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
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- How does a depositor establish an insurance claim?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- How does the closing of an institution affect interest accruing on a deposit?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
