Is my money safe and covered by a Government Guarantee? - ubank (2024)

FAQs

Is my money safe with ubank? ›

You can be confident in the strength and safety of ubank. The Australian Government guarantees deposits up to $250,000 per person per Authorised Deposit-taking Institution (ADI) including ubank.

Our deposits are guaranteed up to $250,000 per customer under the NAB banking licence by the Australian Government's Financial Claims Scheme. Read our General Terms and Fees and Limits.

Your savings with ME are protected by a deposit guarantee from the Australian Government. This is further supported by ME's strong financial position, corporate governance frameworks and our Bank of Queensland Group (BOQ) backing.

Safety and security

We operate under NAB's banking licence which means your deposits are guaranteed up to a single total of $250K under the Australian Government's Financial Claims Scheme, whether you manage your money through ubank or NAB. Ubank is also 100% committed to protecting your security and privacy online.

In 2016, UBank launched a controversial advertising campaign using terminally ill people which garnered many complaints. The company defended the campaign as being "disruptive". In 2022, a customer reported the bank to the Australian Financial Complaints Authority that they had not been able to access their account.

ubank FAQs

We are part of the National Australia Bank. We're developed and backed by the financial strength and global capabilities of NAB – one of Australia's most established banks. That said, our ideas, our people, our philosophy and our brand are uniquely ubank.

ubank FAQs

You can withdraw cash using your Visa Debit card by: using any ATM worldwide that accepts Visa. selecting “Savings” or “Cheque” in store and asking for cash out (supported merchants only).

ubank FAQs

There is no minimum, but the maximum deposit amount is $5 million across all your Spend, Bills and Save accounts.

Start using your new accounts

To join us, you'll need to be over 16 years old and an Australian citizen or permanent resident.

For the most part, if you keep your money at an institution that's FDIC-insured, your money is safe — at least up to $250,000 in accounts at the failing institution. You're guaranteed that $250,000, and if the bank is acquired, even amounts over the limit may be smoothly transferred to the new bank.

Can the government take money from your bank account in a crisis? ›

The government can seize money from your checking account only in specific circ*mstances and with due process. The most common reason for the government to seize funds from your account is to collect unpaid taxes, such as federal taxes, state taxes, or child support payments.

The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.

Daily transfer limits apply per customer to selected transactions: You can pay someone up to $20K per day if you're using a BSB and account number or PayID. You can pay a bill via BPAY® up to $10K per day.

Ubank has continued to operate in the ordinary course of business, despite it being placed under curatorship on 16 May 2022. African Bank will not be acquiring the Ubank legal entity, and any residual assets and liabilities will remain with its legal entity.

ubank FAQs

86 400 has joined forces with UBank which launched in 2008 and from today we'll be known as ubank.

As long as the financial institution is insured by the FDIC or NCUA, the money you put into a deposit account at a bank or credit union is insured for up to $250,000 per depositor, per bank. If the bank collapses or fails, you can still get your money back within a few days of the bank's closure.

Yes, just about all online banks provide FDIC insurance of $250,000 per depositor, per FDIC-insured bank, per ownership category.