FAQs for Kent Savers members
Merger FAQs
Why are we merging?
Since the Kent Savers AGM that was held on 22nd May 2023, in which the Board outlined economic challenges that the Board and team were working hard to mitigate, it became clear that Kent Savers needed to consider strategic options to safeguard the future of the credit union.
With a reducing capital base that has become increasingly difficult to strengthen given cost-of-living pressures on members and constraints on public budgets, the Board concluded that Kent Savers should seek to merge to become part of a larger, more resilient credit union.
Why should I support the merger?
The KSCU Board of Directors is responsible for ensuring that its members receive the very best service from a financially strong credit union. Given the economic challenges and reducing capital base, the Board reviewed the strategic options and believe it necessary and in the best interest of KSCU members to secure the help of another credit union that shares KSCU’s commitment to member service.
Who is Wave Community Bank?
Wave Community Bank (“WCB”) is a credit union serving East Sussex, Brighton & Hove, Kent and Medway and Unite members in the South East Region with over 9000 members. WCB has a solid capital base and a growing loan book. The head office is based in Hove and WCB will be keeping the KSCU office in Maidstone after the merger.
How will the merger benefit me?
Kent Savers’ members will become part of a larger, combined, sustainable and growing credit union, that has a broader range of products and services, including Loan schemes that recognise savers, loyalty loans, and higher value business, car and home improvement loans; a variety of savings accounts including for young savers. KSCU’s current and future members will be able to apply for those broader product ranges, subject to the usual common bond, identity and credit checks.
Will this affect my service?
The day to day service of accounts will not be affected. All the KSCU accounts will be converted to WCB accounts with the same benefits for KSCU members. There will be a short period of downtime (20th-21st February 2024) when the two credit union systems are integrated and members will be informed about this.
Users of the online banking service via the KSCU website and mobile app will need to switch to the WCB online banking service or mobile app when the two systems have merged as the current KSCU online services will no longer be accessible. When you have received your new member number on 22nd February, you can register for WCB’s online banking or with the mobile app.
After the 20th February, withdrawals will no longer be instant. All online requests received before 3pm will be deposited in your nominated bank account by 5pm the same working day. Withdrawal requests received after 3pm will be deposited by 5pm the next working day.
How do I get in touch to talk about any of my accounts?
You can contact WCB by:
- Calling the member services team on 0300 303 3188. Phone lines are open 9.30am to 1pm Monday to Friday (excl bank holidays)
- Emailing info@wavecb.org.uk . Emails are monitored 9.30am to 4.30pm Monday to Friday (excl bank holidays)
- Secure message in WCB’s mobile app or online banking. You will need to register for this service when you have received your new membership number for WCB.
Should I pay off my loans prior to the merger
No. There’s no need to do anything. The terms of the annual percentage rate (APR) and repayment amounts will not change.
Can I continue to make deposits now until the date of merger?
Yes, but there will be two days necessary system downtime to allow for the systems integration with WCB on 20th-21st February.
Can I apply for membership, a new loan, or savings account with Kent Savers currently?
Applications for membership, loans, or saving accounts are on hold at KSCU, to allow us to work through the merger process with greatest efficiency and speed. All KSCU members are welcome to apply for membership, savings accounts or loans with WCB.
Can I continue to make deposits now until the date of merger?
Yes, you can as normal, save for the short period of downtime (20th-21st February 2024) when the two credit union systems are integrated
Will my savings still be covered by the Financial Services Compensation Scheme?
Yes, your savings will continue to be covered by the FSCS to a maximum of £120,000.
What is the maximum savings deposit with WCB?
The maximum deposit with WCB is £120,000
What is the maximum loan I can apply for with WCB?
WCB offers loans from £500 to £35,000. Each loan is accessed based on your personal circumstances. Visit the WCB loan calculator to see what your repayments could be https://wavecb.org.uk/loan-calculator/.
I pay into a ‘Save As You Borrow’ account as part of my loan agreement. Will this change?
If you have a loan with KSCU and are paying into a Save As You Borrow account as part of your loan agreement, there will be a change to this account when KSCU is integrated with WCB.
The balance from your Save As You Borrow account will be moved to your Share 1 account which will be locked against your loan. If you have an existing balance in your Share 1 account, this will be moved into a Share 2 account, which you can access at any time.
I repay my loan using my Child Benefit. Will this change?
You can continue to repay your loan using Child Benefit but there will be a change to the distribution of the money received. Your loan repayment will be made as usual, but your savings element will be paid into your Share 1 account which remains locked against the loan. Any money left over from your child benefit payment (after your loan repayment and savings element have been allocated) will be paid into your Share 2 account which you can access at any time. The amount distributed into each account will remain the same as with the original KSCU agreement. You do not need to change the bank account your child benefit is paid into.
I have moved out of the area since I joined KSCU, will I still be able to borrow from WCB in the future?
Yes, you can still apply for a loan with WCB. Your membership is for life when you join a credit union and your membership is transferred in its entirety to WCB.
What happens if I am a member of both credit unions?
After integration, if you are a member with both credit unions, you will have 2 linked accounts and 2 membership numbers. If you only have savings, we plan to do a balance transfer and then you will only have one account but unfortunately we can’t do this if you have a loan. If you need help with this issue, please contact the members services team on 0300 303 3188 or email info@wavecb.org.uk.
I’m saving/repaying my loan through my payroll – will this be affected?
No. Your deductions will be taken from your wages as usual and paid to your account with WCB.
Will the merger enable members to get a dividend on savings?
The ability of a credit union to pay a dividend is dependent on the profit generated through the financial year and the aim of the larger merged credit union is that, by having reduced costs, a dividend is more likely. WCB pay a dividend of 2% on Young Savers accounts.
Will there be any changes to Young Savers accounts?
No, Young Savers account will run the same. WCB pay a dividend of 2% on Young Savers accounts.
Do WCB offer business, community group and charity accounts?
Yes. Businesses, community groups and charities can all open a Business account with WCB. Details of these accounts can be found here: https://wavecb.org.uk/savings/.
Any businesses, community groups or charities with accounts with KSCU will be switched over to WCB business accounts.
Can I continue using my Christmas savings account?
Yes, Christmas savings accounts can still be used to save for Christmas. These accounts will be open for withdrawals through November and December as usual.
Where and how will my personal data be stored?
You can find details of how WCB will handle your personal data in the Privacy Notice here: https://wavecb.org.uk/privacy-notice/
Maybe?
Will my login details change?
Yes. Your online login for KSCU will be deactivated on 20th February. You will need to register with WCB’s online service once you have received your new member number on 22nd February. You can register via the website here: https://login.eastsussexcu.org.uk/ or you can download the app and register on it. Search for ‘Wave Community Bank’ in your app store.
Will I need a new password?
No. If you have registered a password with KSCU for when you phone the office, WCB will ask you for the same password.
Will the payment date of my direct debit change?
Initially no. WCB will contact you if direct debits are to be changed to the WCB system.
Can I still use my AllPay card to pay into my account?
No, your current AllPay card will no longer work as it will be linked to your old KSCU member number. WCB will issue AllPay users a new card linked to their WCB account.
How about my Engage Card, will it still work?
Yes, your Engage card will work the same as it does now.
Are there any other benefits of being a member of WCB?
Yes. WCB does offer member benefits including savings on Arriva buses in West Kent. You can find details about WCB member benefits here: https://wavecb.org.uk/member-benefits/
Will the Kent Savers name still be used?
No the Kent Savers name will no longer be used. All business will come under the Wave Community Bank name.
Will KSCU Board members join the WCB Board?
Two members of the KSCU Board are being co-opted onto the WCB Board when the merger completes. These Board members will be up for election at the next WCB AGM.
Will members of the KSCU team join WCB?
Where vacancies exist at in WCB’s Hove offices or certain other skills are required in the enlarged credit union’s team, members of the Kent Savers team may choose to move to the WCB team.
I pay by standing order. Does this need to change?
Yes. When you have received your new membership number from WCB, you will need to change your standing order to pay into WCB’s account.
Our bank details are:
Bank Name: The Co-operative Bank
Account Name: Wave Community Bank
Sort Code: 08-92-50
Account Number: 67007952
Example Ref: 0000 A Example
(Member Number Initial Surname)
First Special General Meeting, 8 January 2024, 17:30 -19:00,
In which we informed the members about the merger and answered questions.
After which the members overwhelmingly APPROVED the following Special Resolution:
This meeting of members of the Kent Saver Credit Union (“KSCU”) hereby resolve to transfer the whole of the stock, property, and other assets and all engagements of the KSCU to the East Sussex Credit Union (“ESCU”, also trading as ‘Wave Community Bank) in consideration of the ESCU issuing to each member of the KSCU paid up shares equal to the amount standing to the credit of each member in the share ledgers of the KSCU on the date when the transfer of engagements becomes effective.
Second Special General Meeting
To be held on 25th January, the Purpose being to confirm that the Special Resolution was passed at the First Special General Meeting
Regulatory approval
Confirmation of both credit unions’ Special Resolution or Board minutes, as relevant, are to be provided to the FCA together with the Transfer of Engagement, which the FCA acknowledges has been registered and issues a certificate to confirm the Transfer has been effected.
Systems integration
KSCU members will be integrated into the WCB system on 21st February 2024. Details of downtime for KSCU and WCB members to facilitate integration can be found here[link to downtime notice]
Opening Hours
Our phones are open Monday to Friday between 9.30am-1.00pm and we continue to monitor our emails between 9.30am to 4.00pm.
Contact Us
Phone: 0300 303 3188
Email: info@wavecb.org.uk
Face-to-face appointments at Hove Town Hall by arrangement only.
Addresses:
East Sussex, Brighton & Hove:
Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ
Kent, Medway and Bexley:
39-48 Marsham Street, Maidstone, Kent, ME14 1HH
Follow Us
Wave Community Bank serves members in East Sussex, Brighton & Hove, Kent, Medway and the London Borough of Bexley, plus members of Unite in the South East Region. Withdrawals over £5000 will take 5 working days to process
Wave Community Bank is a trading name of East Sussex Credit Union Ltd.Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA Firm no 213910
