FSCS pays over 800 members of Redcar & Cleveland Money Tree & Glen Credit Union
30th October 2014
FSCS has paid compensation to more than 800 members of Redcar & Cleveland Money Tree & Glen Credit Union ('Redcar & Cleveland CU').
FSCS posted the payments only days after the credit union, based in Redcar, was wound up on 24 October 2014. It makes good on the FSCS promise to pay back members within a week.
Credit union records show over 800 members of Redcar & Cleveland CU were due compensation for the deposits they held.
Mark Oakes, Head of Communications at FSCS, 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 the Redcar & Cleveland Credit Union. It is good news for those members."
FSCS is aware that the credit union held around £200,000 on deposit for its members. People with less than £1,000 will get a letter to get cash over the counter at their Post Office. Anyone with more than this will get a cheque.