Hiver 101

Each and every member is known as a 'Hiver'.

It takes the teamwork of an entire community of bees to ensure that a hive thrives. And it takes the teamwork and the can-do-spirit of Australia’s essential workers to ensure that our communities continue to thrive too.

Affectionally known as 'Hivers' our members belong to a community of like-minded individuals. And while our members work together to keep society running, our 'Hivers' are essential to making sure our Hive continues to help not just our members, but our communities as well.

We sure are! In fact we're the first digital bank for Australia's essential workers. We’re a bank built for your smartphone so you can bank when and wherever you like!

Hiver is a division of Teachers Mutual Bank Ltd with a full banking licence (ABN 30 087 650 459 AFSL/Australian Credit Licence 238981) which means all our deposits are guaranteed up to $250,000 per member per institution through the Australian Government’s Financial Claims Scheme. You can find out more about the FCS here.

Hiver is a mutual bank, and that means we're owned by our members.

Did you know over 4.5 million Australians are members of mutual banks, credit unions and building societies¹. We have worked closely with Customer Owned Banking Association (COBA), to develop the Customer Owned Banking Code of Practice. You can read more about the Code of Practice here.

Definitely! Because we're a division of Teachers Mutual Bank Limited who have been awarded one of the most ethical companies in the world 8 years in a row, you can rest assured knowing your money is always invested ethically. To find out more, have a read of this.

We take our social responsibility very seriously! We apply strict social responsibility criteria when it comes to investing and lending our members’ money. This provides our members with the peace of mind that their investment or loan is not being used to fund harmful industries.

We don't lend to or invest in sectors that harm our society or our world, including alcohol, armaments, correctional facilities, cryptocurrency, deforestation or gross environmental degradation, fossil fuels, gambling, military activities, political activities, pornography, slavery, tobacco, or uranium.

Your community, family and future matter most, that’s why we invest part of our profits back into creating better products and services for every single Hiver, and into the essential worker community.

Find out more about how Hiver is giving back to the essential worker community. 

Getting started

To become a Hiver, you must:

  • Be an Australian citizen
  • Be employed in Education, Emergency Services or Health Sectors, OR be studying at or have graduated from an Australian University, OR be an immediate family of a Hiver member.
  • Be 18 years or over
  • Have a current Australian Drivers Licence or Passport
  • Not currently have an account with Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank or UniBank

More details can be found on our Who can join page.

It's easy! To get a Hiver account on your mobile in minutes, simply download the Hiver app from the App Store for iOS or Google Play for Android and follow the instructions. You'll need to meet the membership eligibility criteria and accept our terms and conditions before you can join the Hive.

Because we're a digital bank, it is a requirement for anyone wishing to join Hiver to be electronically verified. If you're not comfortable doing this you can send us an email at [email protected].

Don’t panic! We’ve pulled together some handy tips and tricks to help you verify your identity.

  • Use your legal name  
    One of the most common problems is when people use their nicknames e.g. 'Mike' for 'Michael.  In order for us to successfully verify you, the name you use during the onboarding process must match the name printed on your government identification.
  • Take a photo of your current driver's licence or passport during the application process – that way your name will be automatically entered exactly as shown on your ID.
  • Check your ID hasn't expired  
    The ID you are using must be current. We will not be able to successfully verify you if you're using an expired ID.
  • Check your residential address is correct
  • If your residential address includes a unit or lot number, double check it’s included.
  • If you have moved recently, make sure your address is updated on your ID and official government records, such as the Electoral Roll. And remember, you’ll need to provide your residential address as we cannot accept PO boxes.

Still unable to be verified? Send an email to [email protected] and we'll be able to help.

Not at all. You’ll just need to be an Australian citizen and provide your overseas Taxpayer Identification Number (TIN) during sign up. You must provide your TIN to be able to proceed with the application.

Sorry, you must be 18 years or older to open a Hiver account.

Did you know we are part of Teachers Mutual Bank Limited? We have four other divisions: Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank. Eligibility is different. Check out what works for you!

Sorry, you must be an Australian citizen to open a Hiver account.

Did you know we are part of Teachers Mutual Bank Limited? We have four other divisions: Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank. Eligibility is different. Check out what works for you!

When you join Hiver we will automatically open an Everyday account and a Saver account for you. You have the option to open up to 3 Saver accounts to help you with 'bucketing'.

During the early days of Hiver, you will need to wait for your physical card to arrive before you can start transacting with your card. Don't worry, it only takes up to 7 days.

You will still be able to make OSKO payments, make EFT & BPAY transfers as well as setting up direct debits from day 1.

Hiver's BSB is 812-812.

Your member number (the number you received in your welcome email) also acts as your account number. When you want to deposit money into your Hiver Everyday account from another financial institution, enter the BSB and in the 'account number' field, enter your Hiver member number.

You can find your member number on the welcome email you received when you first joined Hiver. Your member number is also the number you use to login to Internet Banking.

If you're having trouble finding your member number, send us a message in the Hiver app and we'll be able to provide it to you.

About Hiver accounts

Your Hiver Visa debit card will be on its way within 48 hours and depending on postal services, should arrive within 7 business days. Your card will be sent to the address you have listed in 'My Details' in the Hiver App. 

At Hiver, sustainable practices are built in, not bolted on. Each and every Hiver will receive an 82% recycled Visa debit card. Visa debit cards give you the convenience and security to make purchases, pay bills, or get cash from over 2 million ATMs worldwide.

Open the Hiver app, tap on the card icon at the bottom of the screen, tap 'Activate Card' and enter the expiry date. You will then see a message 'Your card has been successfully activated'. All you then need to do is tap 'change my PIN' and set your 4 digit PIN number. It's that easy!

Open the Hiver app, tap on the card icon at the bottom of the screen and tap 'change my PIN'. Then simply follow the prompts to set your new 4 digit PIN number.

We don’t charge any monthly fees and using your Hiver account is mostly fee free, but there are a few fees we need to pass on – see our Fees and charges

There are no minimum or maximum balances on your Hiver accounts. It's important to note that the Government Guarantee of $250,000 applies at a customer level (per member per financial institution), not an account level. You can read all about the financial claims scheme here.

You can take money out of any ATM in Australia and overseas with your Hiver Visa debit card with no additional fees.

Although Hiver does not charge ATM fees, we do not control the fees charged by any other financial institution or independent ATM operator. You should see an ATM screen message telling you how much the transaction fee will be. You will have the option to cancel the transaction before you are charged the fee. 

Nope. We don't have any ATM fees on the use of Australian or International ATMs. How good's that!
Although Hiver doesn't charge ATM fees, we don't control the fees charged by any other financial institution or independent ATM operator. You should see an ATM screen message telling you how much the transaction fee will be. You will have the option to cancel the transaction before you are charged the fee.

You sure can.

Use your Visa debit card in store or on your smart phone (Digital wallet) if you have it set up, to pay for goods and services by tapping or swiping and entering your PIN.

EFTPOS & Visa Debit transactions are limited to the amount of money in your account at the time of your transaction.

There is currently a $1,000 daily cash limit for ATM withdrawals.
If you need to increase your card limit (maximum of $2,000 per card per day), you can send us an in-app message and we'll be happy to help.

Our Everyday account is only for a single account owner, so at the moment we can only offer a single card on each account. A single card reduces the risk of unauthorised transactions, helping to keep your money safe.

You can put a temporary lock on your card from your Hiver app. Tap on the card icon at the bottom of the screen, you will see  'Lock card' in the middle of the screen. Swipe right to lock it and swipe left to unlock it. It's really that easy!

In the extremely rare case that the app is undergoing maintenance, you can call 1800 044 837.

Simple! Open your Hiver app, click on the 'cards' at the bottom of the screen, click on 'Need help with your card?' then select one of the options and follow the prompts.

In the extremely rare case that the app is undergoing maintenance, you can call 1800 044 837.

You can order a replacement card at the same time you report a lost, stolen or damaged card.

In the Hiver app, tap 'cards' at the bottom of the screen, tap on 'Need help with your card?' then select one of the options and follow the prompts. You should first make sure that your postal address is correct in the 'My details' section of the Hiver app.

Yes, there is a cost of $10 per replacement card. This will be automatically debited from your Everyday account.

To be eligible for the bonus rate, you must make at least one (1) deposit each month into your Saver account and make no more than one withdrawal per month.

Interest is calculated daily and paid monthly based on the balance of your Saver accounts. 

Yes, 6 monthly statements will be available. You can view your 6 monthly statements by clicking on 'statements' in the 'accounts' section of the Hiver app. Then simply follow the prompts. You can also view your Transaction History and filter by setting a date range.

Anytime you want to create a custom report of your transaction history, simply follow these four steps:
1. Log into Internet Banking
2. Go to the 'Account Activity' menu
3. Select 'Transactions History'
4. Choose your date range and what accounts you'd like to see, then select 'Display'

If you don't provide us with your tax file number (TFN), we will need to withhold tax from your interest at the highest marginal tax rate. You can claim a credit for the amount of tax withheld when you lodge your tax return. Remember you can always provide your TFN by sending us a message in the Hiver app.

You can send us a quick message in the Hiver app asking to close the account. Remember to include the exact name of the account so that we close the correct one.

We'll be sad to see you go but if you wish to close your all of your Hiver accounts, you can send us a message through the Hiver app letting us know you'd like to close your membership and all of your accounts.

You will need to provide us with a BSB number and account number so that we can refund your $10 membership share.

Before we can close your membership, here are some things you should consider –
  • Transfer all of your funds to another bank account.
  • Stop using your card as it may delay closing your account.
  • If the account is overdrawn or you still have money owing on any loans, you will need to deposit funds to cover the outstanding overdrawn amount and, where applicable, repay all your credit loans. This must be done before we can close your account.
  • We're unable to cancel your recurring Visa debit card payments or payments for insurance policies. You will need to notify the organisations directly to cancel those direct debits.
  • If you have any direct credits or direct debits linked to your account(s), you need to promptly notify the organisation so that they can stop the payments. Any direct debits received after your account has been closed will be dishonoured.
  • If you require copies of statements please ensure you download them prior to termination taking effect.

It's easy! First thing you need to do is make sure you update your drivers licence and/or passport with your new name.

Then simply send us an in-app message letting us know your new name and your driver licence or passport details. 

For driver licence, we will need:
  • Full name as it is shown on your licence
  • Address (only if it has changed)
  • Driver licence number and expiry date
  • Issuing state e.g. NSW, QLD, VIC
For passports, we will need:
  • Full name as it is shown on your passport
  • Passport number
  • Issue and expiry dates

 

We'll then electronically verify your new details and update your account details if it's successfully verified.

We'll also organise a new card for you with your new name on it. You can keep using your existing card until your new one arrives.

Among all the important things to take care of, sorting through bank matters is another thing that should be added to the list. If you find yourself in this situation there are a number of ways we may be able to assist you, please get in touch with us by emailing [email protected].

Not right now. Our Hiver account is only for a single account owner which reduces the risk of unauthorised transactions, helping to keep your money safe. Be sure to keep an eye on our roadmap for any upcoming changes.

We don’t offer joint accounts at the moment but definitely something we're looking into. Be sure to keep an eye on our roadmap for exciting things we've got planned!

When you open a Hiver account, you become a shareholder/owner of the bank. Your $10 share means you’re not just a member, you’re also a shareholder who benefits from our profits when they're reinvested into more competitive rates, lower fees and award winning products and services. Hopefully it won't happen, but if you decide to close your Hiver account, the $10 will be refunded to you.

To say thank you for becoming a Hiver and to get you started banking with us, we are providing all new members with this $10 credit. Welcome to the Hive!

We appreciate that every single member of Hiver works hard for their communities, their families and their colleagues so we just wanted to give a little something back when you purchase your essential items as a thank you for all that you do!

Hiver members will earn 1% cash back for every dollar spent (less refunds and excluding cash advances, cash-like transactions, interest charges, fees, credit or debit adjustments) on the following categories: Grocery purchases (classified by Visa's 'Merchant Category Code' as 'grocery stores and supermarkets' MCC 5411) and Public transport (classified by Visa's 'Merchant Category Code' as 'commuter transport and ferries' - MCC 4111; 'passenger railways' - MCC 4112; 'bus lines' - MCC 4131) up to a maximum of $50 per calendar year. Cashback will be deposited into the members Everyday account in the first five days of a new month. This offer may be withdrawn or changed without notice.

Deposits, payments and transfers

Your Hiver Everyday account has a BSB and Account Number like any other bank account in Australia. You can use these details to transfer money from your current financial institution.

You can also setup your phone number or email address as a 'PayID' and send money to your Hiver account almost instantly using 'Osko'. 

It's simple! In the Hiver app follow these steps:

  1. Press on the '$ Pay' icon on the bottom of the screen
  2. Tap 'Manage PayIDs'
  3. Tap 'Set up' then select PayID from the 'Choose contact option' list
  4. Press save

Once you’ve set up your PayID, instead of sharing your BSB and account number with your friends, simply let them know your PayID and you’ll receive the money instantly into your chosen account.

Remember if you've already set up a PayID using your phone number or email with another financial institution you'll need to remove those so you can use your details with Hiver.

As we’ve got a new BSB, it’s possible that the organisation you are dealing with hasn’t updated their systems yet (yes, this happens). Please contact and discuss this with them.

Yes! Your Hiver Visa card makes a great travel companion, and is accepted wherever Visa is accepted worldwide.

Lucky you! If you're travelling overseas, it's always safest to tell us your travel plans so we can keep an eye on any irregular transactions. Let us know your plans by navigating to 'Settings & security' in the Hiver app and tapping on 'Overseas travel'.
After following the prompts to Internet Banking, go to the 'self service' menu and select 'Travel overseas' then fill in the requested details.

Simply open your Hiver app, select 'pay' at the bottom of the screen and select 'Pay anyone'.

Absolutely! You are able to setup direct debits and make EFT, BPAY and OSKO payments directly from your Saver account.

Remember that in order to unlock the Bonus Saver rate, you can only make 1x withdrawal from your Saver account each month. If you need to make more than 1x withdrawal, you'll still receive a competitive savings rate.

You have a daily electronic funds transfer limit of $5,000. If you need to change your limit, you can follow these simple steps:

  1. In the Hiver app, navigate to 'Settings & security' and tap 'Payment limits'
  2. Log in to Internet Banking.
  3. Select ‘Change Daily Transfer Limit’ in the Self Service menu.
  4. Select the account and choose your preferred limit up to $50,000.
  5. Limits are increased temporarily for three days. If you wish to increase your limit permanently select the box ‘Retain the proposed daily transfer limit for an extended period’.
  6. Select ‘Submit’.

If you need to transfer over $50,000, send us a message in the Hiver app and we'll be happy to help.

Hiver supports PayID and Osko for near-instant payments to and from your account. Payments should be processed almost instantly, but sometimes it depends on the other financial institution and whether or not they support Osko.
Using the standard 'Pay Anyone' capability of traditional banks with BSB and Account Number, it can take up to 1-2 business days, depending on the other institutions’ processing times.

If you've used an incorrect account number that doesn't register as valid, your funds will be returned to your account by the financial institution you sent them to. You should receive the funds within the same amount of time as a valid transaction (i.e. one business day, based on cut off times).

If you've chosen a valid account number but not the right account number of your intended recipient (or you've just changed your mind), you'll need to contact us using the messaging feature in the Hiver app to try and recover your funds. However, there's no guarantee that they can be recovered, so it's always a good idea to double check that the details are correct before hitting send.

You'll need to provide us with the details of the original 'Pay Anyone' payment (i.e. BSB, Account Number, Account Name, and Description) as well as the date and time of the request. There is more information in the Conditions of use - Account and access.
Please be aware that the time taken to recover these funds depends on the financial institution you sent them to.

You can view your payment options in the Hiver app by clicking on '$ Pay' at the bottom of the screen.

We sure do! To pay your bills using BPAY, simply tap on the '$ Pay' icon at the bottom of the screen, select 'BPAY' and then add the payee details.

Absolutely! In the Hiver app simply tap '$ Pay' at the bottom of the screen, then select the 'Recurring pay' option instead of 'Pay now' and follow the prompts.

You sure can! These are the details you will need to provide:

Branch Name: Hiver Bank
BSB no: 812 812
Acc no: (Your member no)
Address: 28-38 Powell St, Homebush, NSW, 2140
Account title: Your account title is your full name

If you've given a third party provider (such as your internet provider) your BSB and account number so they can direct debit your account and you no longer want this to happen, please send us an in-app message via the Hiver app. We'll then be able to remove the direct debit.
Remember to let the provider know you're cancelling the payment so that you can avoid being charged any debit dishonour fees.

If you've set up a recurring direct debit with a third party provider using your Visa debit card details, you'll need to contact the provider to request cancellation of the payment. Alternatively, we're able to cancel this payment on your behalf, however this will involve us cancelling your Visa card and ordering a new card and PIN for you. A $10 card replacement fee applies.

Because we have tight security when it comes to potential fraudulent activity, we need to verify that transfers above this amount are real and intentional.
We'll usually send you an SMS with a number to call to verify your transfer. Once verified, your transfer will be released immediately.
To keep your money protected, this will happen whenever you make a transfer over a certain amount to a new payee.

You certainly can! All you have to do is provide your employer with the Hiver BSB (812 812) and your account number and they can arrange to pay your salary directly into your Hiver account.

My profile

If you've forgotten your PIN and/or Pattern, you can follow these simple steps:

  1. Tap 'forgot' at the bottom of the login screen
  2. Enter your member number and access code (this is what you use to login to internet banking)
  3. Create a new PIN or Pattern
  4. If fingerprint or face ID is enabled on your device, you will be asked if you'd like to set this up so you don't need to worry about remembering your PIN and/or Pattern.

You can change your PIN and/or Pattern in the Hiver app by navigating to 'Settings & security'. Swipe down to 'Security options' and tap 'App login', then simply follow the prompts.

No need to panic. If you have your Hiver debit card handy, head to internet banking and press 'reset access code'. You will then be asked for a few simple details including your Hiver debit card number before being able to create a new access code.

If you're unable to create a new access code, send an email with your member number and contact details to [email protected] and we'll be happy to help.

In the Hiver app, navigate to 'Settings & security' and tap on 'My settings'. Swipe down to 'Security options' and tap 'Internet Banking Access Code'.

From the Hiver app, access the menu and select 'My details'. You can update your address and contact details and even your PayID.

From the Hiver app, follow these simple steps:

  1. Open the menu and press ‘Settings and Security’
  2. Then tap on ‘My Settings’
  3. Under 'Security options' you can turn ‘Biometrics’ (on Android) or 'Touch ID' (on iOS) on or off.

This has likely occurred as a security measure to protect your account.
The fastest way to unlock your account is to send an email with your member number and contact details to [email protected].

Because we have tight security around device usage, a block may have been temporarily put on your account to protect your funds.
The fastest way to unblock your account is to send your member number and contact details to [email protected] and we'll give you a call asap.

Hiver app features

Hiver currently supports iOS 11 or later on Apple devices and Android 6.0 or later on Android devices.

Absolutely. Hiver supports both Touch ID and Face ID. You’ll be prompted to enable Touch ID or Face ID when you first log in to the Hiver app. We don’t advise using this feature if someone else's Face and Touch ID are saved on your device as they will be able to access your banking and perform transactions. You can still use a passcode if you prefer.

You can read more about this feature in our T&Cs.

How to Set Up Apple Pay

  1. Tap into your Apple Wallet
  2. Tap the + sign to add your card
  3. Take a photo of your Physical Card or manually add your Virtual Card
  4. Read through Mobile Wallet Terms & Conditions, select Agree
  5. Choose text message or email to verify your card. A verification code will be sent. (link is valid for 15 minutes)
  6. Enter Verification code.
  7. You'll receive a notification once your card has been successfully added to Apple Pay

You'll be all set to make purchases wherever Apple Pay is accepted! 

How to Set Up Google Pay

  1. Open the Google Pay app
  2. At the bottom, tap Payment
  3. At the bottom, tap Add a card
  4. Enter your Virtual Card or Physical Card info
  5. Read through Mobile Wallet Terms & Conditions, select Agree
  6. If you're asked to verify your payment method, choose an option from the list
  7. Find and enter the verification code

After setup, you'll be all set to make purchases wherever Google Pay is accepted!

How to Set Up Samsung Pay

  1. Tap into your Samsung Pay Wallet
  2. Tap Cards (menu bar, top left corner)
  3. Tap the blue add card icon
  4. Tap 'add credit/debit card'
  5. Take a photo of your card or enter your card number manually
  6. Read through Mobile Wallet Terms & Conditions, select Agree
  7. You’ll be asked to verify by email (link is valid for 15 minutes)

You'll be all set to make purchases wherever Samsung Pay is accepted!

We sure do! If you have an Apple Watch, use the Watch app on your iPhone to install Hiver and we'll walk you through the setup process.

You can operate your Hiver account on up to 4x devices. We recommend using your Apple or Android devices for the best experience.

You can contact us through the messaging feature in the Hiver app or by sending us an email at [email protected] with any issues that you come across, and we'll get back to you with some follow-up questions and info.

If you didn't allow push notifications for the Hiver app when you first signed up you can always turn them on through your mobile device settings. To do this, simply go to your phone settings and tap on 'notifications'. From there, find the Hiver app and turn notifications on.

The Hiver messaging feature allows members to send messages directly to the Hiver support team through the Hiver app. This is the fastest and most secure way to get in touch if you have a question or need any assistance.
You can also securely attach documents to the messages if you need to provide supporting documents.

While we're getting closer, keep in mind that the messaging feature is different to chat, in that it isn’t a live conversation. You can send us a secure message outside of our business hours and we'll get back to you asap.

Hiver doesn’t offer this feature at the moment but it's definitely something we're looking into. Be sure to keep an eye on our roadmap for exciting things we've got planned!

Having the ability to track what you’re actually spending your money on is so important to being able to better manage your money and stay on top of your budget. The How I Spend feature helps you do just that. You can read all about it here

We love ideas from our Hivers! You can send your feedback and suggestions by using the form on our website contact page or simply send it through to [email protected].

Security & privacy

Hiver uses the latest technology and systems to protect you and your money from any threats (and give you peace of mind). You can view our safety measures here.

We've also put together some helpful tips to keep yourself safe online:

  • Never give anyone, especially anyone who has contacted you via an unsolicited means, access to your computer, tablet or phone.
  • Never type your Internet Banking or Hiver app log-in into a computer, tablet or phone at the request of others.
  • Never reply to an email or SMS that requests your personal information.
  • Never show or tell anyone, including the Bank, your Access Code, PIN or One-Time Password associated with your Internet Banking or Hiver app.

A one-time password (OTP) is a six digit number sent to your mobile phone via SMS. It is required when making certain actions, you'll know as we'll prompt you. A different password is generated each time you use OTP security. 

Don’t be concerned if you are offered more than one OTP, this is just part of our extended digital security program. 

Remember not to share a one-time password with anyone. We will never ask you to tell us your OTP over the phone. This is your security code to authorise the change you have requested.

There are a few occasions you'll need to enter a one-time password (OTP):

  • Adding a new personal payee or updating an existing
  • Transferring funds to a new or unregistered payee
  • Viewing/performing updates to your contact details or account
  • Changing your online banking access code

Your data is yours, and we're committed to keeping it safe and using it responsibly. So, when we ask for access to your data, we'll make it clear what we'll do with it and why we need it. We call this getting your consent. We think it's fair, and we think that's important. You can read more about our Privacy Framework here.

Call us immediately on 1800 044 837 or let us know through the messaging feature in the Hiver app. If you have any doubts about activity in your account, it's always better to check it out rather than leave it. 

Complaints, disputes & hardship

While we hope you never get to this point, if you do have a complaint to make, we need to hear it. The best place to start is using message feature in the app. You can also submit your complaint via the contact page on our website or email us at [email protected].

To find out more about the complaint process click here.

If you'd like to dispute a transaction, please let us know the transaction details using the messaging feature in the app. We will work through our dispute process to try and recover your money. Please keep in mind when raising chargebacks we are governed by scheme rules which provide guidelines we must follow for these to be considered valid. In some circumstances, we may need to re-issue your card to prevent additional disputed transactions. If you are unable to dispute a transaction using the messaging feature in the app, you can send us an email with your member number and contact details to [email protected].

Financial abuse occurs when one person manipulates another to control their finances and property without their consent. It can happen to anyone, no matter how old, or how much money they have. We recognise that it may be difficult for you to seek assistance. If you feel you're in a financially abusive situation, please do not hesitate reach out to us at any time. The best place to start is by sending us a message in the Hiver app and we will get back to you.

The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails.

You can find out more about the FCS here