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Account Conditions
 
Depositors' Department
 
The Bank's Regulations imposed a number of conditions relating to the operation of accounts:
 
    the principal conditions relating to the minimum deposit that could be accepted;
 
    the amount that could be deposited in one year;
 
    the aggregate amount that any one customer could hold on deposit; and
 
    the amount that could be withdrawn on demand.
 
The following table summarises the restrictions that applied in these categories.
NOTES:
 
(1) There was no reference in the original Regulations to an annual limit on deposits
 
(2) Rule 29 of the 1919 Rules & Regulations allowed a Trade Union to deposit up to 2,000
 
(3) The withdrawal of an Aggregate Limit, and the imposition of an Annual Limit (500), was described by J P Hilton in Chapter 19 of his
      book Britain's First Municipal Savings Bank. That description is reproduced in the 1925 Regulations
 
(4) The 1925 Regulations retained the one penny minimum of 1919 as Regulation 35, which was subject to Regulation 36: Limitation of
      deposits, which stated:
            Subject to Regulation No. 37, the Bank shall not receive from any person by way of deposit in any bank year
        any sums exceeding in the aggregate five hundred pounds, whether any sum has been previously withdrawn
        within that year by that person or not:
            Provided that a depositor may, not more than once in any bank year, deposit money to replace money
            previously withdrawn in one entire sum during that year.
 
The exceptions regarding limitations of deposits in Regulation 37 were detailed as follows:
    (1) The limitation on the amount of annual deposits imposed by Regulation No 36 shall not apply to deposits
         made
          (a) by a friendly society duly registered under the Acts relating to friendly societies or by a registered
               branch of such a society;
          (b) by a society under the Building Societies Acts;
          (c) by a society registered under the Industrial and Provident Societies Act, 1893, being a society entitled
               to exemption from income tax under sub-section (4) of section thirty-nine of the Income Tax Act, 1918;
          (d) with the approval of the National Debt Commissioners and subject to any Regulations prescribed by
               them in that behalf, by the trustees or treasurers of any charitable or provident institution or society,
               or charitable donation or bequest for the maintenance, education or benefit of the poor, or of any penny
               savings bank in Great Britain or Northern Ireland;
          (e) by the Public Trustee.
    (2) In computing for the purpose of these Regulations the amount deposited by any person in any one ban
         year, there shall not be taken into account any sum transferred from the account of a deceased depositor.
    (3) Nothing in these Regulations shall operate to render unlawful any deposit of whatsoever amount lawfull
         made before the date on which these Regulations shall come into operation
 
(5) See Regulations 1930 regarding 'Exceptions to limitations of deposits' (Regulation 37)
 
(6) The 1947 Regulations amended the 1930 Regulations regarding 'Exceptions to limitations of deposits' (Regulation 37)
 
(7) Regulation 36 was amended in the 1960 Regulations
 
(8) Following the complete re-writing of the Regulations in 1970, the rules governing limitations etc were now specified in Regulations
      33, 66, 70, 74, and 75. These are reproduced at 1970 Regulations
 
(9) Limits relating to the new No 2 Department were specified in Supplemental Regulations
 
(10) Although withdrawals were now allowed 'On Demand' the Bank's literature advised that 'A short period of notice may be asked for
        large sums'
 
To open an account in the No 3 (Investment) Department, a minimum sum was required to be maintained in the No 1 Department.
This minimum amount was:
 
(11) A minimum sum of 100 was required from January 1st 1967
 
(12) A minimum sum of 50 was required from October 1st 1970
 
(13) A minimum sum was not specified from January 1st 1974, only that a 'Qualifying Account was required'