- Tyne Tees
- 4 updates
Almost 5000 people will receive payments after a credit union collapsed.
North Yorkshire Credit Union was placed into liquidation last week. Many people were concerned members' savings, worth £2million, could have been at risk.
But all 4860 savers are protected by a financial compensation scheme. They will be reimbursed from today, November 6.
Councillors are expected to meet today to discuss the collapse of the North Yorkshire Credit Union.
The credit union was put into administration last week.
The FSCS has said that it will repay all of the union's members after the multi-million pound union collapsed, leaving its 4800 members unsure of what would happen to their savings.
Over 4800 people will be receiving payments from the FSCS (Financial Services Compensation Scheme) today after the North Yorkshire Credit Union went into administration last week.
The Union is thought to have 4860 members, all of whom will be reimbursed by the FSCS after they promised to protect their the members' savings and repay them for the lost money.
For members who do not receive a payment today, the FSCS has said that payments will be sent out in the next few days.
You can find out more about the North Yorkshire Credit Union going into administration below: