21. Withdrawals from Accounts

Withdrawals from Accounts will normally only be permitted on completion, to the satisfaction of the Bank at its entire discretion, of all account opening formalities including any continuing obligations under these Terms and Conditions, and upon fulfilment of any required periods of notice under those Accounts (see below).

No withdrawals are allowed against cheques or bankers drafts until clearance of funds has been achieved by the Bank. This will take between five and ten working days for Sterling denominated cheques and drafts, and considerably longer for cheques or drafts in other currencies.

Notice of withdrawal in respect of Accounts requiring notice periods in excess of 14 days must be given to the Bank in writing. Withdrawals of amounts of £5,000 and above will normally be repaid by the Bank by same day value bank transfer, but only to the Account Holder's nominated clearing bank account, as evidenced by an original or, at the discretion of the Bank, certified copy of the Account Holder's clearing bank statement. Withdrawals of amounts of less than £5,000 will be repaid by cheque, made out in the Account Holder's name only and posted to the Account Holder's address as notified by the Account Holder to the Bank.

Should the total amount of the payment orders received by the Bank at any one time exceed the funds available on the Account Holder's Account, the Bank shall be entitled to determine in its absolute discretion which transactions, if any, are to be executed, regardless of the date of issue or of receipt of the payment orders by the Bank.

Withdrawals from Instant Access Call Accounts

The Account Holder may withdraw funds from Sterling "Instant Access Call" type Accounts by giving the Bank notice of withdrawal before 12:00 noon on the working day on which withdrawal is required by the Account Holder. Withdrawals from similar Accounts in other currencies will require at least two working days notice.

Withdrawals from Notice Accounts

No early withdrawals are allowed from Notice Accounts. The Account Holder may withdraw funds from "Notice" type Accounts only by giving the Bank the notice required on that Account eg a 3 months notice account requires 3 months notice of withdrawal to be given by the Account Holder.

If the Account Holder gives notice and then subsequently rescinds such notice on or before the day that the notice expires, then that notice shall lapse and any future requests for withdrawals will be subject once more to the full notice period.

At the Bank's sole discretion, the Bank may on occasion choose to allow a withdrawal prior to the expiry of the required notice period. In such a case, the Account will be subject to an interest penalty on the amount withdrawn based upon the rate of interest currently being paid on the Account, for the required period of notice on the Account. Such interest penalty will be deducted from the Account, including any accrued interest on the Account.

Withdrawals from Fixed Term Deposits

No early withdrawals are allowed from fixed term deposits. The Account Holder may withdraw funds from fixed term deposits only at the maturity date of the fixed deposit.

At the Bank's sole discretion, the Bank may on occasion choose to allow a withdrawal prior to the maturity date. In such a case, the Account Holder's deposit will be subject to a charge plus an interest penalty based upon the cost to the Bank of replacing the deposit by borrowing a similar amount and currency in the London Interbank Market for the remaining period to the original maturity date. Such interest penalty will be deducted from the deposit, including any accrued interest on the deposit.

Instructions given by the Account Holder to withdraw funds from fixed deposits denominated in Sterling must be received by the Bank by no later than 12:00 noon on the date of maturity. Instructions on deposits in a currency other than Sterling must be received by the Bank at least two working days before the maturity date.

The Bank may (but is not obliged to) disregard any instructions from the Account Holder received by the Bank after the designated times.

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