CommuniSave Credit Union payments in the post
24th July 2013
Compensation on the way for thousands of Birmingham savers
Payments have now been made to members of CommuniSave Credit Union in Birmingham, the Financial Services Compensation Scheme (FSCS) says. The payments were in the post only days after the credit union stopped trading (18 July 2013). It makes good on the FSCS promise to pay back members within a week. Credit union records show over 2000 members of CommuniSave Credit Union, also known as South Birmingham Community Credit Union were due compensation for their deposits held with the credit union. These payments have now been made to all those members.
FSCS Director of Operations, Kate Bartlett, says: “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 CommuniSave Credit Union. It is good news for those members."
Credit union records show members of the credit union had just over £1m on deposit. People with less than a thousand pounds received a letter to get cash over the counter at their Post Office. Anyone with more than this received a cheque.
FSCS protects savings up to £85,000, which covers about 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. You can find more information about FSCS protection for deposits at www.fscs.org.uk/protected/