Wave Community Bank Terms & Conditoins

Summary of amendments: September 2026

We’ve updated our Terms & Conditions

We’ve made these changes to make our Terms & Conditions clearer, easier to understand and better aligned with the products and services we provide. We’ve also updated some sections to strengthen protections for members and help us prevent fraud and financial crime.

We’ve summarised the key changes below.

• We’ve introduced product-specific terms.
• We’ve reorganised our Terms & Conditions so that general account terms are separate from conditions that apply to specific products.

What this means for you:

• It will be easier to find the terms that apply to your particular account and easier for us to keep information up to date when products change.
• We’ve clarified how accounts are opened and operated
• We’ve updated our terms to explain more clearly when we may refuse an application for membership, open an account, or decline a deposit.
• This helps us meet our legal and regulatory obligations and protect members from fraud and financial crime.

1. We’ve added information about third-party authorities

We’ve introduced new provisions covering situations where someone is authorised to act on your behalf, such as under a Power of Attorney or other recognised legal authority.

What this means for you:
If someone is legally authorised to assist you with managing your affairs, we can work with them in accordance with our procedures.

2. We’ve introduced terms for joint accounts

We’ve added a new section explaining how joint accounts operate and the responsibilities of account holders.

What this means for you:
Members holding a joint account will have clearer information about how the account is managed.

3. We’ve strengthened fraud prevention measures

We’ve added new provisions allowing us to restrict or suspend activity where necessary to protect members, investigate suspected fraud, prevent financial crime, or resolve account disputes.

What this means for you:
These measures help us keep members’ money safe and meet our regulatory responsibilities.

4. We’ve updated requirements for lost or stolen information

We’ve added a requirement for members to notify us promptly if account information, security details, cards, passwords or other sensitive information are lost, stolen or compromised.

What this means for you:
Reporting issues quickly helps us protect your account and reduce the risk of fraud.

5. We’ve updated our Financial Services Compensation Scheme information

We’ve refreshed our Financial Services Compensation Scheme (FSCS) wording to make it easier to understand and ensure it reflects current protection arrangements.

What this means for you:
Eligible deposits continue to be protected by the FSCS, subject to the applicable limits and rules in force at the time.

6. We’ve clarified your cancellation rights

We’ve updated the section covering cancellation rights to provide clearer information about:

• The 14-day cooling-off period.
• When any monies owed to Wave Community Bank must be repaid.
• How remaining balances will be handled.
• How cancellation rights apply to different products.

What this means for you:
Your rights are unchanged, but they are now explained more clearly.

7. We’ve simplified our privacy and data protection wording

We’ve shortened and simplified our data protection provisions while maintaining information about how we collect, use and protect your personal information.

What this means for you:
There is no significant change to how we process your personal data. The information is simply easier to understand.

8. We’ve updated membership closure provisions

We’ve revised the section relating to account closure, membership withdrawal and expulsion to align more closely with the Wave Community Bank Rule Book.

What this means for you:
The circumstances in which membership may end are now set out more clearly.

We’ll give at least 30 days’ notice of adverse changes

9. We’ve strengthened the section covering changes to our products, services and Terms & Conditions.

What this means for you:
Where a change is to your disadvantage, we’ll normally give you at least 30 days’ notice before the change takes effect, unless we’re required to make a change sooner for legal or regulatory reasons.

10. We’ve updated the way dividends and interest are described

 We’ve updated the wording relating to dividends and interest to support the new product-specific structure.

What this means for you:
The information is clearer and easier to follow.

When will these changes take effect?

The updated Terms & Conditions will take effect on 12^th October 2026

Want to read the changes in full?

You can view the updated Terms & Conditions below and download them here.

You can also request a paper copy free of charge by contacting us.

What if I don’t agree with these changes?

If you do not wish to accept these changes, please contact us before 12^th October 2026 to discuss your options.

If we do not hear from you before this date, we will assume that you have accepted the updated Terms & Conditions.

Need help?

If you have any questions about these changes, we’re here to help.

Wave Community Bank
Telephone: 0300 303 3188
Email: info@wavecb.org.uk
Website: www.wavecb.org.uk

Wave Community Bank Terms & Conditoins

Updated: September 2026

Set out below are the terms and conditions. This forms an agreement between you, the account holder, and us, the Credit Union. These Terms and Conditions tell you how your account works and what your and our obligations are once you open an account with us. Some of our products have extra terms which we will give to you if you apply for the product.

In these conditions:

• “Account” means the Credit Union Membership or Savings Account operated and maintained by us.
• “Available money” means funds which have cleared on your account, less any loan or other payments which are due to someone (including us).
• “Customer security details” means your password and any personal information registered with us.
• “Dividend” means a payment that may be made to members on eligible savings, depending on Wave Community Bank’s financial performance and approval by the Board. A dividend is not guaranteed and, if paid, is usually declared after the end of the financial year at the Annual General Meeting.
• “Dormant Account” as defined in the Credit Union Rule book means if a period 12 month passes without any transactions on the account of a member (or on any of their accounts if they have more than one), the board of Directors shall have the discretion to declare the account as dormant.
• “Information” includes any information about you or anyone associated with you, which we hold now or in the future as a result of the application process or other dealings with us, searches or checks at credit reference or fraud prevention agencies, products and services you hold within the Credit Union and any transactions for goods or services arising out of your account (including the supplier and the type of goods and services), and such information may include sensitive information as defined in the General Data Protection Regulations (GDPR) May 2018.
• “Transaction” means any payment for goods or services by cheque, cash or any other means and deposits made by any means.
• “We, us or our, Credit Union” means East Sussex Credit Union Ltd (trading as

Wave Community Bank), Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ, and any person to which the rights and/or duties of East Sussex Credit Union are transferred.

• “Working day” means any day other than Saturday, Sunday and Bank Holidays in England.
• “You or your” means the member in whose name the account is opened.

1 General

1.1. To be eligible for membership of the Credit Union you must be in our common bond. (See our website for the latest details).

1.2. You must ensure that a minimum of £1 is always kept in your Share 1 account. Share 1 accounts with zero balances will be closed.

1.3. Statements are available on request.

1.4. We will provide statements by post or via the secure login area of our website.

1.5. You must inform us as soon as possible of any incorrect item on your statement.

1.6. We may decide not to accept a deposit or application from you where we have a valid reason to do so. This may include where you do not meet our membership or product eligibility requirements, we cannot complete required identity, fraud prevention, anti-money laundering or sanctions checks, we have concerns about the source of funds, the application is incomplete or inaccurate, or accepting the deposit or application would breach our legal or regulatory obligations. We will explain our decision where we are able to do so, unless the law or our financial crime obligations prevent us from doing this.

1.7. You must not overdraw your account.

1.8. Your account is for personal use only. If you need an account for business purposes, please request details of our Corporate Savings Account.

1.9. We will not be liable if we are unable to perform our obligations under this agreement due (whether directly or indirectly) to:

1.9.1. The failure of any machine, data processing system or transmission link

1.9.2. Any period of essential maintenance, critical change, repair, alteration to or failure of computer systems 1.9.3. Any industrial dispute

1.9.4. Anything outside our reasonable control or that of our agents or subcontractors.

1.10. You must notify us as soon as possible with any change of personal details. You can do this online via our mobile app or via the secure members area of our website. 

If you prefer to let us know via email, contact us on info@wavecb.org.uk or you can telephone us on 0300 303 3188 or write to us at Wave Community Bank, Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ immediately. Proof of a change of name or address will be required to complete the change request.

1.11. We may transfer our rights and/or duties under this agreement to any person. You may not transfer any of your rights or duties under this agreement to any person. This won’t reduce any of your rights in relation to your account12. 

Any terms and conditions of your account will be in English, governed by English Law and we will communicate with you in English.

1.13. Dividend payments are not taxed at source, therefore you may be liable for taxes or costs that are not paid by or via us e.g. higher rate tax.

1.14. We are covered by the Financial Services Compensation Scheme (FSCS). Eligible deposits with Wave Community Bank are protected up to the FSCS limit, currently £120,000 per eligible person. The limit and eligibility rules may change, so please check the latest information at www.fscs.org.uk  

1.15. If you opened your account online or via a postal form you also have the right to cancel your account 14 days from the date we confirm that your account has been opened.

You can cancel by emailing us at info@wavecb.org.uk or by writing to us at Wave Community Bank, Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ . 

If you cancel, you must repay any money you owe us, including any applicable interest and charges. We will return any remaining money in your account unless we are required or entitled to retain it for legal, regulatory or financial crime reasons. If you do not cancel within the 14-day period, these terms and any applicable product terms will continue to apply.

1.16. There is no minimum duration for any accounts.

1.17 We may accept instructions from someone who has legal authority to act for you, such as someone holding a valid Power of Attorney, once we have verified their authority and completed any checks we require. We may refuse or limit this authority where we have a valid reason, including where we cannot verify it or have concerns about fraud, financial crime, safeguarding or legal/regulatory risk.

1.18 Joint accounts

Each joint account holder must meet our membership and eligibility requirements and complete any identity, fraud prevention, anti-money laundering and other checks we require. Unless you tell us otherwise, each joint account holder can give us instructions on the account independently, including making withdrawals, changing account details or closing the account. Each joint account holder is responsible for the account and for any instructions given by any other joint account holder.

If we become aware of a dispute between joint account holders, or if we have concerns about fraud, financial crime, safeguarding, abuse or the authority of any person to give instructions, we may suspend or restrict access to the account, refuse to act on instructions, or require instructions from all joint account holders before we act. We will do this only where we have a valid reason and where it is reasonable to protect you, us or others.

1.19 Community Group Accounts

We may offer accounts to eligible community groups, charities, clubs, societies and other organisations. Additional terms and eligibility requirements apply to these accounts and are set out in the relevant Product Terms.

1.20 Young Savers Accounts

We offer Young Savers Accounts for eligible children under the age of 16. Additional terms apply and are set out in the Young Savers Product Terms.

2. Dividends and Interest

2.1. The dividend will be paid annually and gross of tax and is subject to surplus and approval by the Board of Directors (not guaranteed).

2.2. The dividend is declared at the Annual General Meeting and is for the prior financial year. Wave Community Bank financial year runs from 1^st April to 31^st MarchAll members aged 18 and over are invited to attend the Annal General Meeting.

2.3. Dividend or interest will only be paid to those in membership at the time the dividend is declared or when interest is due to be paid.

2.4. The target dividend rate will be deposited to the account on the last working day of the quarter on which the dividend is to be paid.

2.5. Enquiries about the target dividend rate can be our Head Office or our website – www.wavecb.org.uk.

2.6. Whether an account is eligible to receive a dividend, interest, or neither is set out below; however there are some products/accounts which have their own conditions and these are detailed in the Additional Product Terms for that account. Any dividend or interest payments remain subject to this Section 2 and the terms applicable to the relevant account.

Account Name	Dividend Payable	Interest Payable
Share 1,2,3 & 4	P	û
Wave Save	û	û
All other share accounts not listed above	û	û

 

2.7. PrizeSaver accounts will not receive dividends. PrizeSaver account terms and conditions are here: https://wavecb.org.uk/prizesaver–terms/

3. Access – paying in

3.1. Money can be paid into your accounts in various ways:

3.1.1.Standing Order

3.1.2. Payroll Deduction (from participating employers)

3.1.3. BACS transfer from another bank account – please note that a BACS transfer from another account may take up to 3 working days

3.1.4. Faster Payment

3.1.5. Transfer from another Credit Union account

3.1.6. Cheque by post or at Head Office (Sterling only)– please see section 3.4 for details of cheque clearance cycle

3.1.7.Benefits payments

3.1.8. AllPay card

3.1.9. From salary or wages

3.1.10. Any other methods which may be introduced

3.2. Deposits made by bank transfer will show on the balance of your credit union account the following day.

3.3. We do not accept cash deposits. If you would like to deposit cash, we can supply you with an AllPay card and you can deposit cash at any Paypoint using it.

3.4 When you deposit a cheque, the dividend will begin to accumulate from the day the cheque has cleared with our bank and the funds have been credited to your account.

3.5. If you pay money into your account by cheque, the cheque will be put through a clearing process. 

Cheque deposits which are made payable in your own name will take 7 workings days to clear. 

Cheque deposits made payable to Wave CB will take 3 working days to clear. When the cheque has cleared with our bank, your account will be credited with the funds.

3.6. Different timescales would apply if you chose to deposit into an account with a clearing bank (it would be available for withdrawal earlier). However, we are not a clearing bank and so it takes longer for deposits to clear and be credited to your account with us. For more information visit www.ukpayments.org.uk.

4 Access – withdrawals

4.1 Money can be withdrawn from your accounts in various ways:

• Faster Payments transfer to another bank account
• By transfer to another Credit Union account
• Loading onto a pre-paid card and withdrawing at an ATM or ‘cash back’ in a shop
• Or any other methods which may be introduced.
  • Withdrawal requests can be made using the Credit Union secure website or App or by calling 0300 303 3188.
  • Withdrawal requests received before 3pm on a working day will be actioned the same day. Withdrawal requests received after 3pm on a working day will be actioned the following working day.

5. Charges

5.1 A Membership fee may be applicable. If so, you will be advised of this at the time of joining.

5.2 To replace a lost AllPay card will cost £5.00

5.3 Same-day telephone withdrawals will be charged £1.00.

5.4. Dormant accounts are charged an annual fee of £5.00 or the balance of the account if that is below £5.00.

5.5 You authorise us to debit your account with our fees and charges as soon as they are due. We may also vary the charges or any rates of interest or introduce new ones but we will give you at least 30 days’ notice of any change.

6. Stopping Payment or changing your deposit

6.1 Subject to any statutory rights you may have, you may not use any claim against any other person as a defence or counterclaim against us.

6.2 If you owe us money that’s due for payment (for example for a loan we have given you) we reserve the right to transfer funds from any of your accounts towards any overdue balance or associated costs with recovering sums due. We’ll normally tell you before we do so. We’ll also write to you afterwards to confirm any money that we have transferred out of your account. 

7. Using your personal information

We will collect, use, store and share your personal information so that we can manage your membership, operate your account, provide our products and services, consider applications, meet our legal and regulatory obligations, prevent fraud and financial crime, recover money owed to us, and communicate with you about your account and membership.

We may also use your information for other purposes where the law allows us to do so, or where you have given us your consent. This may include contacting you about products or services that may be of interest to you, where we are allowed to do so.

We may share your personal information with credit reference agencies, fraud prevention agencies, identity verification providers, payment service providers, regulators, law enforcement agencies, our suppliers and other third parties where this is necessary or lawful.

More information about how we use your personal information, who we share it with, how long we keep it, your data protection rights, and how to contact us about privacy matters is set out in our Privacy Notice, which is available on our website: Wave Community Bank Privacy Notice.

We may update our Privacy Notice from time to time to reflect changes in the law, regulation, guidance, our services or how we use personal information. The latest version will be available on our website. If we make a significant change to how we use your personal information, we will tell you where we are required to do so.

8. Security Details

8.1. When you use your customer security details you are authorising us to carry out all your instructions given over the telephone or our Head Office.

8.2. You must do all you can to stop anyone else using your customer security details and must not:

8.2.1. Write them down

8.2.2. Tell them to anyone else.

8.3. If you suspect that someone knows your customer security codes, you must immediately contact us on 0300 303 3188.

8.4 If any account information, customer security details, AllPay card, correspondence, device or other information used to access or make payments into or out of your account is lost, stolen, misused, or you think someone else may know or have access to it, you must tell us as soon as possible by calling 0300 303 3188 or emailing info@wavecb.org.uk 

You should also take any reasonable steps we ask you to take to help protect your account, such as stopping use of the item, changing security details, or providing information about what happened. We may suspend or restrict access to your account or any payment method while we investigate or to protect you, us or others from fraud, financial crime or unauthorised use.

8.5. If your customer security details are used by someone with your permission or because of your fraud or gross negligence you may have to repay us for all our losses.

8.6. We may ask that you agree to assist us in our efforts to recover any loss because of unauthorised use of your customer security details.

8.7. Restricting access to your account

For your protection we may temporarily restrict, suspend or block access to your account, or delay or refuse a transaction, where we reasonably believe it is necessary to:

• protect you, us or another person from fraud, scams, financial crime or unauthorised activity;
• protect the security of your account or our systems;
• comply with a legal or regulatory obligation, court order or law enforcement request;
• investigate suspected misuse of your account or a breach of these Terms and Conditions;
• investigate concerns relating to vulnerability, safeguarding, financial abuse or exploitation; or
• manage any dispute relating to the operation or ownership of an account, including a joint account.

Where possible, we will tell you before we take such action or immediately afterwards. We may not be able to do so where this would be unlawful, would compromise our security measures, or would prejudice the prevention or detection of fraud or financial crime.

We will remove any restriction as soon as the reasons for applying it no longer apply.

8.8. You will be asked for personal information as a security check before any account information is given to you, either in a branch or over the telephone. We may also ask you for proof of ID.

9. Ending this agreement

9.1 You may close your Membership Account by writing to us at Wave Community Bank, Tisbury Road Offices, Hove Town Hall, Hove BN3 3BQ, calling us on 0300 303 3188 or emailing info@wavecb.org.uk. With the exception of any account with an outstanding loan balance, closures will take effect immediately. Any pending deposits will need to be cancelled immediately by you and will be your responsibility.

9.2 We may close your account, end this agreement or withdraw your membership where we have a valid reason to do so. This may include where you no longer meet the eligibility requirements for membership, fail to maintain the minimum membership shareholding, your account becomes dormant, you breach these Terms and Conditions, provide false or misleading information, misuse your account, engage in abusive behaviour towards our staff or volunteers, or where we reasonably suspect fraud, financial crime or other unlawful activity.

Where we suspend or expel a member, we will normally give written notice and explain how to appeal. A notice of expulsion will not normally take effect for at least 30 days, and members may appeal within 14 days of receiving the notice. 

Unless immediate action is reasonably required to protect you, us or others, or to comply with legal or regulatory obligations, we will normally give you at least 30 days’ notice before closing your account or ending this agreement. Where we take action to suspend or expel a member under our Rule Book, the procedures and appeal rights set out in the Rule Book will apply.

We may also restrict or suspend access to your account under Section 8 before deciding whether to close the account or end this agreement.

9.3 You must repay to us any amount owing to us on the account, in full including interest and charges.

10. Changes

10.1 We may make changes to this agreement at any time. If the change is to your disadvantage, we will notify you personally via letter or email at least 30 days before we make the change. At any time up to 60 days from the date of the notice you may, without notice, switch your account or close it without having to pay any extra charges or forfeit any dividend for doing this.

10.2 We may make or introduce charges from time to time in respect of the account. We may also vary the charges or introduce new ones but will give you 30 days’ notice in writing, before doing so.

11. Complaints

11.1 If you are not satisfied with any aspect of our service or products, you can tell us about your concern in the following ways:

• Write – address your letter to the Complaints Officer at Wave Community Bank, Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ
• Email – you can contact us at info@wavecb.org.uk
• A copy of our Complaints Procedure can also be obtained from these sources.

11.2 You should give the Credit Union chance to resolve any complaint before taking your issue further unless we fail to resolve it within 8 weeks or issue a final rejection. The best way to complain depends how the situation arose. If you are already dealing with a member of staff then contact that person by telephone, letter or email. You can ask for the complaint to be escalated to the individual’s line manager.  Many complaints are due to a misunderstanding and can often be resolved informally. A copy of our complaints policy and how to make a complaint can be found on our website https://wavecb.org.uk/have–a–complaint/ or you can request a copy by calling us on 0300 303 3188 or email info@wavecb.org.uk

 

Additional product terms

In this section, we set out the extra terms for particular accounts.  If there are any differences between what we say in the general terms and these additional product terms, then these additional product terms will apply.

Prize Saver

Are you eligible?

You must be aged 18 or over; Cannot be opened on joint membership or non-personal accounts; A resident in England and Wales or Scotland; Not be two payments in arrears with a loan with Wave Community Bank or in a Debt Management Plan or other arrangement for reduced payments. Anyone two payments in arrears with a loan will not be able to open a PrizeSavers account. Members with other arrears will be reviewed on an individual basis; Employees of Wave Community Bank and their family members who meet the eligibility criteria in items 1-4 above, can be included in the prize draw provided that the employees in question: are not responsible for collecting, collating or submitting any data or information in connection with any prize draw, do not perform a role that might reasonably be considered to offer an opportunity to influence the outcome of any prize draw, and are not responsible for the payment of prizes or communicating with winners in relation to any prize draw.

 

What are the account conditions?

Full terms & conditions of this account can be found on our website https://wavecb.org.uk/prizesaver–terms/ For every £1 that you have in your PrizeSaver account as at the end of each calendar month, you will have one entry into any prize draw that takes place in the following month.  You can have a maximum of 200 entries into the prize draw.  This maximum amount applies regardless of whether you have more than £200 in your PrizeSaver account.   You may only have one PrizeSaver account.