Dot ComUnity Credit Union - ISA

gwapenut

@FOREVER21
That is why I ask if this account has FSCS protection, as until now the only account able to accept deposits has been the one NOT under FSCS control.

@Nednats
The key word is ELIGIBLE deposits. I'm not sure if deposits to this account would be, until they get transferred to the ISA.

Nednats

it says "any deposits"

gwapenut

Your quote says:

Financial Services Compensation Scheme (FSCS)

Your eligible deposits with DotComUnity Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme.

and deposits into the basic share account are definitely NOT covered.

By implication, the next line should read "This limit is applied to the total of these eligible deposits

Nednats

gwapenut wrote: »

Your quote says:



and deposits into the basic share account are definitely NOT covered.

Next line says:

This limit is applied to the total of any deposits you have with DotComUnity Credit Union

gwapenut

And yet, deposits into the basic share account are definitely NOT covered

That is fact. And yet deposits into the basic share account are "any deposits". They are just not eligible.

darren72

Did it actually state when last year that deposits into the basic share account were not eligible ? - I know it does now, but how about last year when the majority of us signed up ?

gwapenut

I don't know TBH. The wayback machine has not archived the basic share account page, so I can't find out the lazy way.

I would like to think that deposits destined for an ISA should be covered.

However, if the PRA - who are linked to the FSCS? - are not authorising deposits, then my cynical side says how on earth can new deposits be protected by a body who is not authorising further deposits or further exposure for themselves.

I really don't know. I'm just saying, tread carefully Nednats.

gwapenut

If you're desperate to use up your allowance, might be safer to put it into an ultra low risk stocks and shares ISA. You can hold that alongside your cash ISA.

Nednats

gwapenut wrote: »

And yet, deposits into the basic share account are definitely NOT covered

That is fact. And yet deposits into the basic share account are "any deposits". They are just not eligible.

AIUI the share account is not covered because shares aren't covered. I can't see why any other accounts wouldn't have protection.

FOREVER21

Just checked the bank account details quoted in post 649 are the same as the one I sent the original ISA money to.

How TEXT DELETED BY FORUM TEAM] can accept more deposits in view of the restrictions is a puzzle. He is either very certain the restrictions are to be lifted or is very foolish and could get the PRA to extend the restrictions, in view of his blatant disregard of them.