Frequently Asked Questions
Please choose from the range of savings related questions below.
What is the Financial Services Compensation Scheme?
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor's accounts with the building society, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100. Depositors not covered by the scheme include:
Large companies, partnerships or mutual associations
Local, provincial or municipal authorities
Credit institutions or overseas financial services institutions
Operators or trustees of a collective investment scheme
Pension and retirement funds or trustees of such a fund
Supranational institutions
Government, or central administrative authorities
Persons whose claim arises from transactions relating to conviction they have received for money laundering.
What is the Charitable Assignment Scheme?
Every new customer opening an account that provides membership of the Society, must agree to assign any windfall conversion benefits to which they may become entitled, to the Coventry Building Society Charitable Foundation for a period of five years from the date the account is opened. You’ll find full details of this on your savings account application form.
The Coventry Building Society Charitable Foundation, which was established in 1998, is a registered charity, a majority of whose trustees are independent of Coventry Building Society. It provides financial assistance in the form of grants to registered charities operating within the area served by our branch network.
Which services will you charge for?
For services outside the normal operation of your account we make certain charges to cover the administration costs involved. We will let you know the charge for any other service before we provide that service to you. You can also check current charges with your local branch or by contacting us.
Please note: if a charge is to pay for an additional service e.g. Telegraphic transfer, the charge will be payable at the time the service is requested. You can download a list of our current fees and charges here.
What to do when someone dies?
Write to the Society to inform us of the death. Including either:
- Original death certificate or Interim Death Certificate
- Certified Copy of the Death certificate or Interim Death Certificate
- Death Certificate Verification Form - This form is completed by a Solicitor using the information given on the Original Death Certificate
- Passbook(s) will also need to be sent
Who can certify a document?
- A Member of Parliament
- Justice of the Peace
- Commissioner of Oaths
- Officer of the Armed Services
- A person registered with or approved by the FSA
- Police Officer
- A member of a nationally recognised professional body (e.g. a Solicitor, Barrister, Accountant, Doctor, Nurse (SEN or SRN), Chemist, Optician, Banker, Surveyor or Valuer)
Please note that the photocopy must be certified by writing “I certify that this is a true copy of the original”, and then signed and dated by the certifier. In addition we will require the certifier to print their name, status, professional body they belong to and contact details.
What happens if the deceased held a savings account with Stroud & Swindon?
The deceased's account(s) will continue to accrue interest. However any instructions to transfer interest to a bank account will be cancelled and the interest will be added back on to the account.
What happens on a joint account?
In the case of joint accounts, the balance will be transferred to the other named account holder. The deceased's name will be removed from the account once we have evidence of death. Please note the terms and conditions of the account will remain unchanged.
What happens on a sole account?
In the case of a single account holder, his or her personal representatives may close the account (after providing evidence of their authority to do so) by withdrawing all the money, together with any interest earned. Alternatively the balance of the account can be transferred in to another Stroud & Swindon account.
If the sum due to the estate is more than £10,000.00 we will require sight of the original or a certified copy of Grant of Probate or Letters of Administration. If the sum due to the estate is less than £10,000.00 we may pay the money to the person entitled without a formal Grant of Probate or Letters of Administration, instead we will need a completed Statutory Declaration form which can be obtained from one of our branches or by calling us on 08457 025 24 23.
What is a Statutory Declaration?
A declaration made in a prescribed form before a justice of the peace, notary public or person authorised to administer an oath (e.g. a solicitor). Statutory declarations are equivalent to declarations made on oath and are regulated by the Statutory Declarations Act 1835. The Pejury Act 1911 makes it a criminal offence to knowingly and wilfully make a false statement in a statutory declaration.
What is a Grant of Probate?
The document received from the Probate office on submitting the Oath for Executors. The Grant of Probate is issued if the deceased has made a will.
What are Letters of Administration?
These are similar to Grant of Probate but they are issued (from the probate office) if the deceased has not left a will.
What happens to an ISA on the death of an investor?
If the deceased held an ISA (Individual Savings Account), under HM Revenue & Custom regulations the account will no longer be allowed to receive gross interest. Once we have received evidence of the death the money will be transferred into a new or existing net interest paying account.
Can the account still be operated once the death has been registered?
No, the account is frozen although it does continue to accrue interest. The Society does not offer a Will Trust or discretionary trust accounts so no further investments are permitted.
What bills or fees can be paid from the deceased's estate?
The following fees prior to receipt of Probate or Statutory Declaration form can be withdrawn from the deceased customer's savings account.
Funeral Expenses - We will require sight of the invoice from the Funeral Director. The cheque must be made payable to the Funeral Director.
Probate Fees - We will require sight of the invoice. The cheque must be made payable to HM Paymaster General along with the reference number.
Inheritance Tax - We will require sight of the Invoice. Cheques must be made payable to the Inland Revenue along with the reference number. This can also be paid by BACS, if this is required please forward to us the completed IHT form.
What happens if the account is registered to receive Gross interest?
If the deceased customer was registered as a non tax payer then they will be deregistered as per HM Revenue & Customs regulations as soon as the death is registered. The interest will be paid net from the date of the last interest payment and not from the date of death. This can be reclaimed from the local tax office. (This does not apply to ISA accounts).
What happens if there is a Power of Attorney on an account?
If the account is operated by a Power of Attorney or a Court of Protection, this will cease on the death of the account holder.
What happens when a trustee on an account passes away?
The Executor of the deceased's estate can either appoint a new trustee to operate the account or can take on the trusteeship themselves. We would require sight of the death certificate etc (please refer to the section "
What to do when someone dies")
How do I reclaim a lost Stroud & Swindon account?
Across the UK a large number of customers have savings accounts with various banks or building societies that they may have forgotten about.
We're working with the Building Societies Association and British Bankers' Association as part of an industry wide initiative to help customers find their lost accounts. So if you think you have old, lost or forgotten savings, we may be able to help you find them.
If you are searching for an account on behalf of a deceased or incapacitated person, you will need to be legally empowered to do so. To begin your search, all you need to do is either:
Go to www.mylostaccount.org.uk and complete the Reclaim Funds online process. This website can be used to search for lost accounts at any bank, building society or national savings account. Or alternatively, if it is a lost Stroud and Swindon account, come into one of our branches or call us and ask a member of staff for help.
Any money in these accounts will always belong to the account holder or their estate, no matter how many years pass.
Please note that reclaiming funds may change your tax status, contact HMRC for further information.