22nd March 2016
The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Wolverhampton-based, Whitmore Reans Credit Union Limited (Whitmore Reans). The credit union stopped trading and was declared in default on 21 March 2016. A default declaration means FSCS is satisfied that Whitmore Reans cannot repay deposits to its members.
The vast majority of members will be compensated within seven days without having to lift a finger. FSCS will use the credit union’s records to automatically send payments out to them.
People with up to £1000 in their account will receive a letter to get cash over the counter at their local Post Office. Anyone with more than this will receive a cheque direct from FSCS.
FSCS protects up to £75,000 of savings (£150,000 for joint accounts). It has come to the aid of more than 4.5m people since 2001 while paying out over £26bn in compensation.
Mark Oakes, Head of Communications at FSCS, said: “FSCS is protecting Whitmore Reans members. We’re here for you and we’re ready to help. Your savings are protected up to £75,000 (£150,000 for joint accounts) and you should get your money back within the week. The process is automatic too so you won’t have to apply for compensation.”