Call: 07 5499 8988
email: info(at)mcusb(dot)com(dot)au
Government Guarantee
On the 10th September the revised deposit Government Guarantee was announced as follows:
1) Financial Claim Scheme amended to reduce the cap from $1M to $250K from 1 Feb 2012;
2) Existing deposits as of 10 Sept grandfathered to the earlier of maturity or 31 Dec 2012;
3) Deposits made after 10 Sept and before 1 Feb will benefit from the $1M guarantee until earlier of maturity or 1 Feb 2012, then the $250K applies;
4) Existing deposits as of 10 Sept with a maturity between 1 Feb and 31 Dec will benefit from the $1M guarantee until maturity, with the $250K applying thereafter (including from roll-over date, if they are rolled over in that time).
MCU, like all the Australian major banks, is an Authorised Deposit-taking Institution (ADI) under the Commonwealth Banking Act and is subject to close supervision by the Australian Prudential Regulatory Authority (APRA). This means MCU must meet the same strict prudential standards on capital, liquidity and risk management that apply to all banks.
About MCU
