It’s good to know that your money is safe with Qudos Bank
Tuesday, 30 April 2019
Qudos Bank is regulated by the Australian Prudential Regulation Authority (or “APRA”, as it’s commonly referred to). This means that Qudos Bank is also part of the Financial Claims Scheme (the “FCS”).
The 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.
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.
All Qudos Bank customers who hold a Transaction Account with us (including a Retirement Savings Account) may be entitled to payment under the FCS. Payments under the FCS are subject to a limit for each depositor.
Further information on the FCS is available on the FCS website.