Although we do not usually owe our customers money, this can sometimes happen. This is usually as a result of an overpayment, or if you get a refund for something which you’ve already paid off.
Because Capital on Tap is not a bank, your account with us is not protected by the Financial Services Compensation Scheme.
However, we do take some steps to help protect any money we owe you. At the start of each business day, we put any money we owe to our customers into a separate bank account. That account is clearly labeled as customer funds, and is held in such a way that those funds would remain your property, even in the highly unlikely event of Capital on Tap becoming insolvent.
In most situations when you pay the balance on your account you are paying us to settle an outstanding debt and the above process does not apply. But in any scenarios where we do owe you money, we take the above steps to ensure it is safe.