Is My Money Safe ?

Is My Money Safe ?

Hillingdon Credit Union Ltd T/A London Community Bank is a member of the Financial Services Compensation Scheme (FSCS). The FSCS will pay compensation to depositors if a credit union is unable to meet its financial obligations.

Your eligible deposits with London Community Bank are protected up to a total of £85,000 (from 30th January 2017) by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. The official regulatory statement of compensation arrangements from the FSCS is set out below. 

The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union including their share of any joint account and not to each separate account. For further information about the scheme (including the amounts covered and eligibility to claim) please ask at us or refer to the FSCS website  or call 0800 678 1100. Also a copy of our FSCS leaflet is available here