Investment FAQs - General

What identification does the Cheshire require should I wish to open a savings account?
Please refer to our Investment Identification requirements

Why do you need to take identification?
This level of security is required by Money Laundering legislation to protect our customers and members of the public against fraud and misuse of the banking system.

What is the maximum I can withdraw from my account in cash?
The maximum cash withdrawal is £500 per day at any of our branches; larger amounts can be withdrawn by cheque. Larger amounts of cash up to £2000 can be ordered if notice is given.

How do I make a withdrawal if I don’t live near to a Cheshire branch?
Please use our Premium By Post service. We send you a supply of pre-paid envelopes and withdrawal forms and all you need to do is send your passbook in to us. Please call our Customer Contact Centre on 0800 195 1514^ to arrange this.

How do I inform you of a change of name?
If you are an existing customer advising of a change of name, we will require sight of the original document which confirms the change of name e.g. marriage certificate. In some cases, further identification will be required in line with the Society’s identification policy (pdf format, 48KB, opens in a new window).

How do I inform you of a change of address?
If you are an existing customer advising of a change of address, in order to safeguard against someone else seeking to amend your records, we will require confirmation of your new address. In some cases, further identification will be required in-line with the society's identification policy (pdf format, 48KB, opens in a new window).

Does the Cheshire operate Postal Accounts?
Yes. Please see the product page for more details on our Cheshire Premier Postal account

All our accounts can be operated by post through our ‘Premium By Post’ service. We send you a supply of pre-paid envelopes and withdrawal forms and all you need to do is send your passbook in to us. Please call our Customer Contact Centre on 0800 195 1514^ for further information.

I'm making a savings application by post, where do I need to post this application to?
Signed copies of your completed application forms can be posted to us using our FREEPOST address:

Cheshire Building Society
Investment Team
FREEPOST
Castle Street
Macclesfield
SK11 6YA

Don't forget to include your deposit cheque, completed R85 form if you qualify for gross interest, and suitable identification documents (link opens in new window).

Can I arrange direct debits and standing orders from my investment account?
The Cheshire does not operate this facility from investment accounts at the present time.

Why does it take so long for cheques to clear?
As we are not a bank, all of our cheques have to be cleared through our Clearing Bank. The extra days allow time for a cheque to be returned or re-presented if necessary.

If I make an instruction for an electronic payment by BACS when will the money reach my account?
Instructions for payments by BACS (Bank Automated Clearing System) will take 3 working days to reach your account. Working days exclude Saturday, Sunday and Bank Holidays.

I’ve lost my passbook, what do I do?
Please contact the Society immediately either by telephoning our Customer Contact Centre on 0800 195 1514^ or visiting any of our branch offices so that the appropriate action can be taken.

If I open a savings account will I be a member of Cheshire Building Society?
Everyone who has a Cheshire account is a member of the Society. However to have voting rights, investing members must maintain a minimum balance of £100 in their account and be over 18 years old on the day of the Annual General Meeting.

What products does the Cheshire offer?
The Savings and Investments section of our website lists all products that we have on offer. If you would prefer to discuss your requirements with a member of staff please visit one of our branches to make an appointment or call our Customer Contact Centre on 0800 195 1514^.

Can I manage my account online?
At the moment it is not possible to manage your account online, however this is something the Cheshire hopes to offer in the near future. You can however download a variety of forms that can help you manage your account in the Managing your Account area of the website.

Why have I not received an Annual Statement of Investment for the tax year 2007/08?
Although some members find Annual Statements of Investment useful, they are not sufficient to provide as evidence to HMRC for completion of a tax return. We have decided to reduce our impact on the environment, (by not producing unnecessary printed materials) and also to improve efficiency, so we will not be sending out Annual Statements of Investment this year or in subsequent years.

I am a taxpayer and not required to complete a tax return. What should I do?
You have several options. You can update your passbook by calling into your local branch or posting it to our FREEPOST address. This will show your current balance and any tax paid on your accounts.

Or, if you would like information about all of your accounts, including any Fixed Rate accounts you may have, why not write to our FREEPOST address and we will write to you with your balances and details of any tax paid.

Investment Team
Membership Services
Cheshire Building Society
FREEPOST
Castle Street
Macclesfield
Cheshire
SK11 6YA

You may also visit your local branch or telephone our Customer Contact Centre on 0800 195 1514^ to obtain information on your Cheshire accounts.

I am a taxpayer and required to complete an annual tax return. What should I do?
You will need to request a Section 975 Certificate.

How do I request a Section 975 Certificate?
Some members have already requested a Section 975 Certificate to be generated automatically at the end of the tax year. If you wish to request one for the 2007/08 tax year (and each subsequent year) please call into your local branch or telephone our Customer Contact Centre on 0800 195 1514^.

What should I do if I believe my tax status is incorrect?
There are several reasons why this could be. Please call into your local branch or telephone our Customer Contact Centre to discuss this with one of our advisors. You may need to complete a R85 form or request a Section 975 Certificate of tax paid.

Is the Cheshire a member of the Financial Services Compensation Scheme?
Cheshire Building Society is a member of the Financial Services Compensation Scheme (FSCS). The scheme pays compensation to depositors if a firm is unable, or likely to be unable, to pay claims against it. For more details about the scheme and compensation details, please visit our Financial Services Compensation Scheme section of the website.

To what extent do the mergers affect my level of protection under the Financial Services Compensation Scheme (FSCS)?
Nationwide is financially strong and prudently funded, so any questions about compensation are purely hypothetical. Derbyshire and Cheshire have chosen to merge with Nationwide precisely because they wish to secure the interests of their savers over the long term.

The Derbyshire’s and The Cheshire's combined circa 925,000 members will benefit from the greater security of membership in Nationwide, the UK's largest building society. Given the current uncertain economic environment and the financial issues faced by Derbyshire and Cheshire, the mergers with Nationwide are in their members’ best interests. The combined society will have assets totalling more than £191 billion and £122 billion of retail deposits, with Nationwide’s financial strength providing a strong foundation for the future.

The FSA has announced that from 7 October 2008 the compensation limit will be increased to £50,000 per individual and customers with joint accounts will be eligible to claim up to £100,000. The FSA is also considering whether the limit should be higher still.

On completion of the mergers in December, under current rules, customers will be covered for up to £50,000 (or £100,000 for joint accounts) whether they are investors in Nationwide, Derbyshire, Cheshire or all three. However the FSA is also reviewing the possibility of extending this aspect of the scheme and considering whether deposits should be covered by brand, by account or by legal entity. Even if there is no change to this, the mergers are not due to take effect until December so people have plenty of time to consider before taking any action.

For more information about the FSCS, visit the Scheme’s website at www.fscs.org.uk

Are savings products from our Partners (e.g. Norwich Union; Credit Suisse) covered by the Financial Services Compensation Scheme?
Yes. Funds invested in accounts with Norwich Union and Credit Suisse are protected separately from Cheshire Building Society deposits and receive their own protection under the FSCS.

Norwich Union FSCS Limits:
Different products have different levels of protection. Norwich Union Investments have a maximum limit of £48,000 per person calculated as 100% of the first £30,000, plus 90% of the next £20,000. Life Assurance held with Norwich Union has a limit calculated of 100% of the first £2,000 plus 90% of the remainder, with no upper limit. Deposit Accounts held with Norwich Union have a maximum limit of £50,000 per depositor.

Credit Suisse FSCS Limits:
Deposit Accounts held with Credit Suisse have a maximum limit of £50,000 per depositor.

^ Lines are open 8am to 8pm on weekdays and 9am to 4pm on Saturdays. For security and training purposes calls may be monitored or recorded.