We outline the differences between the two popular affordable housing schemes.
The Society’s Savings Terms & Conditions will change from 21 September 2019.
The changes are:
- CHAPS service - from 21 September we will no longer offer CHAPS payments to third party accounts. This decision has been made in order to protect members in the light of industry concern regarding increased APP (authorised push payment) fraud. The CHAPS service will remain; however payment will need to be made to a nominated account in your name (or a joint account you are party to). If you need to send funds to a third party you will need to allow time to transfer the funds on to them from your nominated account.
- Charges - we will no longer make a charge if you request a copy of a cheque, statement or other document.
- Other minor changes have been made to the Savings Terms and Conditions to clarify existing wording, as a response to feedback from members.
Please see our Savings Terms and Conditions leaflet for more information.