No. The main office and all branches are considered to be one institution. Therefore, the accounts would be added together and insured up to the $200,000 maximum. However, separately constituted subsidiaries or associated companies are recognised as distinct legal entities for deposit insurance purposes.
Frequently Asked Questions
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- If two or more persons, for example a husband and wife, have, in addition to the individually owned accounts of each, a valid joint account in the same insured institution, is each account separately insured?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- What procedure does the DIC follow after an institution has been closed?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.
