My Accounts - Frequently Asked Questions

(Revised following system upgrade 22nd October 2014.)

Untitled Document

1. General

2. Security & technical information

3. Withdrawals, transfers & closures

4. Glossary

1. General

What facilities does the ‘My Accounts’ system provide?

It provides you with access via our website to a summary of your accounts with the Monmouthshire Building Society. Details of your savings and mortgage accounts can be seen together with recent transactions.

You can also move money between your accounts and request withdrawals direct to your own bank account.

A secure messaging facility within ‘My Accounts’ means that you can communicate with us electronically whilst knowing that any information you send is securely transmitted over the internet.

As our system develops we intend to provide additional facilities such as the facility to open new accounts online.

How soon will I be able to access my account information after I sign up for ‘My Accounts’?

Within three to four working days of registering you will receive confirmation of your Web User Identification Number and activation key via post. Please note – this activation key expires 28 days after issue, so you should use it as soon as you receive it. Once it’s expired, you will need to follow the ‘Forgotten your security details’ option found on the Welcome page.

What will I need to log in to view my accounts?

Every time you want to use our My Accounts system, you will need your Web User Identification Number, your full password (in full) and 2 characters from your memorable information (which you selected when you first registered). These fields are case sensitive, you will be offered a list containing alternating upper / lower case letters, numbers and characters for your memorable information from which you can select the appropriate character.

When is the ‘My Accounts’ system available?

The system is normally available 24 hours a day, seven days a week. However, there may be times when a part of the service is unavailable to allow for maintenance and updates to the system.

How often is the information updated?

Most of the information you see on screen is updated once a day at 5:30am. However, transactions in to and out of your account are usually updated as soon as we have processed them during our normal working hours (Monday to Friday 9am to 5pm). Over the counter transactions will also appear just after they have been processed (including Saturday opening hours).

How long can I see my records for?

Transactions will be held on the system for at least two years. Once an account is closed it will remain on the system for two years, after which it will be removed.

Which transactions can I see on my accounts?

Only transactions which affect the balance of your account can be seen on screen. Transactions which only concern interest calculation or interest payment direct to another account, do not affect the balance and are therefore not shown.

How will you respond to a secure message I have sent?

Secure messages are usually replied to within 24 hours (except Bank Holidays and weekends). You will receive a notification via email when we reply to your message and you will need to log in to “My Accounts” to see our response.

2. Security & technical information

Is 'My Accounts' secure?

For someone to gain access to your account details they would need your, user ID, password and piece of memorable information. You should keep these secure by not writing them down or storing them on your personal computer. Never share these details with anybody else. We will only ever ask you for this information as part of the login process. 

We recommend that your change your password and piece of memorable data on a regular basis using the ‘Security Details’ option within ‘My Accounts’. 

We suggest that you use a mixture of letters and numbers within your password and piece of memorable data and avoid using words that may be easy for others to guess, such as the name of a family member. 

All information transmitted between your personal computer and the ‘My Accounts’ server is encrypted.

What can I do to help keep my information secure?

To help guard information held on your computer you should check that you have current anti-virus/spyware software and a personal firewall installed. You should treat any emails or telephone calls requesting personal financial information with extreme caution. We will never ask you to reveal your password or memorable information, other than as part of the login process. If you want to know more about keeping yourself safe from fraud, we suggest the following websites which contain lots of information on ways to help you keep your financial information secure:

What if my account information looks incorrect?

If any information on your account looks incorrect or suspicious in any way you should contact us using the secure messaging facility or by telephone on 01633 844 345 (Monday to Friday 9am-5pm).

Do I need any special software to access ‘My Accounts’?

No special software is needed. ‘My Accounts’ will work on any computer as long as you are connected to the internet and have a suitable web browser and operating system. 

Whilst we cannot guarantee that ‘My Accounts’ will work with any particular browser version or operating system we have tested it with the latest versions of Internet Explorer, Netscape and Firefox. If you use Internet Explorer as your web browser, please ensure that you are using at least version 8 or above as earlier versions are not supported. Apple users should always accept updates as soon as they’re released, since earlier versions may not always be compatible.

Do I need a specific ISP to access ‘My Accounts’ ?

No, you can access our system via any Internet Service Provider.

What can I do if I experience problems accessing ‘My Accounts’?

Whilst we cannot give you detailed instructions regarding your individual home computer you might like to try the following. 

If you have previously accessed ‘My Accounts’ but are now experiencing problems then we would recommend that you clear out your cache memory / temporary internet files and also delete all cookies before trying to log in again. 

Do I need to have cookies enabled?

Yes. To assist your navigation of this website and our prevention of fraud, we may send ‘cookies’ from this website to your computer. We do not obtain personal data from your computer or gather personal information about you unless you personally give information to our server.

3. Withdrawals, transfers & closures

What do I have to do to setup the online transfer and withdrawal facility? 

You will be able to transfer money between your Monmouthshire Building Society savings accounts as soon as you have activated your registration as previously described. If you require the facility to withdraw money directly to your own bank account then you will also need to provide us with details of your nominated bank account (if you haven’t already done this as part of your initial registration). Please note that we can only transact with UK banks, not building societies, and that the account should include your name.

Please allow one week between providing us with your details and requiring your first withdrawal in order that the necessary security precautions can be carried out. You will be required to sign an ongoing withdrawal mandate as part of this security process, which will be sent to you by first class post. While this process is being carried out, your bank details will display a status of ‘Awaiting mandate’. As soon as we have received your signed mandate and have satisfied our security checks, the status will be changed to ‘Approved for transfers’ and we will confirm activation by secure message, at which point you be able to carry out withdrawals and closures. 

How long does it take to get my funds into my bank account?

If we receive your transfer / withdrawal / closure instructions before 2.00pm on a working day we will send your payment and debit your account the same day. Instructions received after 2.00pm will be processed on the next working day. All withdrawals to a bank account are sent via the Faster Payments system and can take up to one working day, but we anticipate that payments will normally arrive at the receiving bank by the end of the day they are sent.

What if I don't want the funds straight away or to incur a penalty?

You have the option of selecting a date in the future on which you want your withdrawal processed. If you request funds from an account that includes a notice period, as part of the transaction you will automatically be informed of the date upon which the notice becomes effective. If you want the funds sooner, you can specify the date, although you may incur a penalty (you will be informed of this when you are submitting your request). If the due date is on a weekend or Bank Holiday, the transaction will be processed on the next available working day.

Can I send payments to third parties i.e. pay bills using My Accounts?

No, we only allow you to make withdrawals / closures to your nominated bank accounts. We do not operate current accounts, so you cannot pay bills or send monies to third parties using our My Accounts service.

Can I close my account using My Accounts?

Yes. Subject to the specific terms and conditions of the account you wish to close, you should follow the instructions at ‘Account closure’ on the My Accounts Home page. You will be informed automatically of the date on which the closure will take place, which you can override. N.B. you may incur a penalty if your account is subject to a notice period which you choose to override.

How do I change the nominated bank account?

You will need to delete the existing bank details and add a new one. This is achieved by visiting the ‘Your bank account’ section from the ‘My Accounts Home’ page. Once we receive the details of the replacement bank account, we will send you a new mandate by post, which you will need to sign and return to us as confirmation. N.B. if your account is a non-personal account, all parties to the account will need to sign the mandate. Once the signed mandate has been received and verified, your replacement bank account details will be activated. You will not be able to make on-line withdrawals during this time.

4. Glossary

What does the various information available on the Savings Account Details screen represent?

  • Account Name – the names of the account holders
  • Account Number – the account number allocated by our system
  • Correspondence Address – the address to which any postal communications, such as an annual statement, will be sent. This may be different to your residence.
  • Interest Rate (Gross) – the contractual rate at which the balance in your account earns interest. Gross means the rate of interest payable if Income Tax were not deducted. Unless you have registered for your interest to be paid without tax deducted we will deduct tax at the specified rate, currently 20%, before we pay any interest.
  • Conditional Bonus Rate (Gross) – the additional interest rate that applies to your account when you meet certain product specific criteria during the year. Please see our website for details of the criteria that apply to your specific product. Gross means the rate of interest payable if Income Tax were not deducted. Unless you have registered for your interest to be paid without tax deducted we will deduct tax at the specified rate, currently 20%, before we pay any bonus.
  • *Current Balance – The total balance in your account.
  • *Cleared Balance – The balance available for withdrawal from your account. Cheques paid into a savers account are available for withdrawal six working days following receipt. Please note that withdrawing funds may incur a penalty unless you comply with the terms and conditions of the account product.
  • Next Interest Due Date – The date when interest is next due to be paid on this account. Interest is normally payable following the close of business on this date.
  • Minimum Balance – The amount which you must retain in an account to meet the product terms and conditions.

*Please note that these items will be updated as soon as a transaction has been carried out. All other items will be updated following the once a day update as described at Q4.

What does the information shown on the Mortgage Account Details screen represent?

Inception date – the date on which your mortgage completed i.e. funds released
Account Name – the names of the account holders.
Account Number - the account number allocated by our system.
Correspondence Address – The address to which postal correspondence is sent.
Security Address – The address of the property(ies) on which the mortgage advance is given.

Each of the individual loan parts which make up the account are then shown :
Loan – the individual loan number within the account
Balance - the capital balance which is the balance on which interest is being charged. This is updated once a day at 5.30am.
Inception Date - the date on which money was first advanced on this loan part.
Click on one of the loan parts to see more details.

What does the information shown on the Loan Part Details screen represent?

  • Account Name – the names of the account holders
  • Account Number - the account number allocated by our system
  • Advance – the total amount of money advanced over the life of this loan part
  • Inception Date – the date on which money was first advanced.
  • Interest Rate – the interest rate currently being charged
  • Remaining Term – the period of time that the loan has left to run
  • Capital Balance – the balance on which interest is being charged.
  • Mortgage Type – the basis on which monthly repayment are calculated. Some of the more common options are : –
  • Capital and Interest – Commonly known as a repayment mortgage; this means your monthly payments to the Society include both interest and capital. In the early years of the loan the payment is mostly interest, but as the loan is repaid, the interest element reduces and an increasing proportion of the monthly repayment is used to repay the capital. As a result the loan is cleared within the agreed number of years (the mortgage term). The amount of your monthly repayment will depend upon the amount borrowed, the term of the mortgage and the rate of interest.
  • Interest Only – As the name suggests you pay only the interest each month. The actual amount borrowed does not reduce during the life of the mortgage and must be repaid at the end of the mortgage term. Monthly payments are therefore less than those of a repayment mortgage, but it is very important to ensure you have the funds available to repay the loan at the agreed time. In order to achieve this you would normally subscribe to a suitable investment plan. If you currently have an interest only mortgage, or a part of the balance is interest only, and you are concerned about your plans to repay the capital, we would urge you to act now - a delay may make it more difficult to come to a suitable arrangement. We may be able to help you with some of your options and you can contact us on 01633 844 370. The related Money Advice Service Leaflet available on our main website also provides more information on what you can do.

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