Compensation worth £200,000 is on the way for hundreds of Redcar savers despite the collapse of a local credit union.
Payments have now been made to more than 800 members of Redcar and Cleveland Money Tree and Glen Credit Union (Redcar & Cleveland CU), said the Financial Services Compensation Scheme.
As reported, more than 800 members had around £200,000 with the credit union but their money was protected by the FSCS.
The payments were in the post just days after the Redcar-based credit union was wound up on Friday.
People with up to £1,000 will receive a letter to get cash over the counter at their Post Office while anyone with more than £1,000 will get a cheque.
The FSCS had promised to pay back members within a week.
Mark Oakes, head of communications, said: “FSCS protects people when authorised financial services firms go bust. So I’m pleased to confirm FSCS payments have now been made to members of Redcar & Cleveland Credit Union. It is good news for those members.”
FSCS protects savings up to £85,000, which covers 98% of people in the UK with bank, building society or credit union accounts.
Since 2001, FSCS has protected more than 4.5m people and paid out more than £26bn.
No comments:
Post a Comment