Friday, 29 January 2016 14:45
Financial Claims SchemeDeposits up to $250,000 are guaranteed by the Government's Financial Claims Scheme |
Peace of MindHunter United operates in accordance with the Banking Act (1959), the Corporations Act (2001) and the Retirement Savings Accounts Act (1997), is an Authorised Deposit-taking Institution (ADI) and is supervised by the Australian Prudential Regulation Authority (APRA) and Australian Securities and Investment Commission (ASIC). We meet the Australian prudential standards set for banks, building societies and credit unions. Member deposits at Hunter United are protected by the Australian Federal Government under the Financial Claims Scheme (FCS). The FCS website has frequently asked questions that relate to the Financial Claims Scheme for banks, building societies and credit unions What is the Financial Claims Scheme?The Financial Claims Scheme (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). IMB is an Authorised Deposit-Taking Institution (ADI) regulated 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. 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 licence. 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. Hunter United is a division of IMB Ltd which trades as IMB Bank and Hunter United. This means that the aggregate total of each depositor's combined accounts held with IMB Bank or Hunter United are covered up to $250,000. Where can you get further information on the FCS?Information on the FCS is available on the FCS website – www.fcs.gov.au. |
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