Changes to payments into your account
You have until November 30th 2019 to change the way payments are made into your savings or mortgage account. After this time, if the changes shown below are not in place, payments will be returned to sender.
For mortgage customers, this may mean your payment won’t be credited towards your outstanding loan balance, which could incur extra charges.
What needs to change and why?
To give people a greater level of protection when it comes to their money, the government has introduced new rules for the UK banking system.
For Leeds Building Society members, this affects the way some payments are made into your savings and mortgage accounts.
Why are these changes being made?
The government has brought in these new regulations to help people keep their money safer.
‘Ring-fencing’ aims to keep day-to-day accounts – like savings and mortgages – separate from the risks associated with some other banking activities, such as stock market trading for instance.
Whilst Leeds Building Society isn’t a bank, we still have to make some changes as a result of these new rules. And depending on your method of payment, you may have to as well.
So what’s changing?
We’re giving new sort codes to savings and mortgage accounts. These need to be updated before you make your next payment.
What do you need to do?
Up until November 30th 2019, when a payment is made into your account, you’ll receive an email or letter from us explaining what needs to be done next. The email will come from email@example.com and will include part of your postcode. You can also read more about the changes we’re making below...
What happens after November 30th 2019?
After this time, payments into an account where the required changes haven’t been made will be returned to sender.
Payments where you need to make a change
Here are the types of payment where you’ll need to make changes. If you’re not sure about what types of payment are being made, you’ll find some useful information further down the page.
Types of payment where no change is needed
On the payments shown below, we can take care of the changes for you. So you don’t have to do anything to carry on making payments in the way you’re used to.
No changes to Direct Debit, Cheque, Debit Card and in-branch payments
Not sure what type of payment you’re making?
If you’re a little unsure about which type of payments you’re currently making into your savings or mortgage account, here’s a quick round-up of what each one means.
Direct Debit (mortgage only): an instruction from you allowing a business to collect payment from your account on a regular basis. Depending on how much is due, payment levels can change, which is why it’s often used to pay bills
Standing Order: a way to set up regular fixed payments between accounts. This is an instruction from you to pay a fixed amount, whereas a Direct Debit gives permission for variable sums of money to be taken from your account.
Faster Payments: these can be made online, over the phone or in-branch. They let you transfer money between accounts, pay bills or make regular standing order payments.
CHAPS: a same-day method of making payments either online, in-branch or by phone. Your bank may charge you for this service.
BACS: an electronic money transfer system mainly used by organisations to make payments directly from one account to another.
Take extra care with your account details
It’s always important to take extra care when it comes to sharing your account details. Whilst you may receive an email or letter from us about changes to your sort code and paying in details, please be alert to the possibility of banking scams from elsewhere.
- Never share your secure details (such as user name or full password) with anyone.
- Never send any confidential account information via email or phone – we will never ask you to do this.
- Never transfer your money out of your account at the request of an unknown caller. We will never ask you to do this over the phone or by email. If you’re unsure, please call us on 03451 960 790.
- Never let someone you don't know access your computer or mobile devices, especially remotely.
- Don't click on any links in suspicious emails or text messages, delete them from your computer and block the sender’s email address and phone number.
- Don’t feel embarrassed or ashamed – these criminals are clever at tricking and reassuring you.
- Be suspicious of any unexpected calls, texts or emails from third parties asking for personal information.
- Think twice before sharing personal information on social media sites and check your privacy settings. The more private, the safer you are.
If you get an email asking you to change your paying in details that’s not from firstname.lastname@example.org – or you’re worried it may be a scam – then please get in touch with us on 03451 960 790.