Australia has one of the strongest banking systems in the world. You can have confidence that all Australian banking institutions, credit unions, banks, and building societies must meet the strictest regulatory standards and protections designed to protect you.
Credit unions, building societies, and mutual banks meet the same standards as banks under the Banking Act with rigorous oversight by the Australian Prudential Regulation Authority (APRA). APRA’s rules on safety and capital apply to all banks, building societies, and credit unions to the same high standards.
APRA also administers the Financial Claims Scheme, an additional protection for deposits. The Financial Claims Scheme ensures that depositors with credit unions, banks, and building societies will be guaranteed repayment of their funds if any banking institution fails.
Our team are here to help. If there’s anything we can assist with, from everyday banking to understanding financial protections, please reach out to us.
