Financial Claims Scheme

04 November 2021

What is the financial claims scheme?

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.

Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA).

How does it work?

The Financial Claims Scheme 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 the Australian Prudential Regulation Authority (APRA). In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days. 

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 APRA.

All deposits held by an account holder with a single banking institution are counted towards the $250,000 FCS limit. This includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name. Community First Credit Union also operates the brand Easy Street Financial Services. For the purposes of FCS, Community First Credit Union Limited would aggregate accounts under these brands to determine the FCS entitlement when generating the Single Customer View (SCV).  

Where to find more information 

Information on the FCS is available on the FCS website at

Alternatively, visit the FAQs for account holders or the banking FAQs.

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

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