The Australian Prudential Regulation Authority (APRA) announced on Monday that Volt Bank has completed returning deposits to its customers.
The news follows the Aussie neo bank’s decision to shut down its services in late June and give up its deposit-taking institution (ADI) licence from APRA.
At that time, Volt held a total of AU$107 million client deposits and had 5730 customers. Now all of the deposits have been returned.
Most of Volt’s clients initiated transfers to other banks. Now the bank has voluntarily transferred the balances of the remaining 441 customers, a total value of AU$113,073, to the National Australia Bank (NAB).
The official announcement said:
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.
