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My Community Bank Wales has failed

The Financial Services Compensation Scheme (FSCS) has announced the failure of Loans and Savings Abertawe Credit Union Limited which was trading as My Community Bank Wales. FSCS declared the credit union in default on Wednesday 29 August, 2018 which means the credit union cannot repay deposits to its 3,128 members.

FSCS will compensate most members within seven days and will send out payments to members automatically, using the credit union’s records.

Customers with up to £1,000 in their account will receive a letter from FSCS to get cash over the counter at their local Post Office. FSCS will send customers with more than £1,000, a cheque in the post.

FSCS protects up to £85,000 of money in UK authorised banks, building societies and credit unions. If you have a joint account, your money is protected up to £170,000. FSCS expects to pay £498,000 to My Community Bank Wales members.

Further information for My Community Bank Wales customers can be found here.

For any queries please speak to Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Limited who are the joint administrators for Loans and Savings Abertawe Credit Union Limited. You can contact them by telephone on 01792 713 110 or 0113 244 5141 or email: lasa@geoffreymartin.co.uk

 

Channel website: https://www.fscs.org.uk/

Original article link: https://www.fscs.org.uk/news/2018/august/my-community-bank-wales-has-failed/

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