Payments are on the way to thousands of North Yorkshire Credit Union members, the Financial Services Compensation Scheme (FSCS) says. Payments are in the post to almost 4,800 people today.
The news comes only a few days after the credit union went bust late last week. It makes good on the FSCS promise to pay back members within a week. Credit union records show 4,860 people are North Yorkshire Credit Union members. FSCS will pay all remaining members for whom we have sufficient information within the next few days.
FSCS Director of Operations, Kate Bartlett, says:
FSCS protects people when authorised financial services firms go bust. So I’m pleased to confirm FSCS payments are on the way to members of the North Yorkshire Credit Union. It is good news for their members. Your payment is in the post.
Records show members of the credit union had just over £1.8m on deposit. 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. Since 2001, FSCS has protected more than 4.5m people and paid out more than £26bn