What is the Financial Claims Scheme?
In the unlikely event that a bank, building society or credit union becomes insolvent, the Australian Government may activate the Financial Claims Scheme, which enables quick access to deposits that are protected under the Scheme. The Scheme is also referred to as the Australian Government guarantee on deposits.
Under the Scheme, certain deposits are protected up to a limit of $250,000 for each customer at any bank, building society or credit union that is authorised by the Australian Prudential Regulation Authority (APRA).
The Australian Parliament passed laws in 2008 to establish the Financial Claims Scheme and, if activated by the Australian Government, the Scheme would be administered by APRA. APRA would aim to pay the majority of customers their protected deposits under the Scheme in seven calendar days.
The Scheme can only be activated by the Australian Government and it would only be done so when a bank, building society or credit union is insolvent and a decision had been made to wind it up.
Are my BOQ bank accounts covered by the Financial Claims Scheme?
The Scheme applies to a wide range of deposits accounts held with banks, building societies and credit unions incorporated in Australia, including the following:
- savings accounts;
- call accounts;
- term deposits;
- current accounts;
- cheque accounts;
- debit card accounts;
- transactions accounts;
- personal basic accounts;
- cash management accounts;
- farm management deposit accounts;
- pensioner deeming accounts;
- mortgage offset accounts, either 100 per cent or partial offset, that are separate deposit accounts;
- trustee accounts; and
- retirement savings accounts.
BOQ can provide you with information about whether your specific account is covered by the scheme. You can confirm if your deposits are protected by visiting: www.apra.gov.au/deposit-checker-are-your-deposits-protected
How are joint accounts treated under the Financial Claims Scheme?
For joint accounts, where individual account holders can be identified, deposits are shared equally between the various account holders. As such, each account holder's equal share of any joint account will need to be added to any other eligible deposits they may hold under their name at the same banking institution. The FCS limit of $250,000 is then applied to the total amount of deposits for each account holder at each banking institution.
BOQ has just become a declared ADI under the Financial Claims Scheme. What should I do?
Please arrange alternative banking facilities as soon as possible. If you hold a protected account, to receive your FCS payment in the shortest possible time, please login to the BOQ website or mobile banking app and provide details of your alternative account. Alternatively, please make sure your address details are up to date so that your deposits can be sent to you by cheque.
Can I access my accounts through the BOQ App?
You will no longer be able to access your accounts or statements electronically, you will only be able to provide your alternative bank details. You will need to be logged in to provide these.
How do I get access to the BOQ App?
Contact the customer contact centre to arrange access to the BOQ App.
To what date will the call centre be open? What are the operating hours?
BOQ will continue to operate its call centre until an external administrator advises otherwise. The call centre will be open 24 hours a day 7 days a week.
Who do I call after the call centre has closed?
What direct debits/credits do I have on my account? What should I do about them?
Direct debits/credits will no longer be processed on your account and you will need to make alternative arrangements for all automated transactions. You can refer to past statements or bills from companies to see what direct debits/credits may have existed on your account.
How do I change the account number I gave to the ADI for payment?
Use the BOQ App and provide the account details again to override the details provided previously. You should ensure your account details are up-to-date by no later than close of business on the third day following declaration.
I have changed my address. Can you send the payment cheque to my new address?
Cheques are posted to your address held on file by the Bank of Queensland on the third day following the declaration. You may wish to ensure that you have set up a forwarding address with Australia Post. If the FCS payment has been sent and it is clear that you will not be able to receive it, then the payment will need to be stopped and reissued to a correct address.
Can you send my cheque to a different address or to a different person than the one named on the account?
No. The FCS cheque will only be made out to the named account holder held on file at Bank of Queensland.
All my statements are accessed via internet banking, but I can't get into normal internet banking to check my statements. How do I get a copy of all my account statements?
If requested, bank statements will be sent to the postal address on file.
I have outstanding cheques drawn on BOQ. Will they be honoured when presented?
No, if the cheque has not been presented and/or has not cleared, then it will not be accepted by another bank, building society or credit union. However, bank cheques remain a claim on the banking institution that issued the cheque, and a claim can be made in any subsequent liquidation process.