Payouts after credit union collapse

Payments are on the way to thousands of members of a credit union which has collapsed.

North Yorkshire Credit Union went into liquidation last week and the Financial Services Compensation Scheme (FSCS) says payments are in the post to almost 5,000 people today.

Credit union records show 4,860 people are North Yorkshire Credit Union members. FSCS will pay all remaining members for whom we have sufficient information within the next few days.

SCS protects people when authorised financial services firms go bust. So I’m pleased to confirm FSCS payments are on the way to members of the North Yorkshire Credit Union. It is good news for their members. Your payment is in the post.

– Kate Bartlett, FSCS Director of Operations

Records show members of the credit union had just over £1.8m on deposit. 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.