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Financial Claims Scheme

What is it?

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.

How does it work?

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 Financial Claims Scheme 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. 

Under the Financial Claims Scheme, deposits are protected up to a limit of $250,000 for each account holder at each bank, building society and credit union that is incorporated in Australia and authorised by APRA.

The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking licence. All deposits held by an account holder with a single banking institution are counted towards the $250,000 FCS limit. This includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name. Community First Credit Union Limited also operates the brands Community First Bank and Easy Street Financial Services. For the purposes of FCS, all deposits held under the different brands are added together to determine the FCS entitlement for an account holder.

Which products are eligible?

Eligible account include Easy Savings, Bonus Saver, Easy Everyday accounts and mortgage offset accounts (either 100 per cent or partial offset) that are separate deposit accounts.

Where to find more information 

Information on the FCS is available on the FCS website at .

Alternatively, visit the FAQs for account holders or the banking FAQs.