FSCS to protect Ballymacarrett Credit Union members
17th October 2014
FSCS will protect nearly 1,000 members of Belfast-based Ballymacarrett Credit Union (‘Ballymacarrett CU’) after it was wound up on 17 October 2014.
FSCS stated that most savers will get their money back within seven days.
Members of the credit union don’t need to do anything. Using credit union records, FSCS will automatically send their payments.
Some 1,000 savers have just under £530,000 with Ballymacarrett CU. People with up to £1,000 will receive a letter to get cash over the counter at the Post Office. Savers with more than £1,000 will get a cheque.
Mark Oakes, Head of Communications for FSCS, says help is on the way. “FSCS is protecting Ballymacarrett Credit Union members. We’re ready to help. Your savings are safe and we will get your money back to you within the next week. The process is automatic so you won’t have to apply for compensation. We will pay up to £85,000, so every member of the credit union is protected.”
Financial services firms fund FSCS through a compulsory annual levy. FSCS protects deposits, insurance and investments when authorised firms fail.