Eligible deposits in Riverside Credit Union Ltd are protected by: the Financial Services Compensation Scheme (“FSCS”)
Limit of protection: £85,000 per depositor per credit union
The following trading names are part of your credit union: Riverside Credit Union
If you have more eligible deposits at the same credit union: All your eligible deposits at the same credit union are “aggregated” and the total is subject to the limit of £85,000.
If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately.
Reimbursement period in case of credit union’s failure: 20 working days
Currency of reimbursement: Pound sterling (GBP, £) or, for branches of UK banks operating in other EEA Member States, the currency of that State.
To contact Riverside Credit Union Ltd for enquiries relating to your account:
Riverside Credit Union Ltd
Speke Boulevard/Woodend Ave
Speke
Liverpool
L24 9HZ
0151 448 0565
info@riversidecreditunion.co.uk
To contact the FSCS for further information on compensation:
Financial Services Compensation Scheme
10th Floor Beaufort House
15 St Botolph Street London
EC3A 7QU
Tel: 0800 678 1100 or 020 7741 4100
Email: ICT@fscs.org.uk
More information: https://www.fscs.org.uk
Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.
If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum £85,000 per bank, building society or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.
In some cases eligible deposits which are categorised as “temporary high balances” are protected above £85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:
More information can be obtained under https://www.fscs.org.uk
In case of joint accounts, the limit of £85,000 applies to each depositor.
However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.
The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email: ICT@fscs.org.uk.
It will repay your eligible deposits (up to £85,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply.
Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses (in the case of a depositor which is not an individual or a large company) within 5 working days of a request. Again, there are specific exceptions to this obligation.
In the case of a depositor which is a large company, where the FSCS cannot make the repayable amount available within 7 working days, it will, from 3 July 2015 until 1 December 2016, ensure that you have access to your covered deposits within fifteen working days of a request containing sufficient information to enable it to make a payment, save where specific exceptions apply.
If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under https://www.fscs.org.uk.
In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account.
A deposit is excluded from protection if:
The following are deposits, categories of deposits or other instruments which will no longer be protected from 3 July 2015:
For further information about exclusions, refer to the FSCS website at www.FSCS.org.uk
A deposit is excluded from protection if:
For further information about exclusions, refer to the FSCS website at www.FSCS.org.uk
Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded
Listed in Section C of Annex 1 of Directive 2014/65/EU
Under the Companies Act 1985 or Companies Act 2006
See footnote 3
See footnote 3
Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded