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 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 ³Ô¹ÏÍøÕ¾ 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.
