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

Discussion in 'Superannuation, SMSF & Personal Insurance' started by marion, 12th Oct, 2008.

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  1. marion

    marion New Member

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    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
     
    marion, 12th Oct, 2008
    #1
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    The government just announced today that they will be guaranteeing all bank deposits for the next 3 years.
     
    Simon Hampel, 12th Oct, 2008
    #2
  3. BillV

    BillV Well-Known Member

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    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
     
    BillV, 13th Oct, 2008
    #3
  4. marion

    marion New Member

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    Bank Deposit Guarantee

    Thanks Bill and Sim,

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

    Maz
     
    marion, 13th Oct, 2008
    #4
  5. BillV

    BillV Well-Known Member

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    From what I understand all deposit taking institutions including credit unions and online banks are covered.
     
    BillV, 13th Oct, 2008
    #5
  6. AsxBroker

    AsxBroker Well-Known Member

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    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
     
    AsxBroker, 13th Oct, 2008
    #6