FSCS
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Glenard Credit Union payments in the post
Compensation on the way
for hundreds of Belfast savers Payments have now been made to some 180 members of Glenard Credit Union
Limited (‘Glenard CU’), the Financial Services Compensation Scheme
(FSCS) says.
The payments were in the post only days
after the credit union, based in Belfast, was wound up on 19 June 2014. It
makes good on the FSCS promise to pay back members within a week.
Credit union records show nearly 180
members of Glenard CU were due compensation for the deposits they
held.
Mark Oakes, Head of Communications,
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 Glenard Credit Union. It is good news for those
members."
FSCS is aware that the credit union held
over £96,000 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 more information about
FSCS protection for deposits atwww.fscs.org.uk/protected/
For more information visit our Glenard
Credit Union frequently asked questions.
