The Money by Afterpay Daily Account and Money by Afterpay Savings Accounts are issued by Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714.
Deposits in these accounts may be protected under the Australian Government’s Financial Claims Scheme (FCS). The FCS provides protection to deposit holders with Australian incorporated banks, building societies and credit unions (known as Authorised Deposit-taking Institutions, or ADIs) in the unlikely event that one of these institutions fail. Under the FCS, certain deposits are protected up to a limit of $250,000 per account holder per ADI.
Deposits you hold in other Westpac-issued accounts will count towards the limit. The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA). In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the FCS within seven calendar days.