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Financial Claims Scheme

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Our depositors are protected under the Australian Government’s Financial Claims Scheme (FCS) which provides protection and quick access to deposits made with a bank, building society or credit union in the unlikely event that one of these institutions fails.

1. What is the Financial Claims Scheme?

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 fails.

Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA).

The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA).

In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

2. How is the FCS limit applied?

The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking license.

Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250,000 FCS limit, and this includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name.

Bendigo and Adelaide Bank Limited’s network of brands and joint ventures provide a wide range of products and services, and those that are covered by the FCS are Alliance Bank, Bendigo Bank, Adelaide Bank, Community Bank®, Community Sector Banking, Rural Bank and Delphi Bank.

3. Where can I get further information on the FCS?

Further information on the FCS is available on the FCS website - fcs.gov.au. The FCS website also contains a list of FAQs relating to banking.

Updated 01 July, 2019

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