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Managing your account

If you've got a question about managing your account, we've put some useful information all in one place to help.

Using your account

How do I keep track of the interest rate on my savings?

There are a number of ways you can keep track of the interest rate paid on your account:

  • If you use Online Services, your interest rate is displayed on the 'My transactions' page once you've selected your account.
  • Look at our range of open accounts. If your account is no longer available, you'll find this in our list of closed accounts.
  • Call our 24 hour self-service telephone line on 0800 121 8899.
  • Visit one of our branches where our staff will be able to help you.

How can I request a 975 Tax Certificate?

If you have a savings account that has earned interest during the latest tax year, you can request a 975 Tax Certificate to be sent to you by post by either calling us, visiting a branch or by logging in to Online Services.

You also have the option to opt-in to receive your annual Tax Certificate automatically each year. If you choose this option, we'll send your Annual Tax Certificate to you after 6 April. Please allow up to two weeks from 6 April to receive this.

Why do I need to set up Security Details?

If you telephone us about your account or use Online Services we will need to ask you for your Security Details. These will help us to identify you when we are not speaking to you face to face. If you have not already set up your security details please call us.

How do I close my account?

Depending on the type of account you have, you may be able to close your account online, by calling our customer service centre, by sending your written instructions by post or by visiting your local branch or agency. If you are unable to close an account online, you'll see a message confirming this.

lf you would like more information about our range of savings accounts, please call our Customer Service Centre.

What is my "nominated account" and how can I change it?

Your nominated account is the account you choose as the main destination for any withdrawals you make, or to pay interest to. You can select any account you hold with the Coventry, or any other UK based account you hold, as your nominated account.

The first time you make a withdrawal to your nominated account online we will send a letter to you to confirm the details of this account.

If you want to change your nominated account please contact us.

How do I update my personal details?

If you use Online Services simply login to update your phone number(s) and email address. If you do not use Online Services call us or visit your local branch to update your details.

If you need to notify us of a change of address please call us or visit your local branch. You can't notify us of a change of address online.

How can I add someone else onto my savings account?

To add someone onto your savings account please contact our Customer Service Centre or visit one of our branches who will be able to advise you.

How do I register a bereavement with the Coventry?

When you lose someone close to you, there's a lot to take care of and it can be difficult to know where to start. about what you need to do at the Coventry.

Using your card

Can I use my card abroad?

Yes, you can use your Visa debit or cash card to withdraw cash from cash-machines abroad displaying the LINK or PLUS logos, and you can use your Visa debit card to pay in shops, restaurants and anywhere else which accepts Visa payments.

If you want to use your card abroad, you need to contact us no more than two weeks before you go with the details of where you're going and the dates you're away. To let us know:

  • Call us on 0800 121 8899
  • Come into any branch
  • Log into Online Services and send us a secure message with details of your trip

If you don't tell us you're abroad, your card won't work when you're away. (This is part of our fraud prevention measures.)

If your cards are lost or stolen, call us straight away on 0800 121 8899. If you're outside the UK, call +44 24 7655 5255. Our advisors are available Monday to Friday 8am-8pm, Saturday 9am-5pm and Sunday 10am-4pm. Our 24 hour self-service telephone option is also available 24 hours a day, 365 days a year.

What are the charges for using my card abroad?

Our charges for using your card abroad to withdraw money or make a payment in a currency other than pounds sterling:

Visa debit card Cash card
Withdrawal from Visa or PLUS cash machines abroad 2% of the sterling value of the transaction 2% of the sterling value of the transaction
Card purchase abroad 2% of the sterling value of the transaction n/a

We don't charge an additional cash fee for using a LINK or PLUS cash machine abroad.

For cash withdrawals and Visa card purchases abroad, we convert the amount of the transaction in pounds sterling on the date we take it out of your account at the wholesale rate of exchange applied by Visa. We then charge 2% of this sterling transaction value. You can find out today's Visa exchange rate here at the Visa website*: Visa exchange rate calculator Opens new website in another window

Example: withdrawing €100 using your Visa debit or cash card:

Visa debit card Cash card
Withdrawal from Visa or PLUS cash machine abroad €100 €100
Visa wholesale exchange rate €1 = £0.79** €1 = £0.79**
Converted to pounds sterling £79 £79
2% of the sterling value of the transaction £1.58 £1.58
Amount show on your statement £80.58 £80.58

Example: spending €100 using your Visa debit card:

Visa debit card
Visa card purchase abroad €100
Visa wholesale exchange rate €1 = £0.79**
Converted to pounds sterling £79
2% of the sterling value of the transaction £1.58
Amount show on your statement £80.58

There's no charge for using your card when you're away if the area uses pounds sterling, for example the Isle of Man, the Channel Islands and Gibraltar.

*The Coventry is not responsible for the content of external websites.
**The Visa exchange rate used here applied on 25 July 2014.

Should I pay in pounds sterling when I'm abroad?

It depends. When you're abroad, some shops, services and cash-machines might offer to make your card transaction in pounds sterling rather than the local currency. It's up to you to decide whether to allow the retailer/machine to do the conversion for you immediately (Dynamic Currency Conversion, 'DCC') or pay in local currency and we'll convert it for you. If you choose to pay using DCC, it's in pounds sterling so we process it like a normal UK transaction.

Will paying by DCC be cheaper?

Paying by DCC might cost you more, less, or the same as paying in local currency. It depends on what the retailer/machine is charging - they can choose any exchange rate, and they may also charge a commission fee.

How can I avoid paying by DCC?

If you want to avoid DCC and instead have us make the conversion for you, tell the retailer that you want to pay in local currency before you hand them your card. If you're using a cash-machine, read the screen carefully to make sure it hasn't got DCC selected by default (if it has, you should be able to de-select it).

What are 'continuous' or 'recurring' payments?

Continuous or recurring payments are a series of payments collected from your account by a retailer or supplier under a 'continuous payment authority' that you've set up on your Visa debit card.

A 'continuous payment authority' is an agreement between you and a retailer, where you've given them your Visa debit card details and your consent for them to take a fixed or variable amount from your account on an on-going basis.

They're commonly used for things like roadside assistance, magazine and TV subscriptions and other services where you need to make a regular payment.

The retailer can continue to take payments until your agreement with them ends, or you cancel the continuous payment authority.

How is a continuous payment authority different from a Direct Debit?

With a continuous payment, you set it up directly with the retailer, just using your debit card. With Direct Debit, you ask us (not the retailer) to set up the regular payments for you.

The easy way to tell the difference is that for continuous payments, the retailer or supplier will ask for the long number on the front of your Visa debit card, rather than your account number and sort code.

Continuous payments aren't covered by the Direct Debit Guarantee.

How can I cancel a continuous payment authority?

If you want to cancel a continuous payment authority, you can do this with us or the retailer. Remember, you'll still be responsible for paying any money you owe them.

Contact the Coventry
You can ask us to cancel a continuous payment authority at any time. To stop a specific payment, you must request cancellation by the end of the business banking day (Monday to Friday, not bank holidays) before the payment is due to be made. If we receive the cancellation instruction after that, the payment will be made and your cancellation will apply to the next payment. To cancel a continuous payment authority, contact us.

Contact the retailer
By contacting the retailer, you'll be able to discuss the agreement you have with them. You can ask to cancel the payments or, if you need to keep paying them, you can ask to pay in another way. If you cancel with the retailer, we recommend you keep evidence of the cancellation.

After you cancel your continuous payment authority, we recommend you check your statement to make sure that no further recurring payments are taken.

If the retailer collects any further recurring payments under a continuous payment authority you've cancelled, contact us.

ISAs - Tax-free^ savings

With an Individual Savings Account (ISA), all the interest you earn is tax-free^. Find out more about how much you can save in a cash ISA and make the most of your tax-free^ savings allowance.

Find out more about ISAs


ISA maturity (ISAs maturing on 31 May 2015)

If you have a fixed rate ISA that is maturing, read about your options and what you'll need to do.

Read more about ISA maturity

Bond maturity

What happens when your bond matures? If you have a bond maturing soon, read about your options and what you'll need to do.

Read more about bond maturity

Paying into your account

What are the Coventry Building Society's banking details?

Electronic payments

To arrange an electronic payment (Faster Payments, CHAPS or Bacs) to your Coventry savings account or set-up a standing order payment to your Coventry account please use these details:

Coventry Building Society - HSBC, Corporation Street, Coventry
Sort Code: 40-63-01
Account number: Please quote the last eight digits of your account number

International payments

It will usually take two business banking days for payments originating from EU countries to be available in your Coventry account. Payments originating from non-EU countries will usually take six business banking days to be available in your Coventry account.

Your bank or building society may charge you for this service. If you are sending funds to your Coventry account from abroad, please use these details:

HSBC Coventry CV1 1QJ
SWIFT code: MIDLGB22
Sort code: 40-18-17
Account number: 51172859
Reference: The full nine digits of your Coventry account number.
IBAN number: GB88MIDL40181751172859 (An IBAN number is not always required)

Who do I make a deposit cheque out to and where do I send it?

If you are making a deposit by cheque please make it payable to whoever is named on the savings account.

Cheques should be made payable to the account holder, with the receiving account number and should be crossed 'Account Payee'. You do not need a paying in slip to make a cheque deposit.

Please post your cheque to:

FREEPOST CBS CUSTOMER SERVICES

It's important that you write the address exactly like this, in capital letters.

You don't need to use a stamp. Royal Mail delivers Freepost as Second Class mail.

When will my cheque show on my account and be available to withdraw?

When you pay a cheque into your account it will first appear in your 'Account balance' and start to earn interest immediately. Once the cheque is available for withdrawal it will appear in the 'Available balance' for your account. You can check both balances online when you login to Online Services.

Below is an example of how the Cheque Clearing Cycle works

Pay in cheque
(start earning interest)
Cheque
processed
Withdraw
money*
Certainty
of fate
Tuesday   Wed Thurs Fri Mon   Tuesday   end of Wednesday
Day 0   1234   5   6

*Cheques paid into Coventry First, our current account, will be available for withdrawal one day earlier.

Industry minimum standards provide you with certainty that a cheque paid into your account is yours after 6 days ('certainty of fate').

Using the example above, the end of Wednesday, day 6, is the last day that a cheque paid into your account could be debited from your account without your permission.

There may be certain legal or other limited circumstances where these standards cannot be applied and where payment or non-payment of a credited cheque may be delayed or even prevented.

When will payments arrive?

Electronic withdrawals

Your money will usually arrive at the receiving bank on the next business banking day (Monday - Friday excluding public holidays) after you instruct us. Future dated payments will be processed on the date you requested or if this is a non-business banking day we will process the payment on the next business banking day. Your account will be debited when we process your payment.

Internal and regular transfers between Coventry accounts

Internal transfers between Coventry accounts will normally be processed immediately. Your account will be debited when we process your payment.

Standing orders

Standing orders will be processed on the date you requested. If your payment is due on a non-business banking day we will send it on the next business banking day. Your account will be debited when we process your payment.

Direct Debits

Direct Debits are only collected by the originator (that is the company you are making the payment to) on business banking days. If your payment is due on a non-business banking day the originator may choose to collect it on the next business banking day.

Why is my available balance not the same as the account balance?

The available balance on your account is the balance available for you to withdraw. If you have a current account it will also include the value of your overdraft.

Your account balance is a running balance and anticipates any payments waiting to be credited or debited from your account.

For more information have a look at when will my cheque show on my account and be available for me to withdraw.

What if I don't recognise a transaction on my statement?

If you do not recognise a transaction on your online statement or your paper statement, please contact us immediately.

Withdrawing from your account

When will my payments be processed?

External payments

For one-off external payments, your money will arrive at the recipient's bank no later than the next business banking day after you instruct us to make the payment.

For future dated payments we process them on the date you requested or, if this is a non-business banking day, they will be processed on the next business banking day.

Internal transfers between Coventry accounts

Internal transfers between Coventry accounts will normally be processed immediately. Future dated transfers will be processed on the date you request.

If you believe that you have sent a payment to the wrong recipient, you should contact us immediately.

If you try to make a payment when you don't have funds available to pay it, we may refuse to make the payment and you might incur a charge.

How do I provide notice to make a without charge withdrawal or to close it?

Depending on your account you can add notice by either writing to us, visiting one of our branches or you can login to Online Services. Simply, provide details of the account and when you want the notice period to start.

When do funds need to be in my account to make a payment?

For standing orders, direct debits and future dated one-off electronic payments, you must have cleared funds available in your account to make the payment no later than 2pm on the day the payment is due to be made. For standing orders, if you pay the funds in after 2pm on the date the payment is due, the payment may be made the following business banking day. For future dated one-off payments and direct debits, they will only be paid if you have sufficient available funds in your account by 2pm on the day the payment is due. If you try to make a payment when you don't have funds available to pay it, we may refuse to make the payment and you might incur a charge.

What if I don't have enough funds in my account to make an external payment?

If you think you might have insufficient funds in your account to make a payment, you can:
  • Transfer in by making a Faster Payment from another bank or building society
    Please allow two hours for the payment to reach your account.

  • Pay in cash at any branch
    The amount will be added to your balance immediately.

  • Transfer from another Coventry account
    Internal transfers between Coventry accounts will normally be processed immediately.

What if there are insufficient funds in my account to make a payment?

We will not be able to carry out your instructions if there are insufficient funds in the account at the time we process your transaction.

If this happens we will contact you by secure message or write a letter to you to tell you that we were unable to carry out your instructions.

You will incur a charge of £5 each time we are unable to carry out your instructions due to insufficient funds in your account. If you have asked for a Direct Debit to be paid from your account, you may incur multiple charges if the originator tries to claim the payment more than once.

Read more about our savings charges.

How do I order a cheque?

To order a cheque from your account, please contact our Customer Service Centre or visit one of our branches. They will let you know if this service is available on your account and if so arrange for a cheque to be issued. Please have the details of the exact amount and the payee to hand when you get in touch.

What if I don't recognise a transaction on my statement?

If you do not recognise a transaction on your online statement or your paper statement, please contact us immediately.

How do I change or cancel a standing order or Direct Debit?

You can change or cancel a standing order online up to the business banking day before the payment is due to leave your account.

To cancel or change a Direct Debit you will need to contact the originator (that is the company you are making the payment to).

If you don't have access to our Online Services please contact our Customer Service Centre or visit one of our branches.

To set up a new standing order or regular transfer between Coventry accounts other than your own, please contact our Customer Service Centre or visit one of our branches.

Please remember Direct Debits can only be set-up by the company that you are making a payment to.

What should I do if I think a payment has gone to the wrong recipient?

If you believe that you have sent a payment to the wrong recipient, you should contact us immediately.

Why is my available balance not the same as the account balance?

The available balance on your account is the balance available for you to withdraw. If you have a current account it will also include the value of your overdraft.

Your account balance is a running balance and anticipates any payments waiting to be credited or debited from your account.

For more information have a look at when will my cheque show on my account and be available for me to withdraw.

Annual statement of account(s)

If you've received your annual statement of account(s) recently and would like some help, we have a list of FAQs and a guide to explain what each part of the statement means.

Find out more

Members rights

Members rights

When you open your first investment share account with us you automatically become a member of the Society. Membership gives you certain rights, like voting on business matters and raising questions at our Annual General Meeting.

To be entitled to vote, on the voting date you must be age 18 years or over and have total savings balances of at least £100 (at the previous 31 December). For joint account holders only the first named account holder can vote, subject to the same criteria set out above. As you can choose the order in which names appear on your account, it makes sense to consider this before you open your account. Every named account holder of a joint account can attend the AGM. Membership rights are fully explained in the Rules.

General Investment Terms & Conditions

Read more about our General investment Terms and Conditions below:

General Investment Terms and Conditions (PDF 3MB)

This important legal document applies to all Coventry Building Society savings and current accounts (except Offset Savings accounts and Annual Voluntary Contribution account).

Important information

10% tax rebate

Interest paid on savings accounts normally have 20% income tax taken off before it is paid. If you are on a low income you may qualify to pay some tax at 10% and so be able to claim a tax rebate from HM Revenue and Customs.

How do I find out if I am eligible?

To find out if you are eligible, please see the information on the HMRC website Opens new website in another window.

If I am eligible, how can I claim my tax rebate?

If you think you've paid too much tax on your savings interest you may be able to claim it back. To do this you'll need to fill in a R40 Tax Repayment Form. You'll have to do this for each year you think you paid too much tax.

For information about timings and to download the form, please visit the HMRC website Opens new website in another window.

Compensation scheme

We're covered by the Financial Services Compensation Scheme (FSCS). The FSCS protects most depositors, including individuals and small companies, up to £85,000 until 31 December 2015.

From 1 January 2016, the FSCS will change the compensation limit to £75,000. This change brings the UK into line with a European regulation which sets the limit at €100,000 or equivalent per person.

For further information visit the Financial Services Compensation SchemeOpens new website in another window website.

Bank charges ruling

Seven banks and a building society were engaged in a High Court test case with the Office of Fair Trading (OFT) to decide the legality of unauthorised overdraft charges.

The Court issued its judgement on the first stage of the test case on 24 April 2008. Two main points were covered in this initial judgement. Firstly, it allowed the OFT to assess the banks' current terms and conditions for fairness under the Unfair Terms in Consumer Contract Regulations (1999). Secondly, the judge found that none of the banks' current terms and conditions were capable of being a penalty under common law - and that they were written in broadly understandable language.

In May 2008 the judge granted the banks permission to appeal his decision on whether the terms could be assessed for fairness. The banks decided to do so and the outcome of this appeal was announced in February 2009. The Court of Appeal held that the banks' charges could be assessed for fairness by the OFT, but granted the banks permission to appeal this decision to the Supreme Court.

On 25 November 2009 the Supreme Court announced that the charges in question were not assessable for fairness under Regulation 6 of the Unfair Terms in Consumer Contracts Regulations (1999). This means the banks have won their appeal and the test case has concluded.

The Supreme Court have decided it is not necessary to make any reference to the European Court of Justice.

As previously agreed with the Financial Ombudsman Service and the Financial Services Authority, customer complaints relating to unauthorised overdraft charges remained on hold for the duration of the test case. As the test case has now concluded, the Financial Services Authority has agreed that these complaints should no longer remain on hold.

Please refer to the British Bankers' Association (BBA) Opens new website in another window or the Financial Conduct Authority (FCA) Opens new website in another window websites for further information.

Please note: the Financial Conduct Authority (FCA) took over the OFT's responsibility for consumer credit regulation from 1 April 2014.

What is happening to customer complaints about unauthorised overdraft charges?

If you have a new complaint about unauthorised overdraft charges it will be handled under our standard complaints process. We have a responsibility to take account of individual circumstances, so if you feel you are experiencing serious financial difficulties please write to us at the following address:

Customer Relations Department, PO Box 600, Binley, Coventry, CV3 9YR.

Can I complain to the Financial Ombudsman Service about my bank charges?

Yes, you can refer your complaint to the Financial Ombudsman Service (FOS) providing you have exhausted the Society's internal complaints procedure.

Where can I find out more?

You can contact us by calling us on 0800 121 8899.

Alternatively, you can find more information through the following links:

The Financial Conduct Authority (FCA): www.fca.org.uk Opens new website in another window

The Financial Ombudsman Service: www.financial-ombudsman.org.uk Opens new website in another window

Charges

For services outside the normal operation of your account we make certain charges to cover the administration costs involved. We will let you know the charge for any other service before we provide that service to you. You can also check current charges with your local branch or by contacting us.

Current charges (effective 14 May 2015)

Reason for charge Amount of charge
Insufficient funds charge

We apply this charge if you have insufficient available funds to pay a Direct Debit, standing order or one-off electronic payment.

£8 up to and including 13 May 2015

£5 from 14 May 2015

Withdrawals from LINK cash machines Free
Monthly authorised overdraft usage fee

This fee only applies to Coventry First accounts. We charge this fee if your account exceeds your interest free overdraft but remains within your authorised overdraft limit.

£5
Monthly unauthorised overdraft usage fee

This fee only applies to Coventry First accounts. We charge this fee if your account exceeds your authorised overdraft limit. Have a look here for some examples of when we charge this fee.

£25 up to and including 13 May 2015

£10 from 14 May 2015

Charge for making withdrawals from Visa and PLUS cash machines abroad 2% of sterling transaction value
We convert the amount of the withdrawal to pounds sterling on the date we take it out of your account at the wholesale rate of exchange applied by Visa. We then charge 2% of the sterling transaction value.
Charge for Debit Card purchases abroad 2% of sterling transaction value
We convert the amount of the transaction to pounds sterling on the date we take it out of your account at the wholesale rate of exchange applied by Visa. We then charge 2% of the sterling transaction value.

Where charges are made for returned cheques, unpaid standing orders and Direct Debits, they will appear automatically in your passbook or statement. We will deduct the full amount of the charge from your account even if there are insufficient funds in your account to cover this charge. This may result in your account becoming overdrawn. All account holders will be responsible for any debt incurred in this way, the full amount of which must be repaid to the Society.

If we increase any of our charges we will notify you at least 2 months before the change comes into effect. Where we make a charge as a result of our error, we will of course cancel, waive or refund the charge.

Dormant bank accounts

Across the UK a large number of customers have savings accounts with various banks or building societies that they may have forgotten about.

We're working with the Building Societies Association and British Bankers' Association as part of an industry wide initiative to help customers find their lost accounts. So if you think you have old, lost or forgotten savings, we may be able to help you find them.

If you are searching for an account on behalf of a deceased or incapacitated person, you will need to be legally empowered to do so.

To begin your search, all you need to do is either:

  • Go to www.mylostaccount.org.uk Opens new website in another window and complete the Reclaim Funds online process. This website can be used to search for lost accounts at any bank, building society or national savings account.
  • Or alternatively, if it is a lost Coventry account, come into one of our branches or call us and ask a member of staff for a Reclaim Funds form.
  • Any money in these accounts will always belong to the account holder or their estate, no matter how many years pass.

Please note that reclaiming funds may change your tax status, contact HMRC for further information.

Charitable Assignment Scheme

On 3rd November 1998, we introduced a new condition as part of the declaration for new customers opening savings accounts. We introduced this condition to avoid disruption to our normal business caused by the actions of speculators whose main objective in opening accounts is to receive windfall conversion payments.

Every new customer opening an account that provides membership of the Society, must agree to assign any windfall conversion benefits to which they may become entitled, to the Coventry Building Society Charitable Foundation for a period of five years from the date the account is opened.

The Coventry Building Society Charitable Foundation, which was established in 1998, is a registered charity, a majority of whose trustees are independent of Coventry Building Society. It provides financial assistance in the form of grants to registered charities operating within the area served by our branch network.

If you were an existing member on 2nd November 1998, this condition does not apply to any new accounts you open after this date (as long as you remain a member).

Information shared with HMRC

If you have or had an account with us, or you want to open an account, we might ask you to provide certain information about yourself and your tax residence status. This is to make sure that we share the correct information with HM Revenue & Customs (HMRC). If you want to know more about this, read our guide:

A quick guide to information requests (PDF 4.5MB)Opens in new window.

Tax Identification Numbers (TINs)

If you're a tax resident of another country in the European Union and not sure where to find your Tax Identification Number (TIN), this table lists the format of these numbers and which documents show them:

Tax Identification Numbers (PDF 150KB)Opens in new window.

^ISAs and junior ISAs are a savings scheme initiated by the Government and, as such, are subject to change by them. For example, the favourable tax treatment may not be maintained. Interest on ISAs is paid tax-free, that is gross with no tax deducted. To open a cash ISA, you must be 16 or over and a resident in the UK. Junior ISAs are for children under 18. To find out more, visit www.gov.uk/individual-savings-accountsOpens new website in another window or www.gov.uk/junior-individual-savings-accountsOpens new website in another window

Coventry Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (firm reference number 150892 www.fca.org.uk Opens new website in another window). This site is intended for UK residents only. Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN.

Our Customer Service Centre is open Monday to Friday 8am-8pm, Saturday 9am-5pm, Sunday 10am-4pm.

Calls to 0800 numbers are free when made from the UK. You may be charged for calls to all other numbers, please contact your service provider for further details. We may monitor, record, store and use telephone calls to help improve our service and as a record of our conversation.