South Warwickshire Credit Union update
3rd May 2013
Payments made to South Warwickshire Credit Union members
Payments have now been made to members of South Warwickshire Credit Union, the Financial Services Compensation Scheme (FSCS) says. These payments are in the post today (3 May 2013) to some 1200 people. The news comes only days after the credit union ceased trading. It makes good on the FSCS promise to pay back members within a week. Credit union records show nearly 1200 members of the South Warwickshire Credit Union 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 South Warwickshire Credit Union. It is good news for their members. Your payment is in the post.”
Credit union Records show members of the credit union had around £214,000 on deposit. People with less than a thousand pounds will receive a letter to get cash over the counter at their Post Office. Anyone with more than this will receive 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/