Bank First has served the community for 48 years, and are protected by the same safeguards in place for all banks, building societies and credit unions to give you peace of mind.
Deposits with Bank First are protected by the Australian Government’s Financial Claims Scheme (FCS), which guarantees up to a cap of $250,000 per account holder deposits.
What is the Financial Claims Scheme?
The FCS is an Australian Government scheme that protects deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails.
The FCS can only come into effect if it is activated by the Australian Government. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA).
More information on the FCS is available on the APRA website.
What does this mean for Bank First customers?
Under the FCS, the government guarantees your deposits with Bank First up to a cap of $250,000 per account holder. Accounts covered by this scheme include:
- Savings accounts
- Term deposits
- Transaction accounts
- Home Loan offset accounts.
A full list of the type of accounts covered is available on the APRA website.
If the FCS is activated by the Australian Government, APRA will endeavour to pay most account holders, or enable them to access, their FCS payments within seven calendar days.