1,000 Ballymacarrett Credit Union members get money back

20th October 2014

FSCS has made payments to some 1,000 members of Ballymacarrett Credit Union (Ballymacarrett CU).

We sent the payments just days after the Belfast-based credit union was wound up on 17 October 2014. It fulfils the FSCS promise to pay back members within a week.

Records show that almost 1,000 members of Ballymacarrett CU were due compensation for their deposits.

Mark Oakes, Head of Communications at FSCS, said: "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 Ballymacarrett Credit Union. It is good news for those members."

The credit union held under £530,000 on deposit for its members. People with less than £1,000 will receive a letter to get cash over the counter at the Post Office. Anyone with more than £1,000 will receive a cheque.