The Australian Prudential Regulation Authority (APRA) notes that Volt Bank (Volt) has completed the process of returning deposits to its customers.
The return of deposits began on 29 June when Volt announced its decision to cease being a bank and hand back its authorised deposit-taking institution (ADI) licence to APRA.
At the time of Volt’s announcement, 5730 customers held deposit accounts with Volt with a total value of $107 million. Following Volt’s announcement, most of the Volt deposits were transferred by customers to other banking institutions.
Volt has now completed the process by voluntarily transferring the remaining 441 accounts, with a total deposit value of $113,073, to the National Australia Bank (NAB).
APRA closely monitored the return of deposits process, and formally approved the transfer of deposits to NAB using its powers under the Financial Sector (Transfer and Restructure) Act 1999 and Banking Act 1959. Volt will hand back its ADI licence formally to APRA in the next few weeks.
Volt customers whose deposits have been transferred to NAB can elect to leave their funds there or transfer them to another bank of their choice. Customers seeking more information about their deposits, or the transfer of deposits process, should contact NAB on 1300 144 661 or, if dialling internationally, +61 2 9692 3150.