Interest and tax

You'll earn interest on your money from the first day that a deposit is made (unless the account is overdrawn), up to and including the day before a withdrawal is made. Interest is not earned on the day of a withdrawal.

The terms and conditions of your account will explain exactly when your interest can be paid to you. Payment of annual interest will vary depending on the type of account you have. Monthly interest is paid on the last day of the month.

If you choose to pay interest away to another bank or building society account, it normally takes three to four banking days to reach its destination.

Interest is calculated gross, which means before tax has been deducted.

Interest is usually paid net of tax (after tax has been deducted) at the current rate of 20%.

If you are taxed at the basic rate you should have nothing more to pay. If your taxable income is in the starting band of 10% you may be able to claim a repayment of tax direct from HM Revenue and Customs. If you are a high rate taxpayer, you are likely to have to pay more tax.

On receipt of a completed Inland Revenue form R85, interest will be paid gross. In the case of joint accounts where both account holders wish to receive gross interest, you will both be required to complete a form R85. A separate form is required for each account on which you want interest to be paid gross.

If you state that you do not pay tax on your savings when you apply for your account, we will automatically provide you with a form R85.

If you are in doubt about your tax position, you should contact your local tax office.

Keeping track of interest rate changes

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

• When we change the rate of interest paid on a non-branch based account we will write or email you within 30 days.
• By looking on this website.
• By calling us on 0845 7665522 or by phoning our free RatesLine on 0800 716672.
• By calling into one of our branches where current rates of interest are always on display.

Balance available for withdrawal

You may find that your entire balance is not available for withdrawal.

This could be because there are insufficient funds in your account, perhaps because a cheque has not yet been through the Central Clearing cycle, or because a debit card transaction you have made has been earmarked but not yet debited from your account.

Transacting online

A limit of £5,000 per transaction will apply to all online withdrawals, other than to your nominated bank account or another Coventry account on which you are named. If you wish to make a payment over £5,000 please contact us on 0845 7665522 or call into any of our branches, as additional authorisation will be required.

We will normally carry out your instructions to make a withdrawal as follows:

Monday to Friday - instructions received by 8pm either online or by telephone will be processed on the same day (except on bank holidays).

Saturday and Sunday - instructions will be processed on the next working day.

Please allow three banking days for the money to reach the receiving account.

If you are transferring money between Coventry accounts your instructions will normally be processed immediately, or the day you have requested the payment to be made.

For more information about paying money into your account or making a withdrawal please go to the section Using Online Services.

Paying money in

There are a number of ways that you can pay money into your savings account. For more information please go to the Money in section.

Debit cards

Debit cards are only available on certain accounts and the terms and conditions of your account will confirm if it is available to you. Debit cards allow you to withdraw cash at an ATM displaying the LINK or VISA logo and to purchase goods and services with retailers and other suppliers who accept VISA cards. The retailer or other supplier may also allow you to obtain cash from them using your card. From time to time we may make other services available to you.

Debit cards also allow you to make recurring transactions. These are regular payments (not a Direct Debit or standing order) collected from your account by a retailer or other supplier in line with your instructions. They are not covered by the Direct Debit guarantee. If you wish to cancel a recurring transaction you must tell the originator. We recommend that you keep proof of cancellation in case a query arises. It may not be possible to cancel payments if you do not give enough notice.

Overdraft facilities

Selected Coventry accounts offer overdraft facilities. If an overdraft is agreed on your account, we will tell you what it is along with details of any fees and charges, and we will give you at least 14 days' notice of how much we charge for standard account services. Overdrafts are subject to status. If we consider you for an overdraft or an increased overdraft limit we may carry out searches with licensed credit reference agencies. You must always stay within your agreed overdraft limit. We may end your overdraft limit at any time and demand that you pay any money you owe us (including any charges) immediately.

14 days to change your mind

We believe in being fair to our customers which is why we give you a 14 day "cooling off" period from the day you open the account.

So, if you decide your new account is not right for you for whatever reason - you can close it within 14 days of opening, without penalty. Of course, your account will earn the appropriate rate of interest during the time it is open, which will then be paid when the account is closed. To close your account the funds need to be cleared.

To close your account please telephone us on 0845 7665522 or write to us at Coventry Building Society, Economic House, PO Box 9, High Street, Coventry, CV1 5QN.

Staying safe and secure

Depending on the type of account you have and how you operate it, you may have a passbook, CashLink or debit card, PIN, passwords, Web ID - or a combination. These items provide access to your account for withdrawals, and for this reason, it is very important that you keep them safe. We occasionally ask you to supply a specimen of your signature as additional identification.

We recommend that you check your statement (paper or online) or passbook regularly, and that you keep any completed passbooks, in case there is a query in the future. If there is an entry that seems to be wrong, you should tell us as soon as possible so that we can sort it out. If we have to investigate a transaction on your account, we will need you to co-operate with us and the police, if we need to involve them.

Please ensure you follow the advice below:

DO's

DO remember if you change your PIN or password to choose a new one carefully - avoid obvious combinations e.g. 1234.

DO remember to memorise your passwords and PIN, and then destroy the PIN advice.

DO keep your CashLink, debit card and/or Web ID safe.

DO keep your PIN and other passwords secret at all times and away from your passbook or cards if you have them.

DO ensure that you shield the key pad at ATM machines or secure PIN pad at retailers or other suppliers when entering your PIN.

DO take care when storing or getting rid of information about your account such as card receipts. You should take simple steps such as shredding information that could be used by a fraudster.

DON'Ts

DON'T allow anyone else to use your CashLink, debit card, PIN, passwords or Web ID.

DON'T ever write down your PIN or passwords. Don't ever let anyone else know your PIN or passwords including our staff. We will never ask you to disclose your PIN over the phone, by email, via the post or in person.

DON'T ever give your account details to anyone unless you know who they are and why they need them.

If your CashLink card, debit card or passbook are lost or stolen or you think someone else may know your PIN or passwords, you must contact us immediately by telephone. If you do not notify us immediately you may continue to be liable for any transactions on your accounts.

If you think someone may know one, or any of your passwords, or you forget your passwords or memorable words, you must call our Customer Service Centre immediately on 0845 7665522 to change them.

If you open an account that has passwords or memorable words but you have not been asked to select your passwords or memorable words within seven working days of opening your account, it is your responsibility to notify us immediately by calling 0845 7665522.

If you have asked to operate your account using our Online Services and you have not received your Web ID within seven working days it is your responsibility to notify us immediately by calling 0845 7665522.

Operating your account online is safe and convenient as long as you take a number of precautions. Please ensure you:

• Keep your PC secure, use up-to-date anti-virus software and a personal firewall
• Keep your passwords and Web ID secret
• Never write your security details in an email - even if the request seems to have come from us
• Follow the advice on our website www.coventrybuildingsociety.co.uk this provides more guidance on how to stay safe online.

Account aggregation services allow you to have details of some or all of the online accounts you hold with financial institutions and other information presented on one web page. The service may be offered by a financial institution or by others. If you use an account aggregation service, you may be liable for any fraud or mistakes that happen on your accounts as a result.

Managing accounts under a Power of Attorney

You can open or operate any of our accounts under a Power of Attorney - if that power is general, enduring or registered with the Court of Protection or Lasting and contains no restrictions. Where there are restrictions on how the power can be used then only passbook based accounts can be opened.

If you have any questions or want to arrange to manage your account under a Power of Attorney please contact us.

The Public Guardianship Office website has detailed information about enduring Power of Attorneys and the process for registering a Power of Attorney with the Court of Protection.

Joint accounts

If you have a joint account and only one signature is required for withdrawals, it's possible for one account holder to withdraw the whole balance of the account.

If there is a dispute between the account holders you should tell us straightaway. We will then "freeze" the account to ensure that no further withdrawals or transfers are made without the signature of all the account holders. All debit cards (where held) should be returned to the Society until an agreement is reached regarding the future conduct of the account. If the debit cards are not returned and the Society is unable to prevent a payment from the account, all parties to the account will remain fully responsible, both together and individually.

Please remember that where your account balance is overdrawn you will each be responsible for the whole debt.

If one of the account holders dies, we'll automatically transfer the account into the surviving account holder's name. To be able to do this we will need to see the Death Certificate.

Identification

When opening a savings or current account we may ask you to provide identification. This is to comply with money laundering regulations which apply to all banks and building societies regulated by the Financial Services Authority (FSA).

Statements

In addition to any itemised statements we provide to you in line with the specific terms and conditions of your account we will also send you an annual statement in April each year, which will summarise all of your accounts with the Coventry.

Charges for services

Normal operation of your account is free of charge. However, we do make charges to cover the costs involved in services outside the normal operation of your account.

Our charges may change in the future but we will notify you in advance of any changes. We will let you know the charge for any other service before we provide that service to you, and at any time you ask. You can also check current charges with your local branch or by contacting us.

Service	Charge
Account statement for passbook accounts listing transactions	£15.00 Initial administration charge. This may increase, depending on the amount of work involved
Insufficient available funds to pay a standing order. This applies to regular and one-off standing orders, and electronic BACS transfers.	£20.00
Insufficient available funds to pay a Direct Debit	£20.00
Cheque that you have paid into your account is returned unpaid	£20.00
Telegraphic transfer within the UK (minimum transfer £5,000)	£35.00
Low balance transaction charge Charged when the balance falls below £100 on the following accounts: BranchSave MoneyManager (passbook) BranchSave Instant (passbook) Investment Account	£1 per day for counter withdrawals 50p per day for standing orders and Direct Debits (this charge is not applied to account closures or transfers to other Coventry accounts)
Replacement S352 Certificate	£15.00
Reprint of annual investment statement	£15.00
Withdrawals from LINK cash machines	Free Although we will not make a charge, you may be charged by other organisations when using their cash machines
Monthly authorised overdraft usage fee This applies to accounts where overdrafts are permitted and will be charged if your account exceeds any interest free overdraft amount (where applicable) but remains within your overdraft limit	£5.00
Monthly unauthorised overdraft usage fee This applies to accounts where overdrafts are permitted and will be charged if your account goes overdrawn and you do not have an agreed overdraft limit, or if your account exceeds your overdraft limit	£25.00
Withdrawals from VISA cash machines abroad We will 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 will then charge 2% of the sterling transaction value	2.00%
Debit card purchases abroad We will 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 will then charge 2% of the sterling transaction value	2.00%
Current charges effective June 2007

Please note: if a charge is to pay for an additional service e.g. Telegraphic transfer, the charge will be payable at the time the service is requested.

Where charges are made for low balance transactions, 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 amend any of our charges, we will notify you at least 30 days 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.

Personal information about you

We take your right to privacy very seriously. We will not disclose information about you or your accounts to anyone, other than where we have your consent, or where we are compelled or allowed by law to do so. Please read our Privacy Policy for more details.

Please let us know as soon as possible, when you change your name, address, phone number or email address.

Voting rights

When you have a 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, you must be 18 years or over and have total savings of at least £100 (at the previous 31st December). For a joint account, only the first named account holder can vote, again provided they are 18 years or over and have a balance of at least £100. All joint account holders can attend the Annual General Meeting. You can choose the order that the names appear on your account, so it makes sense to consider this before you open your account.

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).

Making a complaint

Firstly, contact the Customer Service Manager at your local branch or telephone our Customer Service Centre on 0845 7665522, they can normally deal with your problem straightaway, but if you're still not happy after speaking to them read our complaints procedure, which explains how we deal with any problems you may have.

Banking Code

This is a voluntary code, which sets standards of good banking practice for financial institutions to follow when they are dealing with personal customers in the United Kingdom. The Coventry subscribes to the Banking Code and fully supports the principles of good practice outlined in the Code.

If you would like a copy of the Banking Code please contact us. Alternatively you can find out more from the Banking Code Standards Board.

Financial Services Compensation Scheme

We are members of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000.

Payments under the Scheme are limited to a maximum of £35,000 of an investor's total shares and/or deposits (other than deferred shares - permanent interest bearing shares). Most investors are covered including individuals and small firms. Although most shares and deposits in UK building societies are denominated in sterling, the euro and other European Economic Area currencies are also covered.

If you would like more details on the scheme please contact us.

More information?

If you would like further details about anything relating to your account with us, please contact us on 0845 7665522, or write to us at Coventry Building Society, Economic House, PO Box 9, High Street, Coventry, CV1 5QN.