Joe F's community profile page - Smart Money People

Write a review

Go to business site

Viewing profile for,

Joe F

Total reviews written

Helpful marks given to their reviews

Times reviews seen

All reviews (1)

Review of the Countingup, Business Account:

View on product page

Not FSCS

They don’t have FSCS and this isn’t made clear. It’s not a bank. Nearly lost money and had to move it out Reviewed on: 20th March 2023

Reply from Countingup Hi Joe Safeguarding applies to all Countingup customers, with no defined limit per customer or account (besides our normal maximum account balance). This means that all the money within your Countingup account is protected. In contrast, banks are required by the regulators to participate in the Financial Service Compensation Scheme (FSCS). The FSCS acts like an insurance policy for bank accounts and pays out up to a maximum of £85,000 per eligible person, per bank, building society or credit union or up to £170,000 for joint accounts in the event of the bank or building society becoming insolvent. E-money issuers are not able to participate in the Financial Service Compensation Scheme (FSCS), and therefore your account is not protected by FSCS. This means that in the very unlikely event of PPS (or account provider) becoming insolvent, the return of your money might take longer than an FSCS claim because the distribution would be handled by an insolvency practitioner or administrator. It's worth noting that because the administrator can deduct their costs from this money, you might get slightly less than your full account balance back. Countingup takes the security of your business' funds seriously and with our safeguarding procedures in place, we would like to re-iterate that the money within your Countingup account is safe and protected. Response date: 17th September 2024

We are helping 1000s to make smarter financial decisions

We use the power of consumer reviews to help increase trust and transparency in financial services and to deliver industry leading insight and events.