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I currently have a large amount of cash in the one bank (BOQ) and wonder how seriously I should take the maximum bank guarantee of $250,000.
Should I ensure no more than $250,000 is in any one bank and open new accounts at several banks. When I’ve asked the question to the bank they have said if our banks fail you will have more important things to worry about.
A: Thanks for the question.
I probably wouldn’t take the money out.
I don’t agree with the comment you got from the staff member, because BOQ is not big enough to be in the “too big to fail” category. However, there hasn’t been an actual bank failure in Australia since the great depression. When banks have got into trouble (there have been several cases, the last BankWest in the GFC, think the State Bank of Victoria, State Bank of NSW etc), the Government /Reserve Bank (now most likely APRA) has leaned hard on another Bank to take out the failing bank. I would expect this to happen again. No guarantees, however.
Regards
