An East Dunbartonshire credit union has been declared default forcing a compensation scheme to step in.
Strathkelvin Credit Union has ceased trading, resulting in The Financial Services Compensation Scheme (FSCS) stepping in to protect members.
There are 1,820 members of the Kirkintilloch-based credit union, which FSCS aims to compensate within seven days.
Using the Credit Union's records, FSCS will send each member a cheque for their balance automatically.
The total compensation for Strathkelvin Credit Union is estimated to be around £1.96m.
Caroline Rainbird, Chief Executive of FSCS, said: "We want to reassure members of Strathkelvin Credit Union and let them know that their savings are safe.
"FSCS has now stepped in and most members will receive their money by cheque directly from us within a few days.
"There is no need to make a claim, these cheques will arrive automatically to help members get back on track as soon as possible."
Anyone looking for more information on FSCS can visit their website.
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