The National Savings Bank (Amendment) (No. 4) Regulations 2008

• Citation: S.I. 2008/3098
• Sections: 9

Section 1 Citation, commencement and interpretation

These Regulations may be cited as the National Savings Bank (Amendment) (No. 4) Regulations 2008.

Section 2 Citation, commencement and interpretation

Subject to regulation 3, these Regulations come into force on 1st January 2009.

Section 3 Citation, commencement and interpretation

Regulations 6 to 9 come into force on 6th April 2009.

Section 4 Citation, commencement and interpretation

In these Regulations, “the Principal Regulations ” means the National Savings Bank Regulations 1972 .

Section 5 Disapplication of particular regulations to certain individual savings accounts

After regulation 2A(ee) of the Principal Regulations insert—

(ef) regulations 29N to 29P (inclusive);

Section 6 Procedure on making deposits to individual savings accounts

For regulation 29N(b) of the Principal Regulations substitute –

(b) by electronic transfer;

Section 7 Payment on withdrawals from individual savings accounts

For the definition of “cash payment advice” in regulation 2(1) of the Principal Regulations substitute—

”cash payment advice” means, in relation to a withdrawal to be made by payment in cash, an advice in writing in the approved form setting out the amount to be withdrawn, the savings bank office at which the payment is to be made, the name of the payee and any evidence required by the Director of Savings under regulation 53(1) below in relation to that withdrawal;

Section 8 Payment on withdrawals from individual savings accounts

Omit regulation 21(11) of the Principal Regulations.

Section 9 Payment on withdrawals from individual savings accounts

(1) Regulation 29P of the Principal Regulations is amended as follows.

(2) At the end of sub-paragraph (1)(a) delete “or”.

(3) At the end of sub-paragraph (1)(b) for “.” substitute “; or”.

(4) After sub-paragraph (1)(b) insert—

(c) in cash to the depositor or to the person entitled to make such application.

(5) At the end of sub-paragraph 2(a) delete “or”.

(6) At the end of sub-paragraph (2)(b) for “.” substitute “;or”.

(7) After sub-paragraph (2)(b) insert—

(c) refuse to permit more than £2,000 to be withdrawn by payment in cash from any one account on any one day.

(8) After paragraph (5) insert—

(5A) The Director of Savings shall confirm the details of any withdrawal to be made by payment in cash by posting a cash payment advice to the person who made the application for that withdrawal.

(9) After paragraph (6) insert—

(6A) A withdrawal by cash payment shall not be made until the relevant cash payment advice is presented at the savings bank office named in the cash payment advice by the payee, and any evidence required by the Director of Savings in relation to that withdrawal has been given to the satisfaction of the Director.

(6B) Where a cash payment is made in accordance with paragraph (6A) to a person purporting to be the payee then, notwithstanding that the cash payment advice was presented by some person not being the payee, the making of the payment shall be a full discharge to the Director of Savings for the amount thereof, if it is shown that the payment was made in good faith and without negligence, and that the making of the payment was attributable to some act or omission on the part of the depositor or on the part of the payee.