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  • FIRST POST
    • seatbeltnoob
    • By seatbeltnoob 16th Apr 18, 11:37 AM
    • 475Posts
    • 110Thanks
    seatbeltnoob
    Leeds Building Society
    • #1
    • 16th Apr 18, 11:37 AM
    Leeds Building Society 16th Apr 18 at 11:37 AM
    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.
Page 1
    • aj23
    • By aj23 16th Apr 18, 11:58 AM
    • 678 Posts
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    aj23
    • #2
    • 16th Apr 18, 11:58 AM
    • #2
    • 16th Apr 18, 11:58 AM
    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
    • By alanq 16th Apr 18, 11:59 AM
    • 4,024 Posts
    • 2,624 Thanks
    alanq
    • #3
    • 16th Apr 18, 11:59 AM
    • #3
    • 16th Apr 18, 11:59 AM
    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.
    Originally posted by seatbeltnoob
    See purple box near bottom of screen. (and it's 85k these days not 75k)
    http://www.leedsbuildingsociety.co.uk/knowledge-base/
    • antrobus
    • By antrobus 16th Apr 18, 12:23 PM
    • 15,859 Posts
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    antrobus
    • #4
    • 16th Apr 18, 12:23 PM
    • #4
    • 16th Apr 18, 12:23 PM
    ...

    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.
    Originally posted by aj23
    No, conversion benefits go to the Leeds Building Society Charitable Foundation.

    http://www.leedsbuildingsociety.co.uk/your-society/about-us/charitable-assignments/
    • jimjames
    • By jimjames 16th Apr 18, 12:58 PM
    • 12,712 Posts
    • 11,408 Thanks
    jimjames
    • #5
    • 16th Apr 18, 12:58 PM
    • #5
    • 16th Apr 18, 12:58 PM
    They did make me sign away a windfall waiver whatever that means.
    Originally posted by seatbeltnoob
    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
    • By aj23 16th Apr 18, 2:45 PM
    • 678 Posts
    • 236 Thanks
    aj23
    • #6
    • 16th Apr 18, 2:45 PM
    • #6
    • 16th Apr 18, 2:45 PM
    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.
    Originally posted by jimjames
    It's either sign or they won't open the account.
    • aj23
    • By aj23 16th Apr 18, 2:47 PM
    • 678 Posts
    • 236 Thanks
    aj23
    • #7
    • 16th Apr 18, 2:47 PM
    • #7
    • 16th Apr 18, 2:47 PM
    No, conversion benefits go to the Leeds Building Society Charitable Foundation.

    http://www.leedsbuildingsociety.co.uk/your-society/about-us/charitable-assignments/
    Originally posted by antrobus
    "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
    • By jimjames 16th Apr 18, 8:38 PM
    • 12,712 Posts
    • 11,408 Thanks
    jimjames
    • #8
    • 16th Apr 18, 8:38 PM
    • #8
    • 16th Apr 18, 8:38 PM
    It's either sign or they won't open the account.
    Originally posted by aj23
    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
    • By EachPenny 16th Apr 18, 8:47 PM
    • 6,162 Posts
    • 16,241 Thanks
    EachPenny
    • #9
    • 16th Apr 18, 8:47 PM
    • #9
    • 16th Apr 18, 8:47 PM
    "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."
    Originally posted by aj23
    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
    • By aj23 17th Apr 18, 8:59 AM
    • 678 Posts
    • 236 Thanks
    aj23
    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
    Originally posted by jimjames
    I didn't say it was.
    • aj23
    • By aj23 17th Apr 18, 9:00 AM
    • 678 Posts
    • 236 Thanks
    aj23
    antrobus is correct:-
    Originally posted by EachPenny
    Yeah, and who runs that foundation... Leeds Building Society. Come one, you don't have to look far!
    • IanManc
    • By IanManc 17th Apr 18, 10:33 AM
    • 611 Posts
    • 1,065 Thanks
    IanManc
    Yeah, and who runs that foundation... Leeds Building Society. Come one, you don't have to look far!
    Originally posted by aj23
    It is a charity run by six independent trustees.
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