Conditions of a contract.
Opening an account with a bank or a building society, you sign a contract with him. Terms of the contract vary depending on the bank and the type of your account. You should be informed of all conditions before signing of the contract and notified about all changes made to the terms of the contract while using the bank account.
Terms of the contract when opening a current account, a master account and a savings account with direct access.
If you open a current account, a main account or a direct-accessed savings account, you must provide such information:
details of all expenses;
how the bank will inform you of the activity on your account;
what are the spending limits;
what to do if something goes wrong.
Information should be provided to you in an understandable form. On all the changes, the bank or the building society should inform you in advance. If the terms of the contract have changed, you can close the account at any time within 60 days after informing you of these changes. You do not have to notify the bank in advance or pay for the refusal from banking services.
Terms of the contract when opening a savings account.
If you open a savings account (with the exception of a savings account with direct access), you will receive less detailed information than in other cases. To open some accounts, you need to reach the age of 18.
Changing of bank or building society.
If you decide to change the bank or building society, think about the following:
what amount will have to be paid, for example, for closing an account or for canceling standing orders to the bank;
whether the services of a new bank will be more profitable than those that you use now;
if you decide to close the account, there may be deferrals with payments on standing orders to the bank and direct debiting;
how long you will have to wait until you can use all the services of a new bank.
Open a new account before closing the old one. Cancel all orders to the bank or transfer them to a new account. Return all unused checks or plastic cards (cut to pieces) into your old bank or building society. If you transfer the balance to a new account, leave on the old some funds to cover outstanding checks. If you owe money to the old bank and want to close the account, you will still remain a debtor of the bank, and you can be held accountable for this debt.
The level of services that you can expect from an old bank will depend on whether there is an arrangement between your old and new banks. If there is no agreement, the bank should only help you close the account and return all money, including interest. If there is an agreement, the old bank should transfer your balance and give the new bank instructions on direct debiting and standing orders to the bank. If there are errors or delays that will lead to bank charges, you will not have to pay for them.