Enterprise The Business Credit Union payments in the post
20th May 2015
Compensation on the way for hundreds of Bournemouth savers.
The Financial Services Compensation Scheme (FSCS) has made payments to some 1900 members of Enterprise The Business Credit Union.
The payments were in the post only days after the credit union, based in Bournemouth, was placed in administration on 14 May 2015. It delivers on FSCS’s promise to pay back members within a week.
Credit union records show nearly 1900 members of Enterprise The Business Credit Union were due compensation for the deposits they held.
Kate Bartlett, Director of Operations, says: “FSCS protects people when authorised financial services firms cease trading. So I’m pleased to confirm FSCS payments have now been made to members of Enterprise The Business Credit Union. It is good news for those members.”
FSCS is aware that the credit union held over £7m 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 out more about FSCS protection for deposits at www.fscs.org.uk/protected
For more information, visit our Q&As for deposits.
We also have a short video explaining how FSCS can help when your credit union goes out of business.