Belfast Telegraph

Savings at failed Belfast credit union are protected

The Financial Services Compensation Scheme (FSCS) has put up almost a quarter of a million pounds to protect hundreds of members of a failed credit union in Belfast. (stock photo)
The Financial Services Compensation Scheme (FSCS) has put up almost a quarter of a million pounds to protect hundreds of members of a failed credit union in Belfast. (stock photo)

By Staff Reporter

The Financial Services Compensation Scheme (FSCS) has put up almost a quarter of a million pounds to protect hundreds of members of a failed credit union in Belfast.

The FSCS has promised to compensate "the vast majority" of the 238 members who have savings in Braniel Credit Union within seven days.

Records from the branch, which has ceased trading after it defaulted on its obligations, will be used to send out payments automatically. The bail-out bill is expected to reach more than £239,000.

Chief Corporate Affairs Officer at FSCS Alex Kuczynski said: "Everyone needs to know that their money is safe and about the safeguards that are in place.

"Their savings are protected up to £85,000, and joint accounts are covered for £170,000."

Affected members with up to £1,000 in their account will receive a letter allowing them to get cash over the counter at a Post Office. Anyone with a balance in excess of £1,000 will receive a cheque directly from FSCS.

Belfast Telegraph

Popular

From Belfast Telegraph