Government Guarantee

As an Authorised Deposit Institution (ADI), funds held with MoveBank are protected by the Financial Claims Scheme.

• What is the Financial Claims Scheme?

  Under the Australian Government's Financial Claims Scheme, your deposits may be guaranteed to an extent. The Financial Claims Scheme is managed by the Australian Government to protect certain types of bank account balances. For additional information about the Financial Claims Scheme, you can visit https://www.fcs.gov.au.

• Where can I get further information on the FCS?

  Information on the FCS is available on the FCS website – www.fcs.gov.au

• How is the Financial Claims Scheme activated?

  The FCS can only be activated by the Australian Government, and this will only be done in the unlikely event that a bank, building society or credit union has failed and can no longer meet its financial obligations.

  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?

  Under the FCS, deposits are protected up to $250,000 for each account holder at each licensed bank, building society or credit union incorporated in Australia. 

  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.

• What types of accounts are covered under the FCS?

  The FCS covers a wide range of deposit accounts held with banks, building societies or credit unions incorporated in Australia, but only applies to deposit accounts with funds in Australian dollars.

  The following MoveBank accounts would be covered under the scheme:

  • Savings accounts
  • Transaction accounts
  • Term deposits
  • Mortgage offset accounts 
• How are joint accounts treated under the FCS?

  For joint accounts, where individual account holders can be identified, deposits are shared equally, between the various account holders. As such, each account holder’s equal share of any joint account will need to be added to any other eligible deposits they may hold under their name at the same banking institution. The FCS limit of $250,000 is then applied to the total amount of the deposit for each account holder at each banking institution.