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

 
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Old 12-10-2008, 06:12 PM   #1
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Thumbs down Bank Guarantee of $20,000 insufficient superannuation lump sum payouts.
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
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Old 12-10-2008, 08:15 PM   #2
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The government just announced today that they will be guaranteeing all bank deposits for the next 3 years.
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This is a general comment only and does not constitute advice. Before making financial decisions you should seek advice from a professional adviser, who can take into account your specific circumstances and investment goals.
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Old 12-10-2008, 11:23 PM   #3
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Originally Posted by marion View Post
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

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
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Old 13-10-2008, 10:31 AM   #4
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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
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Old 13-10-2008, 11:17 AM   #5
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Thanks Bill and Sim,

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

Maz
From what I understand all deposit taking institutions including credit unions and online banks are covered.
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Old 13-10-2008, 04:59 PM   #6
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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
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