted is £250,000. This may be increased at our discretion.
2. Payment of Interest
Interest Rates
Variable interest rates apply to the account. Rates may be varied for competitive or other reasons, for example as a result of regulatory changes or changed market conditions. The rate is guaranteed not to go below Base Rate. If the balance at any time falls below the minimum amount of £1,000, the interest rate will be reduced to 0.1% p.a.
Interest Calculation
Interest is calculated on a daily basis from the day funds are cleared. This means that you will earn interest after the second business day in respect of cheques received for credit of the account. Funds received by Electronic Funds Transfer (EFT) will earn interest from the date credited to your account.
Taxation Of Interest
Interest will normally be paid net of standard UK tax rate (currently 20%) but may be paid gross subject to receipt of a valid declaration or self-registration of eligible non-taxpayer status by all parties to the account. (Form R85 is available on request)
Interest Payments
Interest will be paid annually on 31st December or account closure.
Interest Rate Changes
If we change the interest rate on your account we will tell you personally by letter within 30 days of the change.
3. Deposits
The initial deposit may be made either from your Bank or Building Society account by EFT or by cheque, which is required to be drawn on the account holder?s existing personal account in the UK payable to the name/s of the account to be opened by Turkish Bank (UK) Ltd.
For joint applicants your cheque should be drawn on a joint personal account in the exact names of the applicants. (If you do not have a joint account, we will require a personal cheque, drawn as above from each applicant). The same rule applies, as above, for EFT transfers.
Additional deposits must be for a minimum of £1,000. Cheques must be drawn on the account holder?s existing personal Bank or Building Society account. For your protection, personal cheques should be made payable to the name/s of the account to be opened by Turkish Bank (UK) Ltd.
4. Withdrawals
Withdrawals will be remitted direct to your nominated UK Bank or Building Society account, as advised by you on the account Application Form, or by bankers draft drawn in your name. No payments in favour of third parties or cash withdrawals will be permitted.
60 Day Notice Account withdrawals are subject to the 60-day period of notice.
5. Amendments
Requests to amend account details should be made in writing and be signed by you in accordance with the prevailing instructions. Any notice of change of name must be accompanied by appropriate evidence. (e.g. marriage certificate)
6. Statements
A Statement of the account will be provided to you within 10 business days of any interest application date. When a transaction occurs a credit/debit advice will be issued within 10 business days.
Should additional statements be requested this will be regarded as an exceptional service and we reserve the right to apply a charge of £5
7. Charges
Early repayments are subject to 60 days loss of interest on the amount withdrawn. Min. charge is £10.
8. Exceptional Service
We may at our discretion charge for services we regard as non-standard. The amount of any charge for a non-standard service will be advised to you prior to the service being provided.
9. Death of Account Holder
If a sole account holder dies, the personal representatives may close the account (upon presentation of such evidence of their authority as we may require) by withdrawing the balance of the account together with any interest accrued without notice or penalty.
If a joint account holder dies the account may continue in the name of surviving account holder. Alternatively, the survivor may elect to close the account by withdrawing the balance of the account together with any interest accrued to date without notice or penalty.
10. Variation
Any variation to these terms and conditions will be notified to the account holders in writing at least 30 days prior to making such change.
11. Notice To Close The Account
The bank undertakes not to close your account without giving you 30 days notice unless there are exceptional circumstances such as suspected fraud.
12. Cooling-Off
If you are not happy about your 60-Day Notice Account within 14 days of opening it, we will help you switch to another account or we will give all your money back with interest. We will ignore any notice period.
13. Deposit Protection Scheme
The Bank is a member of Financial Services Compensation Scheme (the Scheme) established under the Financial Services and Markets Act 2000. The Scheme has the power to compensate customers in the event of the failure of any authorised firm. Payments under the Scheme are limited to 100% of the first GBP 85,000 of a depositor's total deposits subject to a maximum payment to any one depositor of GBP 85,000.
Further details of the Scheme are available from the Financial Services Compensation Scheme www.fscs.org.uk.
14. Confirming Your Identity
UK anti money laundering regulations requires that we have to ask you for proof of identity. We will not be able to open your account without the correct identification documents.
If you are already a customer of Turkish Bank (UK) Ltd., you do not have to provide further proof of identity or address.
If you are not a customer of Turkish Bank (UK) Ltd:
If your application is in your name only: We will need to see one form of original address identification document from the list below. If your application is in joint names: We will need to see one form of original address identification document for each applicant from the list below. When the surname and address given are the same for all parties to the account, there is no need to provide address verification for more than one of the parties.
Proof of Identity We need to see ONE of the following five types of documentation for each applicant.
15. Product Availability
60 Day Notice Account is only available to investors aged 18 or over in a sole or joint basis. The account must not be used for business purposes. All account holders must be UK resident(s).
16. The Banking Code
The Bank subscribes to The Banking Code. Account Holders requiring a copy of the Banking Code can obtain one from the Banking Code Standards Boards (www.bankingcode.org.uk) or from the Bank.
17. Contracts (Rights of Third Parties)
This contract is between the Account Holder(s) and Turkish Bank (UK) Ltd. The terms of the contracts Rights of Third Parties Act 1999 and any other legal third party rights are specifically excluded. This means that only the parties to the contract (or their legal successor(s), assignee(s) or other security holders) may have contractual rights.
