To give people a greater level of protection when it comes to their money, the government has introduced new rules for the UK banking system.
For Leeds Building Society members, this affects the way some payments are made into your savings and mortgage accounts.
Why are these changes being made?
The government has brought in these new regulations to help people keep their money safer.
‘Ring-fencing’ aims to keep day-to-day accounts – like savings and mortgages – separate from the risks associated with some other banking activities, such as stock market trading for instance.
Whilst Leeds Building Society isn’t a bank, we still have to make some changes as a result of these new rules. And depending on your method of payment, you may have to as well.
So what’s changing?
We’re giving new sort codes to savings and mortgage accounts. These need to be updated before you make your next payment.
What do you need to do?
When a payment is made into your account, you’ll receive a letter from us explaining what needs to be done next. You can also read more about the changes we’re making below...
Payments where you need to make a change
Here are the types of payment where you’ll need to make changes. If you’re not sure about what types of payment are being made, you’ll find some useful information further down the page.
Changes to Faster Payments, Standing Orders, CHAPS and BACS
Sort Code
For paying into a Savings Account, please now use
08-61-19
For paying your Mortgage, please now use
40-64-38
Account Number
For paying into a Savings Account or paying your Mortgage, please now
Use only the first 8 numbers of your existing 10 digit account number
You can find your 10 digit account number in your passbook, recent letters from us or by logging into your online account. Please make sure to use the first 8 digits of your most recent account number. Bear in mind, this may not be the one you were originally issued with.
Reference
For paying into a Savings Account or paying your Mortgage
Use your own choice of reference
Was: your 10 digit account number
Make these changes with your bank or ask the third party making payments to your account to use the new sort code and account number.
Types of payment where no change is needed
On the payments shown below, we can take care of the changes for you. So you don’t have to do anything to carry on making payments in the way you’re used to.
No changes to Direct Debit, Cheque, Debit Card and in-branch payments
Not sure what type of payment you’re making?
If you’re a little unsure about which type of payments you’re currently making into your savings or mortgage account, here’s a quick round-up of what each one means.
Direct Debit (mortgage only): an instruction from you allowing a business to collect payment from your account on a regular basis. Depending on how much is due, payment levels can change, which is why it’s often used to pay bills
Standing Order: a way to set up regular fixed payments between accounts. This is an instruction from you to pay a fixed amount, whereas a Direct Debit gives permission for variable sums of money to be taken from your account.
Faster Payments: these can be made online, over the phone or in-branch. They let you transfer money between accounts, pay bills or make regular standing order payments.
CHAPS: a same-day method of making payments either online, in-branch or by phone. Your bank may charge you for this service.
BACS: an electronic money transfer system mainly used by organisations to make payments directly from one account to another.
Take extra care with your account details
It’s always important to take extra care when it comes to sharing your account details. Whilst you may receive a letter from us about changes to your sort code and paying in details, please be alert to the possibility of banking scams from elsewhere.
Never share your secure details (such as user name or fullpassword) with anyone.
Never send any confidential account information via email or phone – we will never ask you to do this.
Never transfer your money out of your account at the request of an unknown caller. We will never ask you to do this over the phone or by email. If you’re unsure, please call us on 03451 960 790.
Never let someone you don't know access your computer or mobile devices, especially remotely.
Don't click on any links in suspicious emails or text messages, delete them from your computer and block the sender’s email address and phone number.
Don’t feel embarrassed or ashamed – these criminals are clever at tricking and reassuring you.
Be suspicious of any unexpected calls, texts or emails from third parties asking for personal information.
Think twice before sharing personal information on social media sites and check your privacy settings. The more private, the safer you are.
If you get an email asking you to change your paying in details that’s not from info@leedsbuildingsociety.co.uk – or you’re worried it may be a scam – then please get in touch with us on 03451 960 790.
Answering your questions about the changes we've made
Where will I find my existing savings or mortgage account number?
For savings, you should be able to find your existing account number in your passbook, annual statement, your online account or the welcome letter you received on opening your account. For mortgages, check your mortgage welcome pack or annual statement.
What happens if I make a payment without making the changes?
If we receive a payment from you that needs you to make changes, we’ll send a letter explaining what you need to do next. In some cases we’ll automatically redirect the payment for you, in others you may need to make the changes yourself.
Is there anything else I need to change about my account?
These changes only affect the way electronic payments are made into your Leeds Building Society savings or mortgage accounts. There’s no need to make any other changes to the way your account works.
Do I need any changes to my savings passbook?
When you’re next in branch, a Leeds Building Society colleague will update your passbook with a sticker detailing the changes and answer any questions you have. If you usually send your passbook by post for updates, we’ll return it with a sticker in place.
What happens if I use my old details?
We’ll let you know by post if you’ve made a payment that uses incorrect details. If you’re at all unsure, best to check using the payment table above.
When do I use my 10 digit account number and when do I use my 8 digit?
You only need your 8 digit number for payments coming into your account. Your 10 digit number is still used for lots of other things, however, such as: online registration, account applications, transferring money between your Leeds Building Society accounts, setting up or removing a nominated account, if you forget your user name, account management, changing an interest instruction, making an enquiry or complaint, closing your account, applying for or switching your mortgage and completing an online maturity form.
Are there any types of payment unaffected by these changes?
Yes there are. If you make payments by direct debit, cheque, debit card or in-branch, there’s no need to make any changes – we’ll take care of everything for you.
Why are my new account payment details different to my old ones?
To make payments as straightforward as possible, any accounts opened after 11th November 2018 automatically come with the new style payment details built-in. Whereas ones before this date may need to be changed, depending on the type of payment being made.
Who can I speak to if I have any questions about these changes?
We’re on hand to help with any questions you may have about the way payments into your account have changed. You can call us on 03451 960 790. Our lines are open Mon - Fri: 8am - 8pm and Sat: 9am - 5pm.