Changes to your terms and conditions.

There are some changes coming to the way you bank with us - you’ll have previously received a copy of our business changes leaflet or letter in the post, or with a recent application.

And because we work in partnership with our customers, we want to help you understand them.

So what's happening?

We're upgrading our systems and improving our security. There are also some changes that all banks are making because of new industry regulations.

We’ve also made our Business Banking Terms and Conditions even clearer, which is good news for everyone.

The original date for most of the changes was 5 November, but most of the changes won’t now happen before 13 January 2018. 

For more information about the changes, please take a look at the latest business changes leaflet

Below is a quick guide on what’s happening and when.

Changes already in place
  • Standing Orders
  • Combined Telephone Banking Terms and Conditions
From October 2017
  • Changes to cheque clearing times
From 1 November 2017
  • Bank of England Bank Rate (base rate) changes - overdrafts
  • Bank of England Bank Rate (base rate) changes – variable rate loans
On 13 January 2018
  • Changes to the rules around how we make your payments
  • Changes to cheques - paying in or taking out foreign cheques
  • Changing to cheques - finding out if a cheque will clear in advance
Not before 13 January 2018
  • Name change for Online for Business and card reader replacement
  • New charge for copy statements
  • Funding and Creaming service changes
  • Changes to our Text Alerts service
  • Changes to cheques - TSB Cheques paid into TSB accounts
  • Seven days a week account settlement
  • Changes affecting international payments into your account
  • Changes to ClickSafe®
  • Changes to cash exchange services
  • Getting in touch by post
  • Simpler Terms and Conditions

What to do next:

  • If you haven't already, it's important to read the summary of changes.  
  • Here’s the original version which you may have received by post.
  • Here’s the latest version with the new dates. The date changes are the only changes we’ve made to this leaflet.
  • You can read and download your updated terms and conditions below.
  • Take a look at the useful Frequently Asked Questions (FAQs) below too.
  • Finally, watch this space for the latest news and dates. We’ll let you know at least seven days before making any of the changes listed as 'not before 13 January 2018'.

To see your new and updated terms and conditions, just select from the sections below.

You can view your current terms and conditions at tsb.co.uk/business/legal

FAQs

Why will some cheques clear quicker than others?

  • All banks are speeding up the time it takes for a cheque to clear, from up to six days down to just two.
  • It will take about a year from October 2017 for all banks to offer this.

We'll let you know before we move to the faster clearing times for cheques you pay in. But if you write a cheque that's paid into a bank that's already moved to the new clearing times, your money could leave your account quicker than it does today. So it's important that when you write a cheque, you have enough money in your account to cover it. You can find more information at chequeandcredit.co.uk

Why won't I be able to pay a Foreign Cheque into my account?

We’re removing the service as we’re seeing fewer customers paying in foreign cheques as it’s now easier to receive international payments electronically. Electronic payments are generally quicker and more cost effective for the person sending you the money too. Important - if you do receive electronic payments from abroad you need to know that from early November we’re changing our Bank Identifier Code (BIC) and all international bank account numbers (IBAN) that start with ‘LLOY’. You can always find your latest BIC and IBAN details on your Bank Statements and in Business Internet Banking (choose the 'Show IBAN/BIC' option when you've logged into your account).

Why can't I have a foreign cheque to pay someone who lives abroad?

We’re removing the service as we’re seeing fewer customers ask us for foreign cheques as it’s now easier and quicker to send money abroad in other ways, using Business Internet Banking or by making an electronic payment in a branch.

Why won't a TSB cheque clear on the same day when I pay it into my TSB account?

We’re upgrading our systems and our security and we now have to clear a TSB cheque in the same time that it takes for all other cheques. If you do want to access the money immediately why not ask the person paying you to use a faster payment. This way the money clears in your account immediately.

As a reminder, we're removing the need to use card readers to log in to give you a quicker and easier service.

How will I know if my IBAN is changing?

We are only changing IBANs that start with ’LLOY’. We won’t be able to tell you what it will be until it changes, so please check in Business Internet Banking (choose the 'Show IBAN/BIC' option when you've logged into your account) or on your statement from early November.

I receive a regular payment from abroad, will I need to let that person know that the BIC and IBAN are changing?

Yes, it’s a good idea to let them know as soon as you can see that the details have changed. We will let all foreign banks know about the change to the BIC but you will need to let the person who’s sending the payment know that your IBAN has changed (if it starts with ‘LLOY’).

Why can't I choose who pays the payment charges when I send money to a country within Europe?

If you normally send payments within the European Economic Area (EEA) that involve a currency conversion and you incur transfer or intermediary charges, then you currently have a choice to pay the charges yourself, request that the recipient pays or split the charges between you.

In order to comply with the new Payment Services Regulations 2017 this is changing so that the charges will be split between you and the recipient for all payments within the EEA regardless of currency.

What are authorised online third party providers?

There are companies that offer external services to allow you to see a consolidated view of your different financial accounts and others that can initiate online payments on your behalf. We refer to these companies as online third party providers. The online third party provider must be authorised by the Financial Conduct Authority (FCA) and you need to give them explicit consent to act on your behalf. We provide more information on aggregators and payment initiators below.

What is an Aggregator?

An Aggregator is a company who can display information from multiple places in a single site, for example holiday or insurance comparison websites.  Some aggregators can display all of your online bank accounts with different providers, in a single place using either a webpage or a mobile application.  They can be used to help you track your finances and manage your budget. In order to access your TSB account, the aggregator will need to access your account(s) using Business Internet Banking.

You should only provide your security details to an authorised Aggregator. You will need to give the Aggregator explicit consent to access your TSB business account(s) using Business Internet Banking.

What is a Payment Initiator?

A Payment Initiator is a company that can initiate a payment from your online bank account, for example they can request a Faster Payment be sent to a person or organisation. In order to access your TSB account, the payment initiator will need to access your account(s) through Business Internet Banking, and will need to use your security details.  You should only provide your security details to an authorised Payment Initiator, and any time they access your account or initiate a payment, we’ll take this as being instructed by you.  You will need to give the Payment Initiator explicit consent to access your TSB account(s) using Business Internet Banking.

How can I tell if an Aggregator or Payment initiator is authorised?

From 13 January 2018 the FCA will publish a list of all registered Aggregators and Payment Initiators.  We will provide a link to the list here once available.  You shouldn’t provide your security details to anyone who is not on the authorised list.  If an authorised online third party provider accesses your account, we’ll take this as being instructed by you.

Page last updated 6 November 2017.

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