First Option Credit Union is an Authorised Deposit Taking Institution (ADI) as are the banks. We are prudentially regulated by the Australian Prudential Regulatory Authority (APRA). All ADI’s including First Option are subject to the depositors protection provisions of the Banking Act of 1959.
As part of the Financial Claims Scheme (FCS), the guarantee for all deposits up to $1 million held with Credit Unions, Australian Banks and Building Societies applied until 31 January 2012, and has since been replaced with a permanent guarantee of $250,000 from 1 February 2012.
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First Option is a safe and secure financial institution worthy of your confidence. Our success is built upon sound business practices and our commitment to protecting member-owned assets.
First Option meets the same strict, legally enforceable standards as banks under the Banking Act regulated by APRA. Credit Unions are prudent and responsible lenders that have the lowest levels of arrears in the Australian lending market.
While Credit Unions and Banks may look similar and offer similar products, there is a distinct difference. Banks exist to make profits and pass them on to shareholders. Credit Unions exist to serve their Members and invest their profits back into the business.
First Option is committed to providing superior service, while maintaining your trust and confidence.
The Government Deposit Guarantee applies to our:
- Access Accounts
- Savings Accounts
- Investment Accounts