The Financial Claims Scheme (FCS) protects depositors through the provision of a guarantee on deposits (up to the cap) held in authorised deposit-taking institutions (ADIs) incorporated in Australia and allows quick access to their deposits if an ADI becomes insolvent.
For more detailed and up-to-date information about the Financial Claims Scheme, you can visit the official website of the Australian Prudential Regulation Authority (APRA).
Yes! As an Authorised Deposit-taking Institution regulated by the Australian Prudential Regulation Authority (APRA), LCU is covered by the FCS.
Yes, business deposits are covered by the FCS. The protection extends to eligible deposits held by incorporated and unincorporated businesses.
The FCS only covers Australian dollar deposits. Foreign currency deposits are not covered, even if held with an authorized deposit-taking institution in Australia.
No, there is no fee or application process for depositors to access the FCS protection. It is an automatic guarantee provided by the Australian government for eligible deposits.
The FCS aims to pay compensation to account holders as quickly as possible. The timing can vary depending on the circumstances of the bank failure, but efforts are made to ensure prompt reimbursement.
The FCS covers a wide range of deposit accounts, including savings accounts, transaction accounts, term deposits, and other deposit products offered by authorized deposit-taking institutions.
The FCS protects deposits up to $250,000 per account holder per financial institution. This means if you have multiple accounts with the same institution, the total amount protected is $250,000 across all those accounts.
The Financial Claims Scheme (FCS) is an Australian government initiative that provides protection to depositors in the event of a financial institution failure. It guarantees deposits up to $250,000 per account holder per financial institution, helping maintain confidence in the banking system.