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Financial Claims Scheme

Financial Claims Scheme

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What is the Financial Claims Scheme?

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 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.

How is the FCS limit applied?

More Information

The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking licence. 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 licensed banking institution may operate under a different trading name.

Unity Bank Limited, an ADI, operates the following brands:

  • Unity Bank
  • Reliance Bank
  • Bankstown City Unity Bank

For the purposes of FCS, Unity Bank Limited would aggregate accounts under these brands to determine the FCS entitlement when generating the Single Customer View (SCV).

Where can I get further information on the FCS?

Information on the FCS is available on the FCS website