3rd Party Payments & Nominated Bank Account

Jun 2, 2020

To better protect our members and the Society from the increasing risks of financial crime from 1st July 2020, we will no longer issue cheques or make an Electronic payment to anyone other than in the name of the account holder. We will allow Electronic payments to be made to a Solicitor.

The Society will offer members the opportunity to make an electronic payment from their Stafford Railway Building Society savings account to a nominated bank account in their own name via Faster Payments without charge, subject to a maximum number of one payment made per customer per working day. Any additional withdrawals over this limit will need to be done via CHAPS and incur a fee.  

Members must first register a maximum of one nominated bank account per member and the bank account nominated must be in the name of the Society savings account holder(s).

To register for the nominated bank account service, please complete the Nominated Bank Account form. If you are unable to complete and return the nominated bank account form please call us to discuss how we can assist.

For those customers who are a signatory to an account, you are unable to use this facility unless the nominated bank account is in the name of the holder.

Please remember that payments into your Stafford Railway Building Society savings account(s) will not be affected by this change and third-party payments can continue to be paid into your Stafford Railway Building Society savings account(s).

Once the nominated bank account service has been set up, there are two ways you can request a withdrawal of funds, firstly by post enclosing a signed letter detailing the withdrawal required, or by visiting our branch office to request the withdrawal. You must provide your passbook to make any withdrawals.