US Government May Freeze Bank Withdrawals & What To Do About It NOW

[Br.IanVonTurpie]

There is a difference between Credit Unions and Banks in Australia. The Credit Union isn't guaranteed. There was one I think it was "Pyramid"? In the early 90's and it folded and people were out of pocket.

The Commonwealth Bank is guaranteed by the Federal Govt.'s Federal Reserve Bank.

The Savings Bank of South Australia/Bank SA was guaranteed through the state but had to bail out everybody in the 80's when they built a retail precinct they couldn't afford.

As a result, the shonks in Govt decided to introduce poker machines and take a percentage in tax from pub owners. They got craftier with traffic infringements and parking stitch- ups and treated people with contempt to get those funds back!

[Rev.Cambeul]

The Commonwealth Bank is guaranteed by the Federal Govt.'s Federal Reserve Bank.

The Commonwealth Bank of Australia was sold off by the Fed and privatised in 1996. Today, Commbank is a globalised business. It was guaranteed by the Australian Federal Reserve Bank prior to privatisation - but not any more.

The Savings Bank of South Australia/Bank SA was guaranteed through the state but had to bail out everybody in the 80's when they built a retail precinct they couldn't afford.

Bank SA doesn't really exist at all any more. It's just a name brand to keep South Australians happy in a globalised corporation. Bank SA is technically under the auspices of St George Building Society/Bank (which only exists to keep New South Wales customers happy). Both are owned by Westpac Bank. Westpac was formerly the Bank of New South Wales, which was privatised in the 80's.

There is a difference between Credit Unions and Banks in Australia. The Credit Union isn't guaranteed. There was one I think it was "Pyramid"? In the early 90's and it folded and people were out of pocket.

Apart from ownership differences, Banks, Mutual/Community Banks, Credit Unions and Building Societies are the same for the end user/customer in Australia. They both have federal government guaranteed protection up to AU$250K per customer in case of failure.

https://mozo.com.au/bank-accounts/guides/banks-mutual-banks-and-credit-unions-what-s-the-difference

Which is safer?

As authorised deposit-taking institutions, banks, mutual banks and credit unions are all part of the government's financial claims scheme. This means that in short, they're all pretty much as safe as each other.

The only financial institutions that are not covered under the financial claims scheme are those that do not have an Australian ADI. These could include:

Branches of Australian banks, not located in Australia
Financial companies and institutions, not licenced by the APRA
Branches of non-Australian banks, located in Australia with an ADI licence from another country

https://mozo.com.au/savings-accounts/guides/a-guide-to-the-financial-claims-scheme

What is the Financial Claims Scheme?

The Financial Claims Scheme is an initiative that was introduced by the Australian Government in 2008 to protect deposit customers of authorised deposit-taking institutions (ADI) — banks, building societies and credit unions — as well as policyholders from general insurance providers, in case an institution fails.

The FCS has been set up to protect deposits in savings, bank accounts and term deposits up to $250,000 per customer per ADI. So if your bank was to fail, up to $250,000 of the money that you had in an account with them would be paid out.

While the scheme is always there if a financial institution needs it, it's not always active so to speak. Because the FCS is a government initiative, it can only be activated by parliament, and only once an institution fails - not anytime before.