I don't know whether the legislation guaranteeing the first $20,000 for each deposit has passed but, recent reports, state that it has been extended to credit unions as well.
From what I understand a depositor would be paid out the first $20,000 within a fortnight but the balance would have to wait until the mess was tidied up. Sale of assets, responsibility taken on by another bank or whatever. Anyway those depositors would stand in line as unsecured creditors - you can guess what happens to those by previous examples of companies going under.
If your are concerned about the actual facts of this matter it might be a good idea to put the question to your local MP.
Before taking any action it would be prudent to do some research.
I happen to believe it and have taken, what is hoped to be, appropriate action.
