FSCS pays Redcar & Cleveland Credit Union members

30th October 2014

FSCS has paid compensation to over 800 members of Redcar & Cleveland Money Tree & Glen Credit Union (Redcar & Cleveland CU).

We posted the payments only days after the Redcar-based credit union was wound up on 24 October 2014.

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 Redcar & Cleveland Credit Union. It is good news for those members."

FSCS is aware that Redcar & Cleveland CU held around £200,000 on deposit for its members. People with less than £1,000 will get a letter to get cash over the counter at the Post Office. Members with more than £1,000 will receive a cheque.