Castle and Minster Credit Union
Questions and Answers
1. Castle and Minster Credit Union Limited - what has happened to it and is my money safe?
You do not need to worry as your money is safe.
On 03 March 2015, Castle and Minster Credit Union Limited was placed into Administration and has now ceased trading. Kevin Murphy, John Titley and Andrew Poxon of Leonard Curtis Business Solutions Group have been appointed as Joint Administrators. FSCS declared Castle and Minster Credit Union Limited in default today 03 March 2015.
2. Who are the Financial Services Compensation Scheme (FSCS)?
FSCS is a compensation fund of last resort for authorised financial services firms, such as Castle and Minster Credit Union Limited. This means FSCS protects any savings you have with this credit union up to £85,000, and does not charge savers.
3. What do I need to do to get my money back?
You do not need to do anything. FSCS will automatically pay you back your savings according to the account information it receives from Castle and Minster Credit Union Limited. You will receive payment by post.
4. How soon will I get my money back?
For the vast majority of claims, FSCS aims to pay compensation within seven days from the date Castle and Minster Credit Union Limited was declared in default, 03 March 2015. For complex claims, which may require further investigation, FSCS will aim to settle within 20 working days of default.
5. How will FSCS pay me back my money?
If you have a balance below a thousand pounds you will receive a letter to get cash over the counter at the Post Office. To receive payment, take this letter to any Post Office counter, with personal identification as outlined in that letter. If you have a balance over a thousand pounds you will receive a cheque. In both events, you will receive payment through the post in an unmarked envelope.
6. How will FSCS calculate how much compensation I am entitled to?
FSCS will receive information from Castle and Minster Credit Union Limited which will detail your individual credit balance. The amount of compensation you receive will be the balance on your account as at the date FSCS declared Castle and Minster Credit Union Limited in default, 03 March 2015.
7. What should I do if I disagree with the amount of compensation FSCS have paid me and I have not banked the cheque or cash over the counter at the Post Office?
If you disagree with the amount of compensation paid, please contact the Joint Administrators at Leonard Curtis, Tower 12, 18-22 Bridge Street, Manchester M3 3BZ on 01282 610637 or email firstname.lastname@example.org and they will look into your query. Do not return your payment to FSCS unless you are specifically requested to do so.
8. I do not have another bank account. What should I do with my compensation cheque?
You can arrange to open a bank account with another deposit taker (e.g. a bank, building society or the Post Office) and bank the cheque.
9. Why doesn't FSCS pay all members of Castle and Minster Credit Union Limited by cheque?
The "cash over the counter" option is very flexible and allows people to have access to their money much more quickly than a cheque for a small balance. Some people may need the money and do not have another bank account that they can pay a cheque into. Cash over the counter provides a simple, flexible answer for people with lower account balances.
10. Can FSCS make a compensation payment directly to my account with another bank?
FSCS is not in a position to make electronic money transfers to other banks. FSCS can make payments either by cheque or by cash over the counter.
11. I have heard that my Castle and Minster Credit Union Limited savings account will no longer operate. What should I do?
Castle and Minster Credit Union Limited saving accounts will no longer operate. If your salary or benefits are paid into your savings account you will need to open a new bank account as soon as possible. You should contact your employer, pension provider or the Department for Work and Pensions (DWP) to tell them to pay your salary or benefits into your new account.
12. My child has a savings account with Castle and Minster Credit Union. What will happen to his/her savings?
For junior members, FSCS will send a payment in the name of the account holder for the balance of their account at the date of default.
13. I make regular savings to my account each month by Standing Order. Should I cancel the Standing Order now?
Yes, you should as no further money will be credited to your savings account. You can cancel the Standing Order at any branch of your bank or building society, over the phone or via secure online banking. However, you will need to give you bank/building society a couple of days' notice before the payment is due to come out of your account.
14. I had a loan with Castle and Minster Credit Union Limited. Will I have to repay it and should I cancel the Standing Order?
Yes, your loan agreement remains in place and you must maintain your repayments.
Loan repayments will be managed by the Administrators, Leonard Curtis Business Solutions Group, who will contact you in this regard.
15. Can I open up an alternative Credit Union Account?
Members, including junior depositors, who wish to open a new credit union account may have the opportunity to do so with alternative credit unions, whose common bond extends to cover the area served by Castle and Minster Credit Union Limited.
The Administrators are unable to transfer accounts directly to another credit union. Instead, members will have to apply themselves.
16. A Payment was transferred into my Credit Union account around the time FSCS declared Castle and Minster Credit Union Limited in default. This amount does not appear to have been applied to my Credit Union account. Will the balance on my account be updated to reflect this payment?
FSCS will receive information from Castle and Minster Credit Union Limited which will detail the individual credit balances of all accounts held by its members at the date of default. Castle and Minster Credit Union Limited's Administrators will notify FSCS of any subsequent deposits or withdrawals that need to be applied to a member's account. Any amounts paid into the account after the administration date will not be added to your savings balance and will be dealt with by the Administrators, who you can contact on 01282 610637 or email email@example.com.
17. Do I need to notify FSCS if I have recently changed address?
FSCS will send payment to the address that Castle and Minster Credit Union Limited hold on their database. If you did not notify Castle and Minster Credit Union Limited of your change of address before it was declared in default, or you notified Castle and Minster Credit Union Limited of this change but did not receive confirmation from them that their records had been updated before it was declared in default, FSCS will need to see evidence of the change of address before any compensation payment can be made. You will therefore need to provide an original recent official document that confirms this. Documents FSCS can accept include a council tax bill, a utility bill (not a mobile phone bill) or Benefits entitlement letter, so long as they are less than 3 months old.
18. Do I need to notify FSCS if I have recently changed my name?
If you have already received your cash over the counter, or banked the compensation cheque, you do not need to take any further action. If you have not received your compensation payment we will need to see evidence of your name change before any payment can be made. You will therefore need to provide original documentation or certified copy of an official document showing your change of name, for example a marriage certificate or deed poll, and this will allow us to update our records and process the claim.
19. I am the executor of a depositor who has recently died. Do I need to contact FSCS?
If the Estate has already received cash over the counter, or banked the compensation cheque, you do not need to take any further action. If the Estate has not received the compensation payment, you will need to send FSCS the Death Certificate, Grant of Probate and a copy of the Will (or Letter of Administration). These should be either certified copies or original documents. These documents are required before FSCS can make a compensation payment. However, should you wish to speak to FSCS regarding any issues that you may have you can contact us on Freephone 0800 678 1100 or 020 7741 4100. Our lines are open Monday to Friday 08.30 to 17.30.
20. How will I be able to find out what is happening?
In the first instance, you should contact the Administrators on 01282 610637; or email them at firstname.lastname@example.org. If you have a query about compensation from FSCS, further information can be obtained from the FSCS website at www.fscs.org.uk; or by calling us on freephone 0800 678 1100 or 020 7741 4100. Our lines are open Monday to Friday 08.30 to 17.30.