Dial-A-Cab Credit Union declared in default(2)
04 September 2018
The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Dial-A-Cab, which has stopped trading and is now in default. This means the Credit Union cannot repay deposits to its 1,250 members.
FSCS will compensate the vast majority of members within seven days. Using the Credit Union’s records, FSCS will send payments out automatically.
People with up to £1,000 in their account will receive a letter to get cash over the counter at their local Post Office. Anyone with more than this will receive a cheque for their balance direct from FSCS.
FSCS protects up to £85,000 of savings – double that for joint accounts and has come to the aid of more than 4.5m people since 2001, while paying out over £26bn in compensation.
FSCS expects the total pay-out for Dial-A-Cab Credit Union Limited members to be £21million.
Alex Kuczynski, Chief Corporate Affairs Officer at FSCS, said:
“We all want to know our money is secure but might not always be sure about the safeguards that are in place. FSCS is here to protect members of Dial-A-Cab and are ready to help customers get back on track. Savings are protected up to £85,000, and joint accounts are covered for £170,000 with majority of customers getting their money back within seven days.
Regarding amounts over £85,000, FSCS will protect these if they are temporary high balances, which means deposits made within six months arising from major life events such as house sales or inheritance. Any members of Dial-A-Cab who believe this applies to them should claim direct with FSCS.”
For more information on how FSCS helps people with current or savings accounts in banks, building societies and credit unions, please visit our deposit limits page.
Any queries about Dial-A-Cab can be directed to Jo Milner and Ryan Taylor of Cork Gully LLP who have been appointed as administrators.
You can contact the joint administrators by telephone on 020 7268 2150 or email: DACCU@corkgully.com
Please note: Dial-a-Cab Limited (Radio Circuit) of 39-47 East Road, London N1 6AH is unaffected by the administration of Dial-A-Cab Credit Union Limited.
Media enquiries
Bhavik Depala
T: 020 7375 8631
Anthony Ozimic
T: 020 7375 8638
E: publicrelations@fscs.org.uk
Notes:
- For more information on deposits protection please visit our questions and answers page.
- Dial-A-Cab Credit Union Limited was declared in default on 04 September 2018 with 1250 members.