FSCS - My Community Bank (2024)

FAQs

Is my community bank covered by FSCS? ›

Protection for your money

My Community Bank Savings Accounts are protected by The Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person.

Yes, any money deposited into a 1 year fixed rate savings account with one of our credit union partners is protected by the FSCS (Financial Services Compensation Scheme). The FSCS offer protection for current accounts and savings accounts up to a limit of £85,000 per person, per bank or credit union.

How is my money protected? FSCS protects you up to £85,000 in total across all accounts you hold within the bank/banking group. If you're a sole trader, your company is not treated as a separate entity.

How long would it take to get my money back? In most cases, for deposits, FSCS aims to pay compensation within seven days of a bank, building society or credit union failing. We will pay any remaining deposit claims, which are likely to be more complex, within 15 working days.

A: Yes. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category.

In fact, the FDIC covers banks, big and small. So, if you're looking for a safe place to put your money, a verified FDIC-insured community bank is a great option. Centier Bank is a community bank that is FDIC-insured. This means that your money is safeguarded in the communities they serve.

Fewer branches and ATMs: Unlike national banks, you're less likely to have access to a branch when traveling, and the network of ATMs may be limited.

At the moment of deposit, the funds become the property of the depository bank. Thus, as a depositor, you are in essence a creditor of the bank. Once the bank accepts your deposit, it agrees to refund the same amount, or any part thereof, on demand.

It covers deposits, insurance, debt management, funeral plans, insurance, investments, pensions, mortgages and payment protection insurance to varying amounts. FSCS is free for consumers to use and, since 2001, has helped more than 4.5 million people and paid out more than £26 billion.

Can banks seize your money if the economy fails? ›

Banks during recessions FAQs

Your money is safe in a bank, even during an economic decline like a recession. Up to $250,000 per depositor, per account ownership category, is protected by the FDIC or NCUA at a federally insured financial institution.

Keeping all of your money in one bank can be convenient. But it's important to consider whether you're getting the best rates on savings and paying the lowest fees for checking accounts. It's possible that you could get a better deal by keeping some of your money at a different bank.

Customers must have suffered a financial loss and there are limits to the amount of compensation that can be paid. We need to find sufficient evidence that the firm owes you a 'civil liability', such as negligence or a breach of certain rules which authorised firms are required to follow.

We accept online claims for insurance, mortgages, pensions, payment protection insurance, investments and debt management. If your bank, building society or credit union has failed you don't need to make a claim. We'll return your money automatically, up to our compensation limit.

How we are funded. We're able to pay our customers compensation because we are fully funded by the financial services industry. Firms authorised by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) pay us a levy. This annual levy funds the cost of running our service.

The 'FSCS Protected' badge is displayed by UK-authorised banks, building societies, credit unions, Northern Ireland credit unions and certain overseas firms with branches in the UK. The badge is displayed in branches, online and in mobile apps.

In general, community banks can be defined as those owned by organizations with less than $10 billion in assets. Regional and community banking organizations constitute the largest number of banking organizations supervised by the Federal Reserve System.

Search the FCA register using your provider's firm reference number (FRN) for the most accurate results.

You can check our Financial Services Register (FS Register) to make sure a firm or individual is authorised. It will also tell you the activities the firm has permission for. Search for the firm by name, or by using its firm reference number (FRN).