Bank with peace of mind
Australia is fortunate to have one of the safest, most stable and highly regulated banking sectors in the world. Australian banks are among the best funded and most liquid and are prudently managed using international best practice.
The stability of the banking sector and its ability to withstand a variety of economic stresses is constantly monitored by a range of bodies, including the Reserve Bank of Australia and the Australian Prudential Regulation Authority.
The Federal Government’s Deposit Guarantee
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).
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 APRA. In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.
The FCS limit of $250,000 applies to the sum of an account holder’s deposits under the one banking license. 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. For BOQ this includes accounts held with BOQ, BOQ Specialist, Virgin Money (Australia), and ME Bank.
Further information on the FCS and the types of accounts covered can be found here: www.fcs.gov.au
What if I bank with an Owner Managed Branch?
Owner Managers are agents of BOQ and authorised to conduct business, including accepting deposits and writing loans, on the Bank’s behalf. However, all deposits and loans approved by an Owner Managed Branch are actually with BOQ.
So if you deposit your money at an Owner Managed Branch, it is as safe as it would be with a corporately-owned branch, a service or transaction centre, Private Bank or a Business Banking Centre.
