Australian bank Xinja completes return of customer deposits

Australian bank Xinja confirmed today it has successfully completed its return of customer deposits.

Xinja has returned 99.97% of customer deposits to its customers. Xinja's customers have been regularly reminded, since Xinja announced on 16th December 2020 it would be withdrawing its Transaction and Savings account products and returning its banking licence, to transfer their funds from Xinja to another bank via the Xinja app. In parallel, they have been assisted by the Xinja customer service team to ensure a smooth process, and the return of deposits has taken place quickly, efficiently and safely.

For the remaining $65,000 of the approximately $250,000,000 Xinja held on December 15th 2020, that customers did not transfer out themselves, a transaction account has been created for each customer at National Australia Bank (NAB) and all remaining customer funds transferred there with APRA's approval. Of these customer accounts, most were inactive for more than 90 days and 80% had less than $5 in their account.