6th April 2018
The Financial Services Compensation Scheme (FSCS) is aware that the 380 cheques it sent yesterday to members of South Tyneside Credit Union Limited (trading as First For Money) contain a printing error, and cannot be cashed. Members with more than £1,000 in their account who received a cheque for their balance direct from FSCS are affected.
FSCS is acting quickly to put this right and intends to issue replacement cheques to affected members of the credit union by no later than Monday morning (9th April 2018). This means these members should receive the replacement cheques by Tuesday. In the meantime, to avoid confusion, FSCS will cancel the cheques it has already issued to the 380 members.
People with up to £1,000 in their account who received a letter to get cash over the counter at their local Post Office are not affected.
Mark Neale, FSCS’s Chief Executive said:
“We sincerely apologise for the inconvenience caused to the 380 members of the credit union who have been affected by this error. FSCS is here to protect members of South Tyneside Credit Union Limited, and we are doing everything we can to issue replacement cheques as quickly as possible. We expect members of the credit union to receive their new cheques by next Tuesday (10th April).”