When I first heard about StreetCred Credit Union going out of business the very first thought was, this has to be a joke. Who would name a credit union StreetCreed? But apparently it is no joke. So now I’m searching for the most ridiculous name for a credit union. What will I find next, Gangsta Credit Union or Your Mutha Credit Union?

The bad news about StreetCred is that while they wanted to provide a helpful a niche lending service to people that may not have otherwise had access to a financial institution in the UK, they apparently sold themselves short and failed to generate sufficient income to stay in "bidness".

Depositors are now left without access to their last penny and will have to wait as long as a few months to get back in touch with their cash. While the UK government has not had that much experience with bank failures in the last 100 years, you would have hoped that after the recent Northern Rock debacle with lines of customers lined up before dawn and around the block, they’d do better.

I have to give the FDIC in the U.S. a two thumbs up for the way they come in to protect depositors. Recently when NetBank went belly up the FDIC was in there on a Friday and depositors had access to their cash on Monday.

Here are some nuggets from the recent StreetCred drive by banking disaster.

“Streetcred, which was a not-for-profit business, ran loans and savings schemes for more than 3,000 customers. It is believed to have debts of more than £450,000.

The business had shops in Rochdale and Middleton. One customer, Daniel Walker - a 20-year-old waiter - said: "It's disgraceful. My wages went in last week so I have no chance of getting them now."

Customers only realised that the company had gone bust when they found the offices boarded up. Those with savings have been unable to access any of their money. The Financial Services Authority is investigating and the Financial Services Compensation Scheme has pledged to reimburse those affected.”

“The Manchester Evening News tracked down former manager John Wilson, 57, who lives in Heywood.

He was sacked from his £30,000 a year job on October 1 after being suspended in August for gross misconduct.

He said he was not to blame and was `stunned' at the closure. There has been no suggestion of any criminal wrongdoing against him.”

“A helpline has been set up by Rochdale Borough Council.

Council leader Alan Taylor said: "Savings with Streetcred are secure, but we want to ensure that account holders' questions and concerns are dealt with quickly and effectively."