Volt Bank Limited, Australia, has closed its deposit-taking business and intends to return its banking licence. Customers were alerted to withdraw their funds from their Volt bank accounts before July 5. The digital bank Volt has commenced the process of returning all deposits to its account holders, as per a statement displayed on its website.
The interest rate on all accounts has been set to zero. Volt will close accounts once all money has been transferred out. Volt will not close accounts while there are funds in customers’ Volt accounts. Once the funds are transferred out, Volt will issue customers, via email, a final closed account statement which will provide customers with a record of interest paid this financial year, for your tax records.
Volt Bank said it is doing everything possible to return the deposits in an orderly and timely manner. The Australian Prudential Regulation Authority (APRA) is closely monitoring this process. In addition to this, deposits are protected under the Australian Government Financial Claims Scheme which guarantees deposits up to $250,000 per account holder.
