Following today’s news that Greater Milton and Possilpark Credit Union Ltd has gone into Administration, the NHS Credit Union would like to reassure our members that this development does not directly affect this organisation.
Each of the almost 310 credit unions in Britain is a separate financial co-operative, owned and controlled by its members. At the NHS Credit Union, we continue to work hard to provide the best possible services to our members, providing a secure and ethical home for their savings.
And while today’s news is very unfortunate, the fact is that no member of Greater Milton and Possilpark Credit Union will lose their savings as a result of the organisation going into administration.
All members of every credit union are protected under the financial services compensation scheme – in exactly the same way as customers of a High Street bank would be.
All member savings up to £85,000 per person are fully protected under the scheme.
All members will receive their savings back up to that £85,000 limit.
The vast majority of members will receive their savings back without having to do anything … and within seven days.
We would also like to reassure all members of the NHS Credit Union that this credit union is in great financial health.
Our membership is growing; our financial reserves are growing; our latest dividend payment to members was the largest sum we’ve ever paid out – and loans issued to help members are also running at record levels.
NHS Credit Union CEO Ruth Dorman said: “It’s always sad to hear of any organisation failing, and this certainly applies to Greater Milton and Possilpark Credit Union.
“However, it’s important to remember that the FSCS makes sure none of their members will suffer financial hardship.
“And I would also like to reassure any member of the NHS Credit Union that their financial organisation is in a very healthy state, and they should have no worries about our future.
“If any member of the NHS Credit Union does have any concerns as a result of the situation, they should feel to contact our office and staff will be happy to put their minds at ease.”
More details of the FSCS compensation scheme for Greater Milton and Possilpark Credit Union members can be found HERE