Police Credit Union Savings Safe & Guaranteed

All Banks, Credit Unions and Building Societies operating in Australia must be registered under the Banking Act and regulated and supervised by the “Australian Prudential Regulation Authority (APRA). Under the APRA standards, these institutions are known as “Authorised Deposit Taking Institutions” (ADIs). Naturally, this includes Police Credit Union.

In October 2008, the Federal Government announced that it would guarantee all deposits in “Authorised Deposit Taking Institutions”. This being deposits in Banks, Credit Unions and Building Societies. There is a cap if $1M on the amount and the arrangements are for the next three years.

“This action by the Federal Government means that all deposits with the Police Credit Union are safe and that Members can be assured in knowing that their funds with the Police Credit Union have added protection”, stated PCU’s Chief Executive Officer Bruce Williams.

Members requiring any further details should contact the Credit Union’s Assistance Centre on 131 728.