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Financial Claims Scheme

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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, and to policies with general insurers in the unlikely event that one of these financial institutions fails.

Under the Financial Claims Scheme, deposits are protected up to a limit of $250,000 for each account holder at each bank, building society and credit union 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 APRA.

In an FCS scenario, APRA would aim to pay the majority of members their protected deposits under the Scheme within seven calendar days.

Macquarie Credit Union is an Approved Deposit Taking Institution (ADI) and is prudentially regulated by APRA, just the same as the banks. Credit Unions are prudent and responsible lenders. Credit Unions have the lowest levels of arrears in the Australian lending market.

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 licence.

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 business that the licenced banking institution may operate under a different trading name.

Where can I find out more information?

Information on the FCS is available on the FCS website –


Answers to frequently asked questions can be found at -

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