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 strict 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, which is 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 in the extremely unlikely event that 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;
- On-Call Savings Account (S1)
- Business Account (S2)
- Deeming Account (S3)
- Christmas Club Account (S4)
- Community Account (S6)
- Reward Account (S8)
- Mortgage Offset Account (S7)
- iSave Account (S5)
- Bonus Saver Account (S10)
- Cash Management Account (S15)
- Fixed Term Deposit
- Monthly Income Term Deposit
To find out more about the Financial Claims Scheme, visit www.fcs.gov.au