WEST WALES CREDIT UNION LIMITED (WWCU) has ceased trading and gone into administration, prompting the Financial Services Compensation Scheme (FSCS) to take action.
The website of WWCU is displaying a message as follows: “On 27 September 2017 Dina Devalia and Peter Hart of PKF Geoffrey Martin & Co were appointed Joint Administrators to WWCU.
“WWCU has now ceased trading.
“You do not need to worry your money is safe.
“FSCS will automatically pay you back your savings within the next seven days.
“All members will receive correspondence with further details and information in the post.”
The FSCS says that that the total amount they will pay out to members will be in excess of £925,000 and most members will be compensated within a week. The process will be automatic, so members will not have to apply for the compensation.
Across Pembrokeshire, Carmarthenshire and Ceredigion there are more than 1,700 members who will be affected.
The FSCS have said that savings accounts are protected up to £85,000, with joint accounts protected up to £170,000.
If a member has less than £1,000 they will be able to get cash from their local Post Office.
Since 2001, more than 4.5m people have been helped by the FSCS, with over £26bn paid out in compensation.
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