Call Direct Advantage terms and conditions

1. General

1. The terms and conditions that apply to Call Direct Advantage are these product terms and our standard investment account terms and conditions (‘standard terms’). If there is any conflict between the product terms and the standard terms then the product terms apply.
2. Funds saved in this account are shares of Chelsea and your rights and obligations as a member are as set out in our Rules.
3. This account is administered and controlled by our Call Direct Services department based at our Head Office and at our Cheque Processing Centre. Other than receipt of the initial opening balance none of our other centres or branches are permitted to accept funds to this account or process transactions unless we give you notice otherwise.
4. The account and the account facilities are only available to savers who:
   1. reside in the UK
   2. use the account for ‘non business’ purposes
   3. save moneys in the account, which personally belong to them or are being invested on an attorney basis (ie funds saved, on behalf of another, be it as Trustee or Nominee will not satisfy this condition)
5. If the account is opened/account facilities issued but it is then discovered that any of the above conditions are not met, then we reserve the right to close the account and require return of any of the account facility documents issued. We shall be under no obligation for any consequential loss arising but shall close the account by returning the moneys in the account, together with any interest accrued to you.

2. Deposit (minimum and maximum limits)

1. The minimum opening sum that you must save and maintain is £250. (If the balance falls below the minimum £250, then no interest will be paid for the period until it is restored.)
2. The maximum deposit each saver may make into Chelsea Call Direct Advantage is £500,000, provided that the total savings held (in this and any other accounts the saver holds with us) do not exceed £2,000,000 in which case £2,000,000 will be the maximum limit of the aggregate of savings.
3. No cash payments will be accepted. (Any cash payments tendered will be returned to you without any liability on our part.)

3. Interest

1. Interest is payable annually on 1 June
2. For accounts where monthly payments are required:
   1. the gross interest rate is at a rate which if added to the account each month would produce a gross rate so near as may be equivalent to the gross/AER*
   2. monthly interest is calculated in accordance with the number of days in the month and the amount of interest will, therefore, vary from month to month
   3. monthly interest is first paid at the end of the month in which the account is opened and then at the end of each subsequent month
3. Interest will only be earned for the period the account balance is at or above the minimum required balance of £250.
4. The interest rate is variable and we can change the interest rate if any of the circumstances set out in our standard terms occur. We will notify you of any interest rate variation in accordance with our standard terms.
5. Interest will be calculated from the day following receipt of your deposit up to and including the date of withdrawal, except that interest on any cheque, draft or other order credited to the account will start earning interest from the second working day following the day of receipt. (‘Working day’ means any day other than Saturday, Sunday, bank or public holiday.)
6. Interest can be either:
   1. added to your account or
   2. transferred to another account or
   3. transferred to your nominated bank account
7. We may introduce tiered interest rates. If we do, then we reserve the right to vary the interest rate differential and the tiering rate interest structure.

4. Withdrawals

1. Withdrawals may only be made through either the ‘Chelsea card’ facility or via the ‘Teleauthorisation’ facility unless one of the circumstances set out in Condition 6 arise and we permit you to operate the account by giving written instructions to us.
2. Withdrawals are not permitted through any of our branches.
3. Withdrawals may not be made (either wholly or in part) against the proceeds of any cheque, draft or order credited to the account within the preceding 6 working days.
4. We reserve the right to refuse to pay partial withdrawals which would result in the cleared account balance being less than £250.
5. For the purpose of this account the restrictions set out above apply equally to transfers from the account. (This restriction also applies to transfers from this account to any other Chelsea account you may hold with us.)

5. Teleauthorisation facility

1. Telephone withdrawals will only be permitted to:
   1. another account you hold with us provided that your account is a linked account. By linked account we mean that the transferee account is in your name and has the same customer number as your original Call Direct account, or
   2. to a bank or building society account that you have nominated
2. In both cases we will only agree and permit the transfer if we are satisfied that our security conditions are first met and, where the transfer is to a linked account, then your request is made to one of Chelsea's agents. The security conditions are that, at our request, you must identify the appropriate letters we may ask you from your nominated passwords. Failure to comply with our request satisfactorily will result in access to your funds via the teleauthorisation facility being denied.
3. We shall use our best endeavours to process immediate withdrawal instructions on the same day as your request. Any immediate withdrawal instruction made by you and received by us on a non working day will be processed on the next working day. Transfer of funds, using the teleauthorisation facility, is via the Banks Automated Clearance System (BACS) which normally means receipt of funds by the receiving bank on the third working day.
4. If you wish to vary, amend or cancel your withdrawal instruction you must give us, at least 1 working day's prior notice.
5. If your account is held jointly, the teleauthorisation service is available only where you both give your written consent to us that either of you may operate the account independently of the other.
6. The minimum sum that may be withdrawn via the teleauthorisation facility is £250.
7. If you wish to amend, alter or set up your bank or building society nominated account you must give us written instructions.

6. Withdrawal of funds other than via the teleauthorisation facility and Chelsea card facility

1. If circumstances arise whereby you are unable to satisfy our ‘security conditions’ required to access your funds via the teleauthorisation facility, we may (at our discretion) accept your written instructions to transfer the funds you require to your nominated bank or building society account.
2. If your account is held jointly and your co account holder gives notice that s/he requires that the teleauthorisation facility be withdrawn we may, upon receipt of your joint written authority, accept your written instructions to transfer the funds you require to your nominated bank or building society account.
3. If we receive notice that a receiver has been appointed to administer your affairs, or that you have died and executors/administrators have been appointed to act on your behalf then, upon receipt of the appropriate documentary evidence of appointment we may (at our discretion) accept written instructions from your appointed representative to withdraw funds from the account.
4. For the purposes of this account ‘written instructions’ means original written instructions. Instructions received by fax or email will not be sufficient for our purposes.
5. In any circumstances where written instructions are permitted to be given the minimum period of notice that we require to action the request is one working day's notice.

7. Withdrawal of teleauthorisation facility and Chelsea card facility
We reserve the right to withdraw the Teleauthorisation and/or Chelsea card facility if any of the following events occur:

1. we receive notice that you have become mentally incapable of administering your affairs
2. we receive notice that you have died
3. if your account is held jointly, and your co account holder gives notice that s/he requires that the teleauthorisation facility be withdrawn
4. if any of the conditions relating to issue and use of the Chelsea card are breached
5. if any circumstances arise or come to our notice that we reasonably consider may be prejudicial to our interest
6. for any other valid reason

8. Chelsea card facility

1. Chelsea card
   The issue and use of a Chelsea card (the ‘card’) is subject to:
   1. our approving your application
   2. the cleared balance on your account being at least £250
   3. if your account is joint, both of you giving us written instruction that either of you may operate the account independently of the other and
   4. the terms and conditions of this account, in particular the following:
      You must:
      
      1. exercise all reasonable precautions to ensure that the card is not lost or stolen but kept under your safe custody and control
      2. sign the reverse of the card immediately, on issue
      3. ensure that the card is only used by you
      4. surrender the card to us upon request
      5. use the card only for the purpose that we have authorised
      6. not use the card as a credit card
      7. notify us immediately if the card is lost, stolen, or retained:
         
         
         1. by contacting any of our branches or by telephoning the 24 hour emergency number 08456 035066 or by telephoning 0845 704 5111, quoting your name and savings account number. You must confirm your telephone message in writing within three days to our Savings Department at Thirlestaine Hall, Cheltenham, Gloucestershire, GL53 7AL and
         2. give us all available information as to the circumstances of the loss, theft, or disclosure and
         3. take all steps we consider necessary to assist in the recovery of the missing card (in such event we may, at our discretion inform the Police and you must provide them with such information as they may reasonably require)
         4. surrender to us any card reported as lost or stolen and then subsequently recovered
      8. not to use the card to withdraw funds through the automated teller in excess of the daily limit we from time to time prescribe. (Currently the limit is £200)
      9. not use the card to withdraw funds which would result in the cleared balance on the account being reduced below the minimum required balance of £250 specified under Condition 2.1
      10. accept, if your account is held jointly and either may operate the account independently of the other, that each of you is liable for withdrawals made by the other
2. Personal Identification Number
   The issue and use of the Personal Identification Number (PIN) which we will issue you with to enable the card to be used, via an automated teller machine, is subject to the following terms and conditions
   You must:
   
   1. ensure that the PIN that we issue you is kept secret and at no time is it divulged to any other person
   2. ensure that the PIN is never written on the card or on anything kept with it
   3. destroy any PIN advice promptly on receipt
   4. if the PIN is lost, stolen, or becomes known to another to notify us immediately by contacting any of our branches or by telephoning the 24 hour emergency number 08456 035066 or by telephoning 0845 704 5111, quoting your name and savings account number. You must confirm your telephone message in writing within 3 days to our Savings Department at Thirlestaine Hall, Cheltenham, Gloucestershire, GL53 7AL
3. You will be liable for all withdrawals made by use of the card (including those made by your joint account holder) except that:
   1. you will not be liable for any withdrawals made after you have given us written notice that your card has been lost or stolen and/or your Personal Identification Number has become known to another person
   2. provided that you have complied with our requirements as to security of the card and PIN and you have not perpetrated any fraud, your liability will be limited to £50 in the event of misuse before we have been notified of the loss or theft of the card or PIN being known to anyone else

9. Exclusions of our liability to you

1. We shall use our reasonable endeavours to ensure that the teleauthorisation service is available during normal business hours on a working day and the Chelsea card facilities, if issued, are available at all reasonable times but we shall not be held liable for any loss or damage caused by failure of either service if failure is due or occasioned by matters outside our control.
2. We shall not be liable for any loss you suffer due to any omission, error or inaccuracy in the information or instruction you give to us.
3. We shall have no liability to you if any of the circumstances of Condition 7 arise and we exercise our right to withdraw either the teleauthorisation facility and/or the Chelsea card.

10. Our right to close your account

1. We reserve the right to close the account and return the moneys in the account, together with any interest accrued due, in the event of any of the following:
   1. it comes to our notice that the account is being used for business purposes in breach of 1.4
   2. if the account balance is reduced below that specified in 2.1
   3. any of the events specified in Condition 7 occur.

11. Your right to close the account
You may close your account at any time subject to the following conditions:

• written notice of your request to close the account must be given to us signed by you (or all of you in respect of a joint account)
• any Chelsea card issued to you must be returned to us and
• all debit transactions made on the account must be cleared and processed.

12. Other limitations on use

1. We reserve the right to close the account after giving 30 day's notice to you, if we find we have mistakenly opened the account in breach of the account terms.
2. We will not, for costs and security purposes, issue Chelsea cards to destinations outside the United Kingdom.

‘Working day’ within these terms means any day other than Saturday, Sunday, bank or public holiday.