In the unlikely event an Australian Banking institution such as Defence Bank becomes insolvent and is placed into liquidation, account holders, subject to a limit for each depositor, may be entitled to payment under the Financial Claims Scheme (the scheme). Under the scheme, new deposits made after 10 September 2011 are covered up to one million dollars of account holder’s total deposits until 1 February 2012 and then up to two hundred and fifty thousand dollars from 1 February 2012. Existing deposits in place as at 10 September 2011 have a continuing one million dollar guarantee until maturity or 31 December 2012, whichever is earlier.
Information about the scheme can be obtained from the APRA website and the APRA hotline on 1300 55 88 49.
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