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PKF Littlejohn has been appointed as joint administrators of Castle and Crystal Credit Union.
Its membership covers residents and employees who live or work across parts of the West Midlands.
Regulatory bodies have also declared the Credit Union in default, which means that savers are entitled to receive their deposits back.
Joint administrator Joe Sleight confirmed that all savers’ money would be safe and would be paid back to them by the Financial Services Compensation Scheme (FSCS).
Some customers will also receive an unmarked letter allowing them to claim their savings as cash at the Post Office.
Sleight said: “If you have savings at the Credit Union, you don’t need to do anything to get your money back. The majority of customers with a deposit with Castle and Crystal Credit Union will receive a cheque in the post from the FSCS in the next few days.
“In addition, a small number of customers will instead receive a letter to get cash over the counter at the Post Office. To get your payment, take this letter to any Post Office counter with personal identification, as outlined in the letter.”
He added: “In either case, we’ll contact you by post in an unmarked envelope. We’ll also be in touch with anyone who has a loan from the Credit Union to explain what happens next. We’ll be available by email or phone to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefits payments.”
