18th February 2014
Payments have now been made to some 400 members of Wantsum Savers: The Isle of Thanet Credit Union Limited (Wantsum Credit Union), the Financial Services Compensation Scheme (FSCS) says.
The payments were in the post only days after the credit union based in Thanet, Kent ceased trading (10 February 2014). It makes good on the FSCS promise to pay back members within a week.
Credit union records show nearly 400 members of Wantsum Credit Union were due compensation for the deposits they held.
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 Wantsum Credit Union. It is good news for those members."
FSCS is aware that the credit union held just over £100,000 on deposit for its members. 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 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/
For more information visit our Q&As for deposits.