Money held with London Community Credit Union is covered by the Financial Services Compensation Scheme (FSCS) which guarantees each member’s deposits up to £85,000 (or twice that sum if it is held in a joint account).
Any amount above this limit is unprotected unless it is a temporary high balance which is the result of a specific ‘life event’.
Examples of life events include an inheritance, insurance payout, or the proceeds of a house sale. In these exceptional cases, up to £1 million may be protected for up to six months.
How London Community Credit Union handles high deposits
Due to the additional reporting required on deposits over £85,000, we have introduced a new process for accepting a high-value deposit.
We require notice of 5 working days before we accept a sum of money that will take your total deposit above £85,000.
We reserve the right to refuse a deposit that will mean you exceed the £85,000 limit. Please speak to a member of staff, or call us on 020 7729 9218 if you need further guidance about this policy.
More about the FSCS scheme
For further information about the FSCS scheme, please refer to the FSCS website which explains the amounts covered, what counts as a life event and the claims process.
Alternately, you can call the FSCS on 0800 678 1100 or 020 7741 4100.