# What happens my savings if credit union closes?



## lorr01 (21 Feb 2012)

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.


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## Slim (22 Feb 2012)

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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## lorr01 (22 Feb 2012)

Thank you slim appreciate your response.


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