FSCS - Important Cover for Your Savings
As a member of the Financial Services Compensation Scheme (FSCS) your savings are protected when you save with us
If your bank, building society or credit union fails, the Financial Services Compensation Scheme (FSCS) protects your eligible deposits up to the deposit protection limit (currently £120,000 for most depositors).
If you have eligible deposits of more than £120,000, you are unlikely to be fully protected after 30th January, 2017, so you may need to take action if you wish to remain fully covered by the FSCS.
Further information regarding the protection provided by FSCS is set out below.
Exclusions from Protection
A deposit is excluded from protection if:
(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following:
- Credit institution
- Financial institution
- Investment firm
- Insurance undertaking
- Reinsurance undertaking
- Collective investment undertaking
- Pension or Retirement fund
- Public authority, other than a small local authority.
The following deposits, categories of deposits or other instruments are no longer protected from 3 July 2015:
- Deposits of a credit union to which the credit union itself is entitled
- Deposits which can only be proven by a financial instrument unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014
- Deposits of a collective investment scheme which qualifies as a small company
- Deposits of an overseas financial services institution which qualifies as a small company
- Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded 5 Listed in Section C of Annex 1 of Directive 2014/65/EU 6 Under the Companies Act 1985 or Companies Act 2006
deposits of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company – refer to the FSCS for further information on this category.
"Just wanted to say a thank you for the support, I have a lot of respect for Wave Community Bank and the important work you do. It has already made my debts so much more manageable"
-Member
General Limit of Protection
Your eligible deposits held at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance, you hold eligible deposits in a savings account with £70,000 and a current account with £20,000, you will only be repaid £120,000.
Temporary High Balances
In some cases, an eligible deposit which is categorized as a “temporary high balance” (for example, as a result of a house sale, inheritance, or insurance payment) may be protected to a higher limit for six months after the amount has been credited to your account or from the moment when such eligible deposits become legally transferable. This applies from 3 July 2015. See the FSCS website for full details.
Reimbursement
The FSCS aims to repay your eligible deposits (up to the compensation limit) within 7 days, and is required to do so within 20 working days (with some exceptions).
Turning Borrowers into Savers at Wave Community Bank
Contact
If you have any questions regarding the change in the compensation limit, please contact the Financial Services Compensation Scheme (FSCS) at:
Address: FSCS, 10th Floor, Beaufort House, 15 Botolph Street, London, EC3A 7QU
Tel: 0800 678 1100
Web: www.fscs.org.uk
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
