The Government Guarantee Scheme was put in place during the Global Financial Crisis (GFC) in 2008 to give the public confidence in the Australian Banking System. Nowadays, it is the known as the Financial Claims Scheme (FCS).
The FCS is a government-backed safety net for deposits of up to $250,000 per account holder per Authorised Deposit Institution. In short, all members are covered by the scheme for deposits up to $250,000 (per member) in the unlikely event that MOVE Bank were to fail.
More information about the FCS is available on the APRA website, www.apra.gov.au If you wish to verify that MOVE Bank is covered, we are listed under ‘Railways Credit Union Limited (trading as MOVE)’.
