Carleton Credit Union Limited payments in the post

19th June 2013

Payments have now been made to members of Carleton Credit Union Limited, the Financial Services Compensation Scheme (FSCS) says. These payments have now been made to some 600 members.

The payments were in the post only days after the credit union based in Portadown, Co Armagh ceased trading (14 June 2013). It makes good on the FSCS promise to pay back members within a week. Credit union records show nearly 600 members of Carleton Credit Union Limited were due compensation for their deposits held with the credit union. 

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 Carleton Credit Union Limited. It is good news for their members."

Credit union records show members of the credit union had around £390,000 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. 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/