Leeds Building Society

seatbeltnoob
seatbeltnoob Posts: 1,311 Forumite
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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.
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  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    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
    alanq Posts: 4,216 Forumite
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    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
    antrobus Posts: 17,386 Forumite
    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
    jimjames Posts: 17,616 Forumite
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    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.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    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
    aj23_2 Posts: 1,155 Forumite
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    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
    jimjames Posts: 17,616 Forumite
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    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
    Remember the saying: if it looks too good to be true it almost certainly is.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    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.
    "In the future, everyone will be rich for 15 minutes"
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    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
    aj23_2 Posts: 1,155 Forumite
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    EachPenny wrote: »
    antrobus is correct:-

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