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Introduction
The following terms and conditions (together with the applicable product specification) apply to the High Interest Fixed Rate Bond offered by R. Raphael & Sons plc. to Bond Holders. Each Bond Holder, agrees to be bound by the Terms and Conditions. You should keep a copy of this for future reference.
1. Definitions
Some of the words and expressions in these Terms and Conditions have a specific meaning. These are as follows:-
• "Raphaels Bank", "we", "us", and "our" means R. Raphael & Sons plc and includes our successors and assigns.
• "You", "yours", and "your", means the individual or individuals who have signed the application form.
• "Bond" means a High Interest Fixed Rate Bond offered by us with a defined maturity date.
• "Bond Holder" means the individual or individuals who has a Bond with us.
• "Maturity Date" means the final day of a fixed term of the Bond.
• "Terms and Conditions" means these Terms and Conditions together with the applicable product specification relating to the High Interest Fixed Rate Bond offered by R Raphael & Sons plc, as amended from time to time.
• "Your Bank" means any other bank or building society account held in your name and into which you instruct us to pay certain monies (including without limitation interest) relating to the Bond.
• "Your registered address" means the address of the first named Bond Holder.
2. Opening a Bond
2.1 The Bond is a fixed term deposit. The fixed term will commence on the date we receive cleared funds from you and will mature on the Maturity Date.
2.2 Bonds are available for the personal use of individuals who are UK residents, aged over 18 years of age and have satisfied our account opening procedures.
2.3 Bonds may be opened in joint names (in which case all Bond Holders are bound by these Terms and Conditions and are jointly and severally responsible for any monies which may become due to us) and all notices, statements, communications and other information relating to the Bond will (unless we receive a written request from any other joint Bond Holder) be sent to Your registered address. All joint Bond Holders will be bound by the contents of all such letters, statements and other material relating to the Bond.
2.4 If a Bond is held in joint names, we may accept instructions from any of the individual Bond Holders without the need to seek confirmation from the other Bond Holders. In the absence of any written instructions we will consider all joint Bond Holders to be entitled to all money in the Bond and will not be concerned as to the division of the ownership of the money between the different joint Bond Holders.
2.5 If there is (or we become aware of) a dispute between the Bond Holders, this must be advised to us in writing and from the time that we receive such notice, all Bond Holders must authorise all transactions jointly.
3. Paying money into a Bond
3.1 The minimum and maximum deposit for the Bond is as defined in the applicable product specification.
3.2 Deposits may be made by transfer from a maturing bond with the Bank or by cheque drawn in sterling on an account, with an authorised UK credit institution and payable to "R. Raphael & Sons plc." No deposits by cash, postal order or travellers cheques will be accepted.
3.3 Any cheques received that are post-dated will be returned to you. If, however, you do send us a post-dated cheque and it is inadvertently processed by us, we will not be liable to you for any costs incurred in its collection.
3.4 A Bond statement will be issued shortly after opening the Bond, annually thereafter and upon closure of the Bond.
4. Operating your Bond
4.1 No withdrawals may be made from a Bond before the Maturity Date under any circumstances other than those set out below under "Closing a Bond" or "Changes to these Terms and Conditions".
4.2 All statements should be checked and any errors should be advised to the Bank immediately.
4.3 To prevent fraud, customers are reminded that all security information should never be written down.
4.4 It is essential that you contact the Customer Services Department at the Bank immediately on telephone number 01296 436661 as soon as you suspect that someone else knows your security information or when your personal details (or the details of any joint Bond Holder) have changed, including Your registered address or telephone number. If you fail to do so you may be liable for any loss or withdrawals . We may require evidence of a change of name (e.g. original or certified copy of a marriage certificate) before we amend our records.
4.5 We are not obliged to recognise the interest or claim of any person other than a Bond Holder (or in the event of the death, his duly appointed personal representatives, or illness, such persons as may be appointed pursuant to clause 4.6 below) in respect of funds held in your Bond. We will not be liable in any way for not recognising such an interest or claim except as and when required by law.
4.6 In circumstances where we are satisfied that you are unable to operate your Bond through infirmity or incapacity of a physical or mental nature, we will, subject to applicable rules and legislation, allow the operation of your Bond (including withdrawals) by a validly appointed third party.
4.7 We may refuse to act on an instruction if for any reason we believe it was not given by a Bond Holder, was not clear, might cause us to break the law or a contractual duty, or we believe your Bond is being (or has been) used for an illegal purpose.
5. Interest
5.1 Interest will be calculated (at the fixed rate specified in the applicable product specification) on a daily basis at the fixed rate governed by the type of Bond opened. Interest is earned at 1/365th of the annual rate for each day (or 1/366th for each day in a calendar leap year).
5.2 Interest will normally be paid after the deduction of Income Tax at the relevant rate unless the appropriate HM Revenue & Customs documentation in respect of each Bond Holder has been completed and returned to us. An additional income tax liability may arise for individuals who pay income tax at higher rates. If we pay gross interest to you but it later becomes apparent that the interest should have been paid to you subject to the deduction of Income Tax, we will be entitled to recover any overpayment. Tax certificates are not issued automatically but will be provided on request.
5.3 Any deposit will start earning interest on the date that cleared funds are credited to the Bond.
5.4 Interest will be paid annually.
5.5 Interest will either be credited to the Bond or alternatively paid out to Your Bank account dependent upon the instructions held by us at that time. All requests or changes in your payment instructions must be made by you in writing and advised to us prior to the anniversary of your Bond.
6. Closing a Bond
6.1 Prior to the Maturity Date we will write to you giving you the opportunity to invest all or part of the maturing funds into a new bond subject to the Terms and Conditions of that bond.
6.2 In the case of a partial reinvestment, at maturity a payment for the balance of the matured value of the Bond payable to the named Bond Holders will be sent to Your Bank. In all other cases, we will send Your Bank a payment for the matured value of the Bond in favour of the named Bond Holders at the Maturity Date.
6.3 In the event of death of a sole Bond Holder, the value of the Bond and accrued interest is payable to the deceased's duly appointed personal representatives without penalty upon presentation of such evidence that we may reasonably require. If the Bond is held in joint names, the Bond will (in the absence of written instructions to the contrary given prior to the death of the applicable joint Bond Holder), at the surviving Bond Holder's election, either be (i) transferred into the name(s) of the surviving joint Bond Holder(s) party upon receipt of the necessary documentation or (ii) be closed (without penalty) with the balance and any accrued interest being paid to the surviving joint Bond Holder(s).
6.4 In exceptional circumstances we reserve the right to close your Bond without notice. Such circumstances include, without limitation:
6.4.1 where you are not eligible for the Bond;
6.4.2 where you have given us false information in connection with the Bond;
6.4.3 where you have been in serious of persistent breach of these Terms and Conditions;
6.4.4 if we suspect the Bond is being or has been used illegally;
6.4.5 if there is an investigation by HM Revenue and Customs or any statutory or regulatory body with authority to require or request us to prevent a withdrawal;
6.4.6 where we have given notice under clause 7;
6.4.7 if there is an investigation by the police;
6.4.8 if we are served with a court order; and/or
6.4.9 in any event where we reasonably believe it appropriate.
6.5 If we are unable to trace you or your duly appointed personal representatives after reasonable enquiry, we may close the Bond and retain the balance if:
• the balance does not exceed £100 and you have made no deposit or withdrawal or other transaction for 3 years; or
• the balance exceeds £100 and you have made no deposit or withdrawal or other transaction for 5 years.
6.6 If you, or anyone claiming on your behalf or through your estate, subsequently request it and we consider it reasonable, we will reinstate your Bond with the closing balance and the interest that would have been due up to the date of reinstatement.
7. Set Off
Provided we give you notice in writing we have the right to retain and set-off any and all money standing to your credit in your Bond against any indebtedness that you (or a joint Bond Holder) may have which is due to us but which has not be paid or repaid, as the case may be. Interest will not be payable on any money standing to your credit and used in this way.
8. Availability
8.1 We will make Bonds available only for a limited period and we reserve the right to close the offer at any time.
8.2 We reserve the right to refuse to accept a deposit.
9. Data Protection
9.1 We will treat your personal information as private and confidential (even when you are no longer a customer). We will not reveal your name and address or details of investments to any third parties other than in the following circumstances:
9.1.1 you have asked us to reveal your personal information or if we have your permission;
9.1.2 we are required to give the information by law;
9.1.3 we have a public duty to reveal the information; or
9.1.4 it is in our interests to disclose the information but we will not use this as a reason for giving information about you or your Bond (including your name and address) to anyone else for marketing purposes.
9.2 We may also share your personal information with third parties to protect both us and our customers against theft or fraud and will pass your personal information on to anyone you appoint to administer/operate your Bond on your behalf.
9.3 The personal information which you provide to us or which we obtain through our dealings with you or in connection with your application will be held on the Bank's computers and in other records. We may use your personal information to help us provide the services you are applying for and confirm your identity.
9.4 We only use your personal information that is stored on our computer systems in accordance with the provisions of the Data Protection Act 1998. You may request a copy of your personal information by giving us notice in writing and we may charge a fee, as recommended by the Data Protection Registrar, for providing this. You are also entitled to (i) give us notice in writing requesting information as to those third parties with whom we share your personal information and/or (ii) have any inaccuracies corrected.
9.5 To help us maintain our service, we may record or monitor telephone calls but we will tell you before doing so.
10. Bond Holder Protection Schemes
10.1 We are a member of the Financial Services Compensation Scheme ("Scheme") established under the Financial Services and Markets Act 2000.With effect from 7 October 2008 compensation payments under this Scheme amount to 100% of the first £50,000 deposited with the Bank , subject to a maximum payment to any one depositor of £50,000 (£100,000 for joint depositors ). The Scheme limit relates to each depositor for their combined deposits held with the Bank and not for each bond. Further details of the Scheme are available on the FSCS website www.fscs.org.uk
10.2 We operate a complaints procedure and any complaints should be made directly to our Customer Services Department on 01296 436661.
10.3 If for whatever reason you are not happy with our response you can refer your complaint to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Their telephone number is 0845 080 1800 and their website site address is www.financial-ombudsman.org.uk and they will investigate your complaint on your behalf.
11. Changes to the Terms and Conditions
11.1 We may change these Terms and Conditions:
11.1.1 to comply with any changes or proposed changes in European or English law or regulations;
11.1.2 to reflect changes in market conditions;
11.1.3 to reflect good banking practice; and/or
11.1.4 where we reasonably believe that there is a business need to do so.
11.2 If the change is to your disadvantage, we will notify you at least 30 days before we make the change (unless this is not practicable due to exceptional circumstances in which case we will notify you as soon as reasonably practicable). At any time up to 60 days from the date of the notice you may, without notice to us, switch to another Bond or close the Bond without having to pay any extra charges or interest for doing this.
11.3 We may make any other changes immediately and tell you about it within 30 days.
11.4 If we have made a major change or several minor changes in any one year, we will give you a copy of the new terms and conditions or a summary of the changes.
12. Circumstances beyond our control
We will not be liable to (including without limitation for any consequential loss suffered by you) if we do not act on your instructions for any reason set out in these Terms and Conditions or if we cannot carry out our responsibilities to you owing to any cause beyond our reasonable control (including, but not limited to fire, flood, acts of terrorism, industrial action, strikes, or the failure of equipment or power supplies).
13. Third Party Rights
Subject to the ights of our successors and/or assigns, a deceased Bond Holder's duly appointed personal representatives or the rights of an infirm or incapacitated Bond Holder's validly appointed third party, nothing in these Terms and Conditions confers or purports to confer on any third party any benefit or any right to enforce these Terms and Conditions.
14. Notices
Any notice or other communication to us required under these Terms and Conditions must, unless otherwise specified, be given to us in writing at R. Raphael & Sons plc., Walton Lodge, Walton Street, Aylesbury, Buckinghamshire HP21 7QY.
15. Law and Jurisdiction
The Terms and Conditions will be governed by and construed in accordance with the laws of England and Wales whose courts shall have exclusive jurisdiction.
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