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Australia has one of the strongest banking systems in the world.
You can have confidence that all Australian banking institutions, credit unions, banks and building societies - must meet the toughest regulatory standards and protections, designed to protect you.
Credit unions, building societies and mutual banks meet the same standards as banks under the Banking Act with strict oversight by the Australian Prudential Regulation Authority (APRA).
APRA’s rules on safety and capital apply to all banks, building societies and credit unions to the same high standards. APRA also administers the Financial Claims Scheme, an additional protection for deposits.
The Financial Claims Scheme ensures that depositors with credit unions, banks, and building societies will be guaranteed repayment of their funds if any banking institution fails.
The Scheme includes a guarantee of $250,000 per depositor per institution for funds held in 'protected accounts'. GMCU's eligible 'protected accounts' are:
Transaction Accounts
Savings Accounts
Term Deposits
To find out more about the Financial Claims Scheme, visit http://www.fcs.gov.au/.
Banking, loans, insurance and more - get in touch with us.
