The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Yoker Credit Union Limited, which has stopped trading. The credit union is now in default. This means it cannot re-pay deposits to its 1200 members.
FSCS will compensate the vast majority of members within seven days without them having to lift a finger. The scheme will use the credit union’s records to automatically send payments out to them.
Mark Oakes, Head of Communications at FSCS, said: “We are protecting members of Yoker Credit Union Limited. We’re here for you, and we’re ready to help. Your savings are protected up to £85,000, and joint accounts are covered for £170,000. You should get your money back within the week. The process is automatic, too, so you won’t have to apply for compensation.”