Thousands of members of a North Yorkshire Credit Union have been promised they will get their money back after it went bust.
The Financial Services Compensation Scheme (FSCS) has stepped in to protect members.
FSCS protects consumers when authorised financial services firms fail.
Members of the credit union will receive their payments next week. FSCS will use the credit union’s records to automatically send payments to members. FSCS protects savings up to £85,000.
People with less than a thousand pounds will receive a letter to get cash over the counter at the Post Office. Anyone with more than this will receive a cheque.
About 5,000 savers have some £1.9m in North Yorkshire Credit Union.
– Kate Bartlett, Director of Operations
FSCS is protecting members of the North Yorkshire Credit Union. There is no cause for concern. We will get your savings back to you within one week. And you won’t need to lift a finger because the process is automatic.