What happens my savings if credit union closes?

lorr01

Registered User
Messages
197
Im just wondering if any one can tell me what will happen to my savings if a credit union closes.

Rumours have been circulating that my local credit union may close. On hearing this - I rang the credit union and was told that they not closing but think they would say that any way to not cause panic!!
Would be great ful for any assistance.
 
Your savings are guaranteed up to €100,000 per member.

It may take a while to get the money back while paperwork and verification takes place. It is unlikely this will happen but not impossible. More likely there would be a takeover by another credit union.
 
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