Geelong Bank is an Approved Deposit Taking Institution (ADI) as are all banks. We are prudentially regulated by the Australian Prudential Regulatory Authority (APRA). All ADI’s are subject to the depositors protection provisions of the Banking Act of 1959.
As part of the new Financial Claims Scheme (FCS), all deposits up to $250,000 per member held with Credit Unions, Australian Banks, and Building Societies are guaranteed by the Australian Government.
Your Board and Management would like to communicate Geelong Bank's strong financial position and take this opportunity to assure our member-owners that Geelong Bank is a safe and secure financial institution worthy of your confidence. The foundation of our success has been our sound business practices and our commitment to protecting our member-owners’ assets.
Geelong Bank is a mutual and meets the same strict, legally enforceable standards as banks under the Banking Act regulated by the Australian Prudential Regulation Authority (APRA). Geelong Bank is a prudent and responsible lender. Mutuals have the lowest levels of arrears in the Australian lending market.
On the face of things, Mutuals and banks may look similar. We offer similar services and have similar products. But there is a distinct difference. Banks exist to make profits and pass the money along to their shareholders. Mutuals exist to serve their members through people helping people.
We are committed to continuing to provide superior service while maintaining your trust and confidence.