Your savings at Australian Unity Bank Limited are protected by the Financial Claims Scheme (FCS) guarantee by the Australian Government, up to an aggregate balance of $250,000.
The FCS is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fail.
The FCS provides protection for depositors of banks, building societies, credit unions that are incorporated in Australia, for deposits up to $250,000 per account per financial institution. Most types of deposit accounts (but not all) are covered by the FCS.
The scheme can only come into effect if it is activated by the Australian Government in the unlikely event that a financial institution fails. Once activated, the FCS will be administered by APRA.
The objectives of the Financial Claims Scheme are to:
In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.
The scheme limit of $250,000 applies to the sum of an account holder's deposits under the one banking licence.
This means that if a customer holds more than one account at a single financial institution, the deposits are added together towards the $250,000 FCS limit.
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