We’ve made some changes to
our General Banking Information.
Our General Banking Information sets out the rules under which we provide banking products and services to you as a customer. They explain your rights and responsibilities, and ours.
From 25 November 2019, changes to the General Banking Information take effect. Outlined below are the changes and what they mean for you. Please take the time to read through and understand how these changes might affect you.
- Account closures
We’ve updated the conditions on when we can close an account to include where TSB has an obligation under the Unclaimed Money Act 1971. The Unclaimed Money Act requires banks and other organisations to pay any money to the IRD that hasn’t been claimed by its owner after a set length of time, usually over 6 years (but as long as 25 years for interest-bearing accounts).
- Information Rights
We’ve updated the information rights conditions to clarify under what circumstances we will share information with third parties, we’ve also added credit reporting agencies and identity verification providers to the list of third parties we can share this information with.
We’ve also updated the information rights conditions to make you aware that TSB may need to disclose information about you to organisations located overseas. The most common reason for TSB disclosing information overseas is because we use service providers to perform some technology and operations functions on our behalf, and some of these service providers are located overseas.
- Account and service fees
We’ve removed our inactive account fee to better reflect the actual costs associated with operating our products and services.