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Changes to the Government Guarantee Scheme

 

Changes to the Government Guarantee Scheme
In October 2008 the Federal Government introduced a temporary deposit guarantee capped at $1 million per person. From 1 February 2012 a new permanent deposit guarantee with a cap of $250,000 per account holder will apply.
Deposits with Encompass Credit Union continue to be covered by the Financial Claims Scheme, providing permanent protection to our members.
 
What is the Financial Claims Scheme?
The Financial Claims Scheme ensures that depositors with credit unions, banks, and building societies will be guaranteed repayment of their funds in the extremely unlikely event that any banking institution faces stress.
 
So what does that mean for you?
  • A new financial Claims Scheme with a permanent cap of $250,000 per account holder will apply from 1 February 2012.
  • Term Investments which existed on 10 September 2011 will be covered up to $1 million until 31 December 2012 or until the investment matures, whichever occurs earlier
  • Your Term Investments will continue to be covered by the Government Financial Claims Scheme under the above new changes.
Like all major banks in Australia, Encompass Credit Union Limited is regulated by the Australian Prudential Regulation Authority (APRA) and subject to the same prudential standards and provisions.
 
More information
 
For more information please call 13 13 61.
AEST 9am – 5pm weekdays or visit your local Encompass branch