Note: This advice is given by the CAP Executive about non-broadcast advertising. It does not constitute legal advice. It does not bind CAP, CAP advisory panels or the Advertising Standards Authority.
Some years ago, the ASA investigated and upheld a complaint about a so-called “instant access” account because customers did not have immediate access to their money. (Direct Line Insurance plc, 12 February 1998). Accounts that do not give immediate access but required no notice period should be described as “no-notice” accounts.
Since that ruling, the UK banking industry has issued a code of conduct that states “An account may not be described as having instant access or ‘immediate withdrawal’ or any similar statement where withdrawal must be other than by cash… [or if there are] any conditions attached to 'instant' or 'immediate' (or any other similar statement) withdrawal, for example if the number of withdrawals that may be made without transactional charges, loss of interest, loss of bonus or any similar charge being made, is limited … the amount of cash that can be withdrawn in a transaction is limited by the account should be clearly stated in the main part of the advertisement”. For more information about banking codes, please contact the Banking Code Standards Board’s website: www.bankingcode.org.uk.
Also see entry on “Financial Products and Services”.
Last modified : 29 March 2012