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A current account is an account you can use to make payments to third parties and which you can draw on without giving us any prior notice. Balances on a current account can be positive or negative (in credit or overdrawn).
Notice account means a deposit account which requires you to give us notice of a specified period before you are permitted to withdraw some or all of your money; or where failure to give the specified notice means that there will be a charge for early withdrawal of your money.
This is a savings account which pays you interest and which allows you access to your money without needing to give any prior notice.
A savings account is an account that pays you interest, but which is not used for making payments to other people. There are several types of savings account with different features and benefits to meet your needs. Some have tiered interest, where the rate differs according to how much is in the account. Some require a certain period of notice before you can withdraw money. Some will pay a fixed interest rate for a fixed term, others pay a variable rate.
A standing order is an instruction to a bank by an account holder to make regular fixed payments to a third party.
A term deposit is a cash deposit for an agreed rate of interest over a fixed period or term. Sometimes the term is referred to as the tenor.
More information about term deposits accounts.
The term “bank charges” covers all charges and fees made by the bank to customers with regards to certain services and products. These charges may take many forms such as monthly, annual or once a customer initiates a transaction or requests a service.
Withdrawals must be done by the child’s parents or legal guardian.
What is a Third Party Mandate and how does it work?
A Third Party Mandate (‘Mandate’) is an arrangement you set up with us that gives someone you trust an access to your accounts, so they can do some of your everyday banking like withdrawing cash, paying a bill or transferring money between your accounts. There are certain restrictions in place, which your Relationship Manager will discuss with you in order to protect you if you have more than one account.
You can potentially give them access to your online banking, but you cannot allow them to use your card at an ATM. To undertake a transaction they can do this at the branch, in writing or by telephone. If they attend the branch they will need to bring proof of ID and address each time.
You could set a Mandate to give access to a relative, friend or carer. As long as it is someone you trust. You can withdraw the Mandate at any time. You are in control.
What’s the difference between a Third Party Mandate and a joint account?
When you open a joint account with someone, all the money (and any debt) in the account is shared between you. You both have the legal right to use the money as you wish. If either account holder dies, the money (or debt) in the account passes automatically to the other person.
A Third Party Mandate is different. Your account and your money stay in your control. The person you give access to can operate your account and you can cancel the Mandate at any time. In addition, the Mandate is automatically cancelled if you or the Third Party lose mental capacity or die.
How a Third Party Mandate can help?
Whether you need help just once in a while or would like regular support to manage your account, a Third Party Mandate could make life easier for you and the person helping you. However, each person’s circumstances are different and you should seek independent legal advice but we are always happy to discuss matters with you.
You may find a Third Party Mandate useful if:
You temporarily cannot visit us in branch (for example, if you’re not well for a short period of time)
You have someone who helps you with tasks like paying bills
You're waiting for a power of attorney to be set up
You only need limited support rather than help managing all your finances
How to cancel a Third Party Mandate?
Either you or your trusted person can cancel the Third Party Mandate at any time by filling a cancellation form. One of you will simply need to let us know when you want the Mandate to end by either calling us, visiting us in branch or writing to us. Please let us know if there is a specific date when you would like the Mandate to stop or if it should stop straightaway
As mentioned above, in certain circumstances, we will automatically end a Third Party Mandate. For example, if you tell us either you or your trusted person has lost mental capacity or if either of you pass away.
Other ways to get support
If you are not sure a Third Party Mandate is right for you, you may find having a power of attorney in place may suit you better. This could allow someone to manage your finances if you become unable to do so in the future due to mental or physical incapacity.
Whatever support you need, we are happy to discuss matters with you. Further guidance relating to the Third Party Mandate can be provided to you via our Relationship Managers.
Need more help and support?
Please contact us for more information relating to:
Third Party Mandates
Monday to Friday, 9 AM to 5 PM.
02072242277
Power of attorney or Court of Protection Orders
https://www.gov.uk/courts-tribunals/court-of-protection
Email: courtofprotectionenquiries@justice.gov.uk
Enquiries - Tel: 0300 456 4600
Other sources of help
GOV.UK – Find a legal advisor
https://www.gov.uk/find-legal-advice
Citizens Advice – Managing affairs for someone else
https://www.citizensadvice.org.uk/family/looking-after-people/managing-affairs-for-someone-else/
MICR (Magnetic Ink Character Recognition), is a character recognition technology which helps in faster processing of cheques. Every bank branch is given a unique MICR code and this helps to speed up the cheque clearing process.
Yes, for cheques to be processed, an MICR code is required. The MICR code contains data required to process the cheque.
Only cheques meeting the standard size requirements will be accepted for processing. Cheques should either be 20.3 cm x 7.6 cm or 22.8 cm x 8.9 cm.
Cheque books issued by NBKI comply with all security features and these include:
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Type of paper used which does not allow for cheque to be photocopied
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Special type of ink
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Watermark as part of the cheque
- UV logo
Please contact the individual who has provided you with this cheque and request that they provide you with a new standard cheque. Soon, it will not be possible to process this cheque at any local bank.
No, it is not. Direct sunlight damages the UV security features which would make it impossible for such cheque to be processed by NBKI.
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Do not write or sign over the MICR code at the bottom of the cheque
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Generally keep cheque in a good condition - it should not be folded or stapled to the paper. Make sure that your cheques are not damaged in any way (ie: torn, folded, or crumpled).
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The cheque should not be exposed to direct sunlight nor kept in a hot place e.g. in a car in direct sunlight as this can damage the UV logo.
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Ensure the availability of sufficient funds in the account before issuing cheques (cheques returned due to insufficient funds may lead closure of your account by NBKI)
A debit card is a form of payment where the customer can purchase an item using money that is deposited in his bank account without the need to withdraw it in cash.
All customers that currently hold an active current account with the bank qualify for a debit card. In the case of a new customer, they will receive a debit card instantly when opening the current account at the branch.
The NBK Debit Cards give direct access to your current account and can be used at millions of locations worldwide at ATMs, point of sales and websites.
NBK Debit Cards are now Contactless and will work at Contactless readers throughout the world allowing you to pay for low value items with a simple tap.