The Government Guarantee (also known as 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 fails. The Scheme includes a guarantee of $250,000 per person per institution.
Macquarie Credit Union is an Approved Deposit Taking Institution (ADI) as are the banks. We are prudentially regulated by the Australian Prudential Regulatory Authority (APRA). All ADI’s are subject to the depositors protection provisions of the Banking Act of 1959.
Macquarie Credit Union and other Credit Unions meet the same strict, legally enforceable standards as banks under the Banking Act regulated by the Australian Prudential Regulation Authority (APRA). Credit Unions are prudent and responsible lenders. Credit Unions have the lowest levels of arrears in the Australian lending market.
Useful links and tools
For futher information about the Scheme: