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The Cornwall and the Isles of Scilly Credit Union, which has 5 branches in the Duchy went into liquidation on Friday.
But while your money may be safe....you won't be able to get at it...not for the next few days at least
The Financial Services Authority is protecting people's savings but says you can no longer withdraw cash from an ATM and you'll need to set up a new account for your salary or any benefits
More than 2100 people have been affected but you should be able to get your money back within the next seven days without having to lift a finger.
You can get all the information you need to get your cash back in the information below, sent to Heart;
On 15 February 2013, Cornwall and the Isles of Scilly Credit Union was placed into liquidation following an order of the High Court. Kevin Murphy and Richard Toone of Chantrey Vellacott DFK LLP have been appointed liquidators.
We would like to reassure members of CISCU that your money is safe. As CISCU was authorised by the Financial Services Authority (FSA), your deposits are protected by the Financial Services Compensation Scheme (FSCS). All deposits are protected (including savings and CUCA accounts).
For members with CUCA accounts, please note your CUCA account will now no longer operate, and you will no longer be able to withdraw cash using your ATM Link card. If your salary or benefits are paid into your CUCA account (or savings account) you will need to set up an alternative Post Office or bank account as soon as possible and arrange for your benefit or salary to be paid into the new account.
Your local Jobcentre Plus will be able to assist you open a Post Office account and will arrange for the transfer of benefits payment to your new account. You will need to instruct your employer to pay your salary into your new account.
Please note that payments from your accounts will be stopped from the date of liquidation. You are advised to notify the recipient of any payments and make alternative arrangements.
If you have an outstanding loan with the credit union please continue to make your repayments using the usual method of payment.
We will be writing to all members shortly enclosing a statement showing the balances on members savings accounts together with the balances on any loan accounts.
If the closure of your CUCA or savings account is causing severe difficulties please ring CISCU offices for advice on 01872222644 between 9.30am and 5pm. If our lines are busy, please email on email@example.com and we will get back to you as soon as possible.
Financial assistance (by way of loan) may be available from the DWP's Social Fund (0800 032 7952).
The FSCS aims to pay compensation claims within 7 days of declaring a default. You do not need to do anything, FSCS will send a payment directly to you. Members due less than £1,000 will receive a letter that they can cash at their local Post Office. Members due more than £1,000 will receive a cheque payment.
Further information may be obtained from the FSCS website at the following link: www.fscs.org.uk. If you have any queries which cannot be answered by the FSCS website, please telephone the CISCU offices on 01872222644 or email firstname.lastname@example.org