Guaranteed? So you can take it out any time you like if the bank closes? Well, not exactly:
"APRA aims to pay account-holders their money as quickly as possible. For basic, non-complex accounts, particularly transaction and at-call accounts, it is intended that account-holders will receive or be able to access their funds (up to the cap applicable at the time) within 7 days of the FCS being invoked. Other accounts may take longer."
That sounds OK. What's an FCS though?
"Financial Claims Scheme"
Oh. Good. So under what circumstances is the FCS invoked?
"The FCS would only be used in a situation where an ADI is insolvent and where the best course of action is to close the ADI and wind it up."
Oh. Bollocks. That is, Not Good. Deciding that the best course of action is to close the ADI and wind it up could take years. Particularly with APRA in charge.
