The law that governs how you can make payments and use some of your accounts in the UK is changing on the 13th January 2018.These changes are a result of updates to payments services regulations which will allow customers to use new services provided by third parties which might help you manage your money, compare financial products or make payments online.
We need to let all affected customers know about these changes, whether or not you’re opted in to receive marketing from us. You will receive this communication by email if we hold a valid email address for you, otherwise you will receive the communication by post.
It only takes a minute to register and once you have access, you can manage your accounts online and take advantage of some of our online services (this depends on the type of account you hold). Please visit www.thechelsea.co.uk/help/online/index.html for more information. Your details will not be passed to 3rd parties or used for marketing purposes without your consent.
Sharing your account data and access to your account with new service providers
These include external companies, banks and building societies that you will be able to give consent to, to allow them to access information on your payment accounts held with us or make payments using the Third Party Provider.
You can use a service if you hold a payment account. Yorkshire Building Society payment accounts are: Cash Transactor (Card) and Cashkey accounts, and Offset Savings Accounts that you use with your mortgage. Chelsea Building Society payment accounts are: Cash Transactor (Card), and Cash Transactor (Statement) and Offset Savings Accounts that you use with your mortgage. Norwich & Peterborough Building Society’s payment accounts are N&P current accounts.
If you have a payment account the changes may allow you to access all your account information in one place. You may wish to do this to help you manage your spending and savings habits. A TPP may also help you make payments online.
The FCA holds a register of authorised TPPs. You’ll be able to check with the FCA to see whether your chosen TPP is authorised before you decide to use it. The register can be viewed here. Please note: registered and authorised Account Information Service Providers (AISPs) or Payment Initiation Service Providers (PISPs) are included in the FCA (or other European Economic Area) registers.
Registered firms that provided Account Information Service (AIS) or Payment Initiation Service (PIS) before January 2016 can legitimately continue to operate without requiring TPP authorisation for a period of time. Please see the FCA website for further information: https://www.fca.org.uk
We will not share any of your personal data without your permission. The TPP will inform you of how the service works and how they will request access to your payment account with us. It is your responsibility to make sure the organisation you are sharing your data with is trustworthy and regulated by the FCA or similar European regulatory authority.
You do not need to do anything. TPP access is optional and it is not automatically set up. You have to register with a TPP in order to use their services.
You can only do this through a third party provider website or application. You will need to have one or more of the payment accounts listed above as being able to use TPP services (see faq: What YBS Group products can use TPP services?) and be registered to use your payment account online.
If we suspect the TPP has been involved in fraudulent activity on your account or there are suspicious transactions.
Please contact Chelsea Building Society regarding any issues with payments made through a third party.
You will be able to withdraw your consent from any TPP that you use either by contacting the TPP or us.
You can use a TPP's service with any account in your name; whether it be single or joint account.
On occasions mistakes are made when payments are made electronically. If this happens, the new regulations require us to co-operate with the bank or building society whose customer made a payment incorrectly in order to recover the payment. If they are unable to recover the funds from us and the payer asks them to, they will provide your personal information to the payer so that they can claim repayment. This will only happen when all other avenues to recover the incorrect payment have been exhausted.
The foreign money transfer service allowed payments to be made to accounts held by a foreign bank. Unfortunately we’ll no longer be offering this service after 13th January 2018. Any requests, however, which are in progress on or before this date will be unaffected. If you still require the facility to transfer funds abroad, there are a wide variety of other providers available. The Money Advice Service is a good place to start for more information about alternative options.
Where we have a valid telephone number for you we will contact you by phone. In the event that we do not have a valid phone number for you we will use alternative contact details that are held for you on our system.