On 15 December 2020, Xinja Bank announced its plans to withdraw its Transaction and Savings account products and return its ADI licence.
The Australian Prudential Regulation Authority (APRA) said it would closely monitor Xinja’s return of deposits to ensure that funds are returned in an orderly and timely manner.
APRA also noted that Xinja’s depositors remain protected by the Financial Claims Scheme (FCS). The FCS is a government-backed safety net for deposits of up to $250,000 per account holder.
Xinja ROD process complete
On 16 January 2020, Xinja Bank announced it had successfully completed the Return of Deposits (ROD) process, following the transfer of the remaining tail of deposits to National Australia Bank (NAB).
Xinja notes that it has returned all but a small percentage of deposits to its customers. The transfer of tail to NAB completes the process.
Ex-Xinja customers will be provided with their new NAB account details by NAB and are free to access their deposits.
Xinja 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 National Australia Bank.
Lodging a complaint
If you wish to lodge a complaint about the Return of Deposits process, you should first direct your complaint in writing to Xinja.
Xinja can be contacted through their website or via telephone on 1800 946 527.
If you are not satisfied with the outcome, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA).