THE THIRD SCHEDULE before referred toCO-OPERATIVE DEPOSIT PROTECTION SCHEMECODE OF PRACTICE

PART BADVERTISING OF INTEREST BEARING DEPOSITS

TERMS AND CONDITIONS37

A clear indication of the type of deposit must be given by satisfying the following—

a

Advertisements must contain a clear statement of the conditions for withdrawal, including the amount of any charges levied, the period of any notice required and the extent of any interest forfeited.

b

Where interest is forfeited on any withdrawal without notice, words such as “instant access” or “immediate withdrawals” must not be displayed together with the rate of interest without clear qualification.

c

For accounts which do not allow withdrawals, even after notice, without forfeiting interest, the text of the advertisement must include a statement indicating that, if a withdrawal is made, the stated interest rate will not be achieved.

d

Where a maximum or minimum amount must be deposited to achieve the stated interest rate, the text of the advertisement must include a clear statement to this effect.