14. Receipt of Deposits

The Account Holder's initial deposit must be received by the Bank from the Account Holder in the form of a cheque drawn on the Account Holder's nominated clearing bank account, or by electronic bank transfer from the Account Holder's nominated clearing bank account.

No cash deposits will be accepted.

Cheques or bankers drafts will only be accepted if made out in favour of either the Account Holder or the Bank. A cheque must not be submitted to the Bank before the date entered on that cheque. However, the Bank will not be liable for any consequences as a result of its accepting for deposit a cheque before the date entered on that cheque.

The Bank may accept for deposit a cheque even if the cheque is dated more than six months prior to the date of presentation and will not be liable for so doing. The Bank however reserves the right to return any such cheque, without liability on the part of the Bank.

Funds received by electronic bank transfer must quote the name of the Account Holder's account with the remitting bank. In respect of Sterling deposits, where the Account Holder proposes to transfer funds electronically to their Account with the Bank and unless the Bank agrees specifically to the contrary, the Bank must be notified by the Account Holder of the prospective transfer by no later than 12:00 noon on the proposed date of transfer.

In the case of currencies other than Sterling, the Bank must be notified by the Account Holder before 12.00 noon at least two working days prior to the proposed date of transfer.

If such notification is not received, the Bank reserves the right to credit funds received in Sterling on the day on which receipt of the deposit is identified by the Bank or on the next working day if identified after 12.00 noon and for funds received in currencies other than Sterling up to three working days after identification of receipt of the funds. The Bank accepts no responsibility for any loss of interest to the Account Holder if either the notification or identification of receipt of the deposit are subject to any form of delay outside the reasonable control of the Bank.

Following receipt of a deposit, a Confirmation (for fixed deposits) or an Advice (for non fixed deposits) will be sent by post to the Account Holder showing the amount deposited and the date from which interest will be paid.

Statements will show credits to Accounts even where these relate to uncleared cheques or other items. However, interest is not paid on uncleared items until they have cleared.

Unless specifically advised otherwise to the Bank in writing, the Account Holder confirms that he is the sole beneficial owner of any monies credited to the Account.

The Bank is under no obligation to accept for deposit any funds which have been received by it for the credit of anyone who the Bank has not previously accepted as an Account Holder, whether or not the Bank has been notified in advance of transmission to it of any such funds.

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