Prompted from another thread: https://www.moneysmart.gov.au/managing-your-money/banking#guarantee http://www.apra.gov.au/CrossIndustry/FCS/Pages/fcs-adi-html.aspx Individuals are covered up to $250k per person per bank. But what about businesses? Are they covered? SMSF accounts? What if a person has personal, business, and SMSF with the same bank? Presumably the business and SMSF don't count toward a personal total, as they are separate legal entities?
Are you sure it hasn't been wound back to one hundred thousand dollars. Also bail in legislation in Australia started first January. Regards Errol 43
How can we go cashless if the government can't guaranty your entire digital currency? Is the bail in applies only to the amount over 250K? Is that means two bank account with 250K is safer than one with 500K? Why would anyone keep more than 250K in one bank? What is the ponit to have a bank for storing our digital money with risk, and no interest if the government can do the same and should guaranty the lot? Just put on my Medicare card. Will bank be obsolete soon?
I know several soon-to-be retiree's that have moved into cash, as you would of course when you approach retirement age. It's also easy for many small to medium businesses to have that much operating cash. And any number of reasons, like the current market turmoil where moving to cash is very common. I doubt there are few people in the country who would bother to split up their cash, even if they did know about this (majority probably don't know)
