Castle and Minster Credit Union payments in the post

10th March 2015

Compensation on the way for hundreds of West Yorkshire savers

Payments have now been made to some 4,000 members of Castle and Minster Credit Union Limited (“Castle and Minster CU”), the Financial Services Compensation Scheme (FSCS) says.

The payments were in the post only days after the credit union, based in Huddersfield, was placed into administration on 03 March 2015. It makes good on the FSCS promise to pay back members within a week.

Credit union records show nearly 4,000 members of Castle and Minster CU were due compensation for the deposits they held.

Kate Bartlett, Director of Operations, 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 Castle and Minster Credit Union. It is good news for those members.”

FSCS is aware that the credit union held over £2.4m 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 deposit Q&As. 

Jargon Buster

  • Credit union

    a financial co-operative which is owned and controlled by its members.
  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.