England

Communisave Credit Union members get money back

More than 2,000 members of a Birmingham credit union which went into liquidation have been given their money back.

South Birmingham Community Credit Union, also known as Communisave, stopped trading on 18 July.

Payments were made by the Financial Services Compensation Scheme (FSCS), which protects savers.

The FSCS said the credit union's records showed members had just over £1m deposited.

FSCS director of operations Kate Bartlett said: "FSCS protects people when authorised financial services firms go bust, so I'm pleased to confirm FSCS payments have now been made to members of the CommuniSave Credit Union."

Communisave operated in south Birmingham, Bromsgrove and Redditch.

FSCS protects savings up to £85,000, which covers about 98% of people in the UK with bank, building society or credit union accounts.

Since 2001, FSCS has protected more than 4.5m people and paid out more than £26bn.

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