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Bank Guarantee of $20,000 insufficient superannuation lump sum payouts.

Discussion in 'General Investing Discussion' started by marion, 12th Oct, 2008.

  1. marion

    marion Member

    Joined:
    3rd Aug, 2008
    Posts:
    13
    Location:
    NT
    Anyone receiving a super lump sum payout shortly will have no idea where to put their money. Is there any insurance available in this country that covers lump sums in bank or will the insurance company go down with the rest.


    Maz
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Location:
    Sydney, Australia
    The government just announced today that they will be guaranteeing all bank deposits for the next 3 years.
     
  3. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
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    Location:
    Sydney, NSW
    Marion

    No bank is going down in Australia.
    I suggest you take your money to 1 of the banks.
    As Sim said, all deposits are now guaranteed by the government.

    Cheers
     
  4. marion

    marion Member

    Joined:
    3rd Aug, 2008
    Posts:
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    Location:
    NT
    Bank Deposit Guarantee

    Thanks Bill and Sim,

    The definition of 'Bank' will need to made clear. Hopefully they will legislate this guarantee asap.

    Maz
     
  5. Billv

    Billv Getting there

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    Sydney, NSW
    From what I understand all deposit taking institutions including credit unions and online banks are covered.
     
  6. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Marion,

    This may seem like a strange question so bear with me...
    Why do you want to take money out of your superannuation fund?

    Cheers,

    Dan