Door closes on Volt

Volt Bank, the first online bank to gain an Australian banking licence, is closing its deposit-taking business and has started returning all deposits to its 6,000 customers and intends to return its banking licence.

It says the Australian Prudential Regulation Authority is closely monitoring this process.

Volt said the decision to close was made by the board after it failed to secure enough additional funds through a capital raising to support its plans to write mortgages.

Customers need to withdraw their funds from their Volt bank accounts before 5 July 2022.