WWS FAQs

Q: What is the Payment Services Directive (PSD)? Is it the same as the Payment Services Regulations (PSR)?

A: The PSD applies to all countries in the European Union, Iceland, Liechtenstein and Norway (EEA). The PSR is the way the UK government is implementing the PSD in the UK.

Q: Which accounts are covered by the PSR and BCOBS?

A: The PSR cover most payments and bank accounts held in the UK, but for example do not cover payments made by cheques or accounts which aren't mainly used for payments. The UK Payment Services Regulations cover all WWS accounts. Separate regulations and laws will cover accounts held in other EEA countries.

The Financial Services Authority (FSA) has also decided to replace the Banking Code and regulate banks which take deposits directly through BCOBS. This applies to all our WWS accounts but where there are rules in the PSR which cover the same thing, the PSR will take priority. While we have taken account of these new regulations in the changes we're making, the full details haven't been finalised yet. Once it is finalised we will follow BCOBS, and the industry guidance that is being prepared for banks and building societies.

Q: Are accounts with other banks affected?

A: Yes, similar regulations and laws will apply to all countries in the European Union, Iceland, Liechtenstein and Norway (EEA). The UK is introducing these changes on 1 November. BCOBS will also apply to all UK banks.

Q: I don't understand, what do the changes mean for me?

A: On the whole you won't notice much difference because we already meet or exceed most of the standards in the regulations. The Payment Services Directive will bring consistent standards for all banks in the UK and EEA countries, including how and when we give you information, giving us instructions, how long payments should take and what happens when mistakes are made. If you are still unsure then we would be happy to talk to you about what the changes mean for you. Please call us on 08457 301 996 or +44 (0) 20 7839 2099 if you are calling from outside the UK.

Q: What changes have you made to my current account and what does this mean for me?

A: For our Cheque Account, Executive Gold Account or Executive Platinum Account we've changed the way we collect fees. This means that if you take out, upgrade, downgrade or end an account or service part way through a month, you'll only pay for the days you have used that account or service.

If you're a WWS Executive Platinum or WWS Executive Gold customer some of your benefits are being withdrawn as the providers are no longer offering the services. The Home Shopping Service is no longer available and from the
1 November Car Select will be withdrawn. From 25 October 2009, AA Accident Management which is available to WWS Executive Platinum Account customers and currently underwritten by Automobile Association Underwriting Services will be underwritten by Acromas Insurance Company Limited. None of your other benefits will be affected and you'll still receive the same quality of service.

Q: I have a WWS 90 Day Account. What changes have you made to my savings account?

A: From 9am (UK time) on 2 November 2009 we'll be removing the 90 day notice period for making withdrawals on this account, so you'll have instant access to your money. For this reason we've changed the account's name to WWS Instant Access Account. The minimum account balance will also be reduced from £10,000 to £1.

Q: What changes have you made to International Payments and what does this mean for me?

A: From 1 November 2009 we're making changes to the way we display charges for sending, or receiving, money abroad. These changes are designed to make things simpler and clearer. Where appropriate, we will also provide details of the foreign exchange rate we have applied and the transaction amount in the foreign currency.

Q: How will you tell me about changes that you make in the future?

A: We'll give you more notice when some things change. If we make a change to our terms and conditions, interest rates or charges we'll tell you personally two months before we make the change. The exception to this is in the case of changes in interest rates that are not to your disadvantage, which we will implement immediately.

Q: I have asked not to receive marketing mail, why have you written to me?

A: We're obliged to write to you personally to inform you of changes to your account. This isn't a marketing mailing and it's very important that you are aware of these changes and how they affect you. You will continue to be excluded from marketing mailings in future unless you contact us to say that you'd like us to include you from now on.

Q: When will the PSR take effect?

A: The PSR will apply from 1 November 2009. Your updated WWS account terms and conditions and charges will take effect from the 1 November 2009.