Loans and Savings Abertawe Credit Union Ltd
Failed 29 August 2018
The Financial Services Compensation Scheme has announced the failure of Loans and Savings Abertawe Credit Union Ltd, based in Wales, which was declared in default on 29 August 2018. The credit union also traded under the names Hill Community Credit Union Ltd and My Community Bank Wales. This means the credit union cannot repay money to its 3128 members.
FSCS is stepping in to protect customers and return money to the vast majority of members within its seven day target. Using the credit union’s records, FSCS expects to make payments totalling over £498,064.71 to nearly all 3128 customers in less than 48 hours of the failure being declared.
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Customers with up to £1,000 in their account will receive a letter from FSCS to get cash over the counter at their local Post Office. FSCS will send customers with more than £1,000 a cheque in the post for their balance.
FSCS protects up to £85,000 of money in UK authorised banks, building societies and credit unions. If you have a joint account, your money is protected up to £170,000. Since 2001 FSCS has come to the aid of more than 4.5m people, paying out over £26bn in compensation.
Alex Kuczynski for FSCS, said: “FSCS is here to protect members of Loans and Savings Abertawe Credit Union Ltd. Your savings are protected up to £85,000, and joint accounts are covered for £170,000. You should get your money back within seven days. The process is automatic too, so you won’t have to apply for compensation.”