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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Hi, thanks for this information. Just the 4 major banks have over 1 trillion dollars on deposit, how would the government be able to pay this back when they themselves are a trillion dollars in debt already.
Also the government passed into law about 4 years ago that the banks if they defaulted are able to use depositors savings to “bail “ themselves out.
Have you checked the “fine” print details of how much each bank would be covered for.
You are 100% correct.
I have checked this out – in extreme circumstances the ‘fine print’ most certainly allows The Banks to claim a portion of the depositor’s funds – it’s known as “Bail-in.” When you deposit your cash to a Bank, you are doing so with the Bank giving you an agreed rate of interest, but you are also agreeing that the Bank use your funds as they see fit – which includes “bail-In” of your deposit funds when Banks are on the ropes – for balance, I must say this is rare indeed to happen – but as reported earlier: It is in the fine print.
How save is my money in my super fund? ( onepath )