With financial security a growing concern, over 5.4 million Australians trust customer-owned banks*.
Credit unions, mutuals banks and building societies prioritise member security, going beyond standard protections to ensure your hard-earned money remains safe.
The following three mechanisms illustrate how customer-owned banks provide peace of mind banking (courtesy of Customer Owned Banking Association):
- Government guarantee
At the core of keeping your money safe is the Australian Government's Financial Claims Scheme (FCS), which provides protection to deposit-holders with all Australian incorporated banks, building societies and credit unions (known as authorised deposit-taking institutions or ADIs) in the unlikely event that one of these financial institutions fails.
The FCS is a government-backed safety net for deposits of up to $250,000 per account holder per ADI.
- Strict regulatory oversight
Furthermore, customer-owned banks adhere to the same rigorous regulations as major banks. Government regulators, including APRA and ASIC, hold customer-owned banks to the same high standards as major banks.
The sector also adheres to the Customer-Owned Banking Association's Code of Practice, a commitment to principles designed to safeguard your financial well-being. The Code establishes higher standards than the law requires and reflects the customer-owned banking sector’s commitment to serving the interests of its customers.
- Industry-wide anti-scam initiatives
Customer-owned banks are dedicated to protecting their customers from scams and fraud.
Demonstrating a proactive approach to combating scams, COBA and the Australian Banking Association (ABA) launched the Scam-Safe Accord in November 2023. This initiative outlined a comprehensive strategy to disrupt, detect, and respond to scams.
A recent report from the National Anti-Scam Centre (NASC) shows scam losses declined in Australia for a second consecutive year, with a 25.9% decrease from 2023. Australia is the only country in the world where scam losses are declining.
Bank securely with Australian Mutual Bank
Our commitment to your security and privacy - We have employed a wide range of security measures to help protect your personal information and transactions. These measures extend from data encryption to firewalls to automatic timeouts. Therefore, when you do your banking online with us, you can be assured that your banking is safeguarded and protected. Read more about our security initiatives.
Did you know?
In 2018, as Endeavour Mutual Bank, we have been the first bank in Australia to adopt a verified and restricted .bank domain instead of the more commonly used .com.au domain.
This domain suffix requires a higher level of security compared to traditional .com.au domains. It was specifically established to protect you by mitigating exposure to cyber threats such as spoofing, phishing, and email attacks.
We encourage you to bookmark our official website at www.australianmutual.bank and always ensure you are on our secure site before entering any personal or financial information.
Remember, if it's not .bank, it's not us.
*Source: Customer Owned Banking Association (COBA)
