On 7 February 2010, the Federal Government announced the withdrawal of its Guarantee Scheme for Large Deposits and Wholesale Funding (“Scheme”) on 31 March 2010. This is the Scheme which allowed Suncorp Bank to offer an Optional Guarantee for total deposits with Suncorp Bank in excess of $1 million.
What happens now with the Government Guarantee
As a result of the Government’s decision, Suncorp Bank stopped offering an optional guarantee arrangement for balances over $1 million from 19 February 2010. If you did not enter an optional guarantee arrangements with us by that time the Scheme is no longer of any relevance (unless you had a Statutory Trust Account).
All customers who have an Optional Guarantee with Suncorp Bank, or a Statutory Trust Account, will be contacted by 31 March 2010 explaining the effect of the Government’s withdrawal of the Scheme on their arrangements.
If you have any questions regarding Suncorp Bank’s Optional Guarantee arrangements under the Scheme please contact us on 13 11 75. We’ll be happy to help.