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Financial Claims Scheme

The Financial Claims Scheme is an Australian Government scheme that provides protection and quick access to deposits protected under the scheme.

As an authorised deposit-taking institution, deposits with The Mutual Bank are protected by the Australian Government’s Financial Claims Scheme.

The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection to deposit-holders with Australian incorporated banks, building societies and credit unions (known as authorised deposit-taking institutions or ADIs), and general insurance policyholders and claimants, in the unlikely event that one of these financial institutions fails.

The FCS, which has also been referred to as the Australian Government deposit guarantee, is a government-backed safety net for deposits of up to $250,000 per account holder per ADI. It enables account holders’ quick access to deposits that are protected under the FCS.

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. Once activated by the Australian Government, the FCS is administered by the Australian Prudential Regulation Authority (APRA).

The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking licence. Some banking institutions operate multiple banking businesses with different trading names under the same banking license. Since the FCS applies to deposits per licensed banking institution, if you have the type of deposit accounts that FCS applies with a licenced bank, building society or credit union as well as deposits with any other banking businesses that institution operates under a different trading name, the FCS limit of $250,000 will apply to the total funds in all of these accounts under the one banking licence.

Visit the FCS website fcs.gov.au for more information about the Financial Claim Scheme, including:

  • Types and lists of authorised deposit-taking institutions covered
  • Types of accounts covered
  • Frequently asked questions

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