Thursday 30 June 2022 06:42 AM Australian bank Volt collapses with 140 workers losing their jobs trends now
Australian bank collapses with thousands of customers told to withdraw funds IMMEDIATELY before it closes all accounts on Tuesday
Volt Bank announced it was closing its deposit taking business on Wednesday The 140 staff will be left without a job once business shuts next Tuesday Customers of the neobank have been urged to transfer their funds by July 5 Neobanks operate exclusively online without in-person branches By Eliza Mcphee For Daily Mail Australia
Published: 06:30 BST, 30 June 2022 | Updated: 06:31 BST, 30 June 2022
An Australian digital bank has collapsed, leaving 140 employees without a job and 6,000 customers racing to withdraw their money before next week.
Volt Bank announced on Wednesday it was closing its deposit taking business and will return its banking licence after it couldn't raise enough funds to stay afloat.
'Volt has made the difficult decision to close its deposit taking business and has commenced the process of returning all deposits to its account holders,' the neobank's website said.
'Customers need to transfer the balances held in all Volt accounts to a nominated bank account with another financial institution before the 5th of July 2022.'
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