Merger FAQs for WCB members
Click HereIn line with WCB’s long term plans to look for opportunities within our region and with our extension of our common bond in 2022, the WCB Board are in discussions with Kent Savers Credit Union’s Board over a potential merger.
Kent Savers is a credit union with over 4000 active members serving Kent, Medway and Bexley and a merger offers WCB the opportunity to grow our credit union significantly, improve sustainability and explore new collaborative working projects in the region.
The merger is subject to FCA approval and we will update members with more information as soon as possible.
Merger FAQs
Why are we doing a merger?
Our Board of Directors and management aim to offer the very best products and services from a financially-strong credit union. Achieving economies of scale is one of the best ways to achieve this goal. Merging with Kent Savers Credit Union will provide this and ensure the future of credit union services to our members.
Who is Kent Savers Credit Union?
Kent Savers Credit Union is a credit union serving Kent, Medway and Bexley with 4000 active members offering ethical savings, loans and bank card products that are fair, clear and affordable.
When was the merger approved?
The Board of Directors of WCB approved the merger on 19th December 2023.
The Board of Directors of KSCU approved the merger on 19th December 2023 and this was overwhelmingly approved by the membership on 8th January, 2024.
Why didn’t you go to the members for approval for the merger?
Our Rulebook allows the WCB board of directors to make this decision.
The Board of Directors of KSCU approved the merger on 19th December 2023 and this was overwhelmingly approved by the membership on 8th January, 2024.
How will the merger benefit me?
The increase in membership base gives us the opportunity to offer a wider and better range of services and further safeguard the sustainability of the credit union.
Will there be service interruptions?
No – your existing, services and benefits will remain the same. There will be a short period of downtime when the two credit union systems are integrated. While the computer systems are integrated, your existing, services and benefits will remain the same. Notice of the downtime will be emailed out to members in advance.
Will my loan or account rates and fees change?
Your loans and account rates will not be changed from the agreed levels as a result of this merger.
What 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.
Will my savings still be safe?
Yes, your savings will continue to be covered by the FSCS to a maximum of £85,000.
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
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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
