<
p>Nearly 500 members of a not-for-profit financial institution have been rescued by the FSCS after the institution went into default.
Derby United Credit Union, based at Rycote Centre, Derby, has almost 500 members with some £173,000 in savings.
However in a statement on its website Derby United Credit Union reassured customers that their money was safe.
“As DUCU was authorised by the Prudential Regulatory Authority (PRA), your deposits are protected by the Financial Services Compensation Scheme (FSCS),” said the credit union.
The FSCS will now make sure that those affected by the credit union’s collapse will get their savings back and using credit records will be able send payments to members without customers lifting a finger.
“FSCS is protecting Derby Credit Union members. We’re here for you and we’re ready to help. Your savings are safe and we will get them back to you within the next week,” said Kate Bartlett, Director of Operations for FSCS.
“And the process is automatic so you won’t have to apply for protection. FSCS guarantees up to £85,000. That will protect every member of Derby United Credit Union.”
People owed up to a thousand pounds will receive a letter to cash over the counter at their Post Office while anyone with over that amount will be sent a cheque by the FSCS.
For further information Derby United Credit Union are taking calls between 10am-2pm Monday to Friday on 01332369641.
Nearly 500 members of a not-for-profit financial institution have been rescued by the FSCS after the institution went into default….
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