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Credit union ceases trading
The Financial Services Compensation Scheme (FSCS) has stepped in to protect 1,200 members of Yoker Credit Union Limited, which has stopped trading.
The Glasgow-based credit union was declared in default on 18th April 2017 and cannot re-pay deposits to its members.
Yoker’s members are now expected to receive more than £1.2m in compensation from the FSCS within seven days.
Addressing Yoker’s members, Mark Oakes, head of communications at FSCS, said: “We’re here for you, and we’re ready to help.”
The FSCS will use the credit union’s records to automatically send payments out to Yoker’s members.
People with up to £1,000 in their account will receive a letter to get cash over the counter at their local post office, while anyone with more than this amount will receive a cheque for their balance from the FSCS.
The scheme protects up to £85,000 in savings and double this amount for joint accounts.
It has aided more than 4.5 million people since 2001, paying out more than £26bn in compensation.
Earlier this month, the FSCS revealed it would levy firms £363m for 2017/18.
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