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Old 18th August 2004, 14:29   #1

J.D.'s Avatar
Join Date: Jan 2004
Posts: 11,524
Default Setting up your Standing Order deposit

Thanks to BecH, geordiered, Duncan Drasdo, sam0912, Seamonkey, and keith leigh for their assistance with this question.
Setting up your Standing Order deposit to the Phoenix Fund

If you have a UK bank account you can set up a regular deposit via standing order from your bank account.

Just complete the form located at:

There are two crucially important pieces of information this form must contain:

1) Your bank account number as well as the unique sort code that identifies the bank.

2) Your MUST member number. Please ensure that this number is accurate or shares will not be credited to your membership account!

It's between you and your bank

You do not need to notify MUST when you setup a standing order for the purchase of shares. This is an agreement between you and your bank. We buy shares for members each month in which a payment is credited to the MUST bank account accompanied by the Standing Order reference (which is why you need to make sure your membership number is accurately referenced on the form!)

Do I need to setup a new standing order when I renew my MUST membership?

No. Because the standing order arrangement is between you and your bank, the arrangement remains in effect until you (and only you) ask them to stop debiting your bank account. If we receive payments quoting a valid membership number we buy shares and allocate them to that membership account.

When will my monthly standing order purchase be shown in my account?

Please note that the database is only updated every 4-7 days depending on the frequency and amount of payments received. Plus it does take time to effect the proper funds transfers into the main Phoenix Fund account. We will endeavour to provide you with online confirmation of your transactions as quickly as possible. You will receive a statement with each quarterly newsletter. If you wish to query your holding you will need to provide details of payments made (confirmed by your bank) and dates so that we can check your account.

Do I have to pay the 10/12/15 membership fee for my standing order each month?

No, of course not. But once you start your standing order please make sure you renew your membership (which is where this fee kicks in) when the time comes.
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