Understand the Government guarantee on deposits?
Government guarantee on deposits
In October 2008, the Australian Government introduced the deposit guarantee scheme, also known as the Financial Claims Scheme (FCS), to provide protection to depositors in the extremely unlikely event that any banking institution fails.
The scheme applies to deposits held in all Authorised Deposit-taking Institutions (ADIs) incorporated in Australia which includes banks, credit unions and building societies. Under the FCS, the Government guarantees deposits up to a cap of $250,000 per depositor, per ADI.
All Holiday Coast Credit Union deposit products (including savings accounts, transactional accounts and term deposits) are protected under the FCS up to the cap. As with other ADIs, Holiday Coast Credit Union is required to comply with the strict standards of the Banking Act 1959 and is overseen by the Australian Prudential Regulation Authority (APRA).
As a mutual, Holiday Coast Credit Union is owned by our members and we are committed to providing personal service whilst maintaining trust and confidence through careful management of our members’ money.
To find out more about the Financial Claims Scheme, please visit: