P&N Bank is an Approved Deposit Taking Institution (ADI) regulated to the same high standards of security as the major banks by such government agencies as APRA, ASIC, the Reserve Bank of Australia, AUSTRAC and the ACCC.
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. In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.
The guarantee applies to combined deposits of up to $250,000 in value per account-holder, per ADI. An account holder can be an individual or an entity, such as a body corporate, an unincorporated association, a trust or a super fund.
The guarantee applies to a wide range of ADI accounts, including savings accounts, at-call accounts, term deposits, cheque accounts, retirement savings accounts, farm management deposits and first home saver accounts.
The guarantee does not apply to deposits in branches of foreign banks or to interest-bearing investments in finance companies and other institutions that are not ADIs supervised by APRA.
The guarantee is administered by the Australian Prudential Regulation Authority. You can find out more information on key features of the deposit guarantee online.
More information on the Australian Government’s deposit guarantee seal can be found on their website.
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