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Financial Claims Scheme

Your deposits are protected under the Australian Government's deposit guarantee

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Strict Australian regulation protects your deposits with Southern Cross Credit Union. We meet the same strict standards as all Australian banks, under the Banking Act with oversight by the Australian Prudential Regulation Authority (APRA).

Govt Deposit Logo BlueThe Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection to deposits in banks, building societies and credit unions, and to policies with general insurers 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 incorporated in Australia and authorised by 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 FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking license.

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 licenced banking institution may operate under a different trading name.

To find out more about the Financial Claims Scheme, visit

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