What happens my savings if credit union closes?

Discussion in 'Credit Union issues' started by lorr01, Feb 21, 2012.

  1. lorr01

    lorr01 Frequent Poster

    Posts:
    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.
     
  2. Slim

    Slim Frequent Poster

    Posts:
    1,721
    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.
     
  3. lorr01

    lorr01 Frequent Poster

    Posts:
    197
    Thank you slim appreciate your response.