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 insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- What happens to those depositors whose accounts are subject to further examination?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- How quickly will the Liquidator make payments on certificates?
Did You Know?
- Misconception: Certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure. - Fact: A claim, supported by appropriate proof, must be made to the Deposit Insurance Corporation before payment of deposit insurance can be made. As such, all information including certificates, deposit books bank statements etc. would be required to facilitate a smooth payout process. See Tips for Depositors.
