Leeds Building Society

seatbeltnoob

Hi

I just opened up a leeds building society regular saver account.

I am curious as to what sort of protection the account has, I did not see any mention of it being a member of the financial services compensation scheme, which protects deposits up to £75K.

They did make me sign away a windfall waiver whatever that means.

aj23_2

It's £85,000 per individual and Leeds Building Society is a member of the FSCS. It's got it on its website.

The windfall waiver means any dividends paid out from say a takeover means that you get none of it and it gets reassigned to the new parent bank.

alanq

seatbeltnoob wrote: »

I am curious as to what sort of protection the account has, I did not see any mention of it being a member of the financial services compensation scheme, which protects deposits up to £75K.

See purple box near bottom of screen. (and it's £85k these days not £75k)
http://www.leedsbuildingsociety.co.uk/knowledge-base/

antrobus

aj23 wrote: »

...

The windfall waiver means any dividends paid out from say a takeover means that you get none of it and it gets reassigned to the new parent bank.

No, conversion benefits go to the Leeds Building Society Charitable Foundation.

http://www.leedsbuildingsociety.co.uk/your-society/about-us/charitable-assignments/

jimjames

seatbeltnoob wrote: »

They did make me sign away a windfall waiver whatever that means.

In this instance it probably makes zero difference but I'd strongly recommend that in future you don't sign things that you don't understand as you could get landed into something that is contractually binding and wealth damaging.

aj23_2

jimjames wrote: »

In this instance it probably makes zero difference but I'd strongly recommend that in future you don't sign things that you don't understand as you could get landed into something that is contractually binding and wealth damaging.

It's either sign or they won't open the account.

aj23_2

antrobus wrote: »

No, conversion benefits go to the Leeds Building Society Charitable Foundation.

http://www.leedsbuildingsociety.co.uk/your-society/about-us/charitable-assignments/

"This means a benefit in the form of a distribution to shareholding members or depositors under the terms of any transfer of the business of the Society to a company on conversion or take-over."

jimjames

aj23 wrote: »

It's either sign or they won't open the account.

Scams would say the same thing. My comment was related to the "whatever that means" part. It's not a good move to sign paperwork that you don't understand

EachPenny

aj23 wrote: »

"This means a benefit in the form of a distribution to shareholding members or depositors under the terms of any transfer of the business of the Society to a company on conversion or take-over."

antrobus is correct:-

However, the declaration will have the effect that, for the first five years of membership, any windfall conversion benefits to which that customer might become entitled would automatically be passed to the Leeds Building Society Charitable Foundation.

aj23_2

jimjames wrote: »

Scams would say the same thing. My comment was related to the "whatever that means" part. It's not a good move to sign paperwork that you don't understand

I didn't say it was.

aj23_2

EachPenny wrote: »

antrobus is correct:-

Yeah, and who runs that foundation... Leeds Building Society. Come one, you don't have to look far!