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Financial Claims Scheme (Federal Government Deposit Guarantee)

The Financial Claims Scheme (Federal Government Deposit Guarantee), managed by APRA, provides protection for your deposits. It means that the combined value of customer’s deposits/investments up to the value of $250,000 held by Firefighters Credit Co-operative are guaranteed by the Australian Government.

Funds held in savings and investment accounts, including Fixed term Deposits, qualify to be protected by this Government Guarantee. A joint account in two names with a value of $150,000 is split equally into two $75,000 entitlements for the purposes of determining a depositor's total value of deposits.

Australia has one of the strongest banking systems in the world. Firefighters Credit Co-operative is subject to the same regulatory standards and rules as the major banks that are set by the Australian Prudential Regulation Authority (APRA) to protect you.

Since 1976 ,Firefighters Credit Co-operative has continued to provide a safe and secure place for customers to hold their funds. Firefighters is a financially prudent and conservative Financial Institution, ensuring we provide a valuable service to customers in an economically sustainable manner.


1. 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.

2. How is the FCS limit applied?

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.

 3. Where can I get further information on the FCS?

Information on the FCS is available on the FCS website.

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