Faifley Credit Union Ltd of Clydebank declared in default
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Faifley Credit Union Ltd, which ceased trading on November 23 and is now in default.
All 95 members of the credit union, which is in Clydebank, West Dunbartonshire, will be compensated by FSCS within seven days, using its records.
Each member will receive in the post a cheque for their balance direct from FSCS.
FSCS expects that the total payout for Faifley Credit Union Ltd will be just under £106,000.
Caroline Rainbird, chief executive of FSCS, said: “FSCS is here to protect the members of Faifley Credit Union Ltd and to help them get back on track. We want to reassure them that their money is safe. No one needs to worry or to do anything as they should receive their money within a week. We protect people’s savings up to £85,000, and joint accounts up to £170,000.”